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The commercial vehicle retarder market is forecast to increase by USD 356.82 million at a CAGR of 4.4% between 2023 and 2028. The accelerated growth of the market is due to various factors, including a reduction in the overall cost of installing commercial vehicle retarders, increasing use of advanced safety solutions in vehicles and growing demand for fuel-efficient commercial vehicles.
The report includes a comprehensive outlook on the Commercial Vehicle Retarder Market, offering forecasts for the industry segmented by Product, which comprises electromagnetic retarders and hydraulic retarders. Additionally, it categorizes Type into buses and trucks and covers Geography, including North America, APAC, Europe, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2018-2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing use of advanced safety solutions in vehicles is notably driving the market growth. The growing demand for vehicle safety is boosting the development of advanced automotive safety systems. Retarders are generally used in premium commercial vehicles due to their high cost. However, this type of advanced system has become a necessity in all vehicles. Nowadays, consumers are aware of these systems and are interested in improving the safety of their vehicles. Further, due to technological innovations and increasing competition in the automotive industry, entry-level vehicles are also experiencing the integration of vehicle safety solutions.
In addition, the enforcement of stringent regulations by safety agencies and country-specific government bodies and general awareness among customers has fueled the adoption of safety features across all vehicle segments. Europe has well-established vehicle assessment tests, and in developing APAC countries, the use of safety solutions, including airbags, ABS, EPB, and other advanced braking components, is rising over time. All these factors are likely to drive the growth of the market during the forecast period.
Increasing adoption of multistage modulating transmission retarders is an emerging trend shaping the market growth. The multistage modulating transmission retarders are used by many commercial vehicles in the market. One such model is the Terex truck model by Volvo. The Terex Truck recently launched a new model TA400 41.8-ton articulated dump truck. These trucks are powered by a 444-horsepower Scania DC13 engine and use selective catalytic reduction combined with exhaust gas regeneration to meet Tier 4 Final emissions regulations. These trucks are also installed with force-cooled multi-disc brakes that are supported by an electronically activated exhaust brake and a six-stage modulating transmission retarder.
Additionally, a high-performance transmission oil extends service intervals up to 6,000 hours. Multistage modulating transmission retarders help improve the brakes in commercial vehicles and enhance the performance and brakes of such trucks. Such factors will thereby boost the growth of the commercial vehicle retarder market during the forecast period.
The requirement for skilled technicians and the high cost involved with calibration are significant challenges hindering the market growth. Commercial vehicle retarders need special attention from skilled technicians in case of regular retarder check-ups and repairs. Retarders consist of various parts, such as retarder units, heat exchangers, and fluid-filled chambers, which need special attention and special equipment for calibration. The coils involved with the commercial vehicle retarder are highly-priced, and their calibration is expensive. Sometimes, the accumulation of dust can also lead to the malfunctioning of these retarders.
However, improper tuning of the system may create unwanted vehicle stoppages due to the electronic output from retarders deployed for vehicle control. This may affect the driving experience as well as other vehicles on the road. At the same time, the purpose of the system is threatened if the technology is tuned to generate only high-risk alerts. Even occasional faults in the system can lead to users discarding retarder technology, and such actions may harm the usability of the system. These factors will hinder the market's growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Commercial Vehicle Retarder Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Brakes India Pvt. Ltd.- The company offers commercial vehicle retarder systems such as Hydraulic drum brakes and transmission park brakes.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The electromagnetic retarders segment is estimated to witness significant growth during the forecast period. Electromagnetic retarders use the electromagnetic induction process to generate the retardation force. These retarders can be placed in the driveline or transmission unit. An electromagnetic retarder consists of a rotor that is attached to these units, and a stator is securely attached to the vehicle chassis. There are no contact surfaces or working fluid surfaces between the rotor and the stator.
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The electromagnetic retarders were the largest and was valued at USD 1,033.47 million in 2018. Further, in 2023, the electromagnetic retarder segment accounted for the largest revenue share in the global commercial vehicle retarder market. Electromagnetic retarders do not need any external source for heat dissipation as they consume very little energy. Therefore, the adoption of electromagnetic retarders is high. However, these retarders are huge and occupy large space. Thus, the process of installing such systems in commercial vehicles is highly complicated. Moreover, the price of electromagnetic retarders is very high in the market, which likely reduces their adoption. These factors will drive the growth of the electromagnetic retarders segment and will propel the growth of the commercial vehicle retarder market during the forecast period.
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North America is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In North America, commercial vehicles are mainly used for cargo transportation. Thus, the adoption of safety systems such as commercial vehicle retarders is likely to rise in the US trucking industry. Further, the age factor of drivers is the major reason for these many accidents in this region. The median age of truck drivers is estimated to be 49 years. All these factors are discouraging individuals from continuing their careers as truck drivers, which is negatively affecting the commercial vehicle retarder market in the Americas. The United States Federal Motor Carrier Safety Administration (FMCSA) specifies that electronic logging device (ELD) use is mandatory for most commercial vehicles.
In addition, North America holds a significant share in the global commercial vehicle market owing to the growing demand for commercial vehicles in the region. The reason is the increasing demand for long-distance operations from fleet management in this region. Along with this, the United States Federal Motor Carrier Safety Administration (FMCSA) specifies that ELD use is mandatory for most commercial vehicles. After the mandate of this regulation, there will be a surge in demand for vehicle retarders in all commercial vehicles, thus propelling the growth of the regional commercial vehicle retarder market over the forecasted period.
The commercial vehicle retarder market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Commercial Vehicle Retarder Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.4% |
Market Growth 2024-2028 |
USD 356.82 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.12 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 45% |
Key countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Brakes India Pvt. Ltd., CAMA Luoyang Electromechanic CO. LTD, Cummins Inc., Eaton Corp. Plc, Frenos Electricos Unidos SA, INDUSTRIAS ZELU SL, KRISHNA CHEMICALS, Nippon Steel Corp., Regal Rexnord Corp., Scania AB, Shandong Heavy Industry Group Co. Ltd., SORL Auto Parts Inc., TBK Co. Ltd., Telma SAS, Voith GmbH and Co. KGaA, and ZF Friedrichshafen AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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