Publication Month: Apr 2022 | Report Code: TIPRE00028378 | No. of Pages: 168 | Category: Automotive and Transportation | Status: Published
The automotive brake friction products market is broadly segmented into five major regions — North America, Europe, APAC, MEA, and SAM. Asia Pacific region is expected to be the largest market. The market growth can be attributed to the improving socio-economic conditions in emerging economies such as China, India, Indonesia, and Thailand. The increased vehicle production and upcoming stringent safety norms in China and India will boost the market. China is estimated to dominate the Asia Pacific brake friction products market during the forecast period.
Electric vehicles are projected to play an increasingly important role in North American transportation networks as a result of falling electric vehicle prices and increased acceptance by the general public. Studies claim that electric vehicles would account for at least 65% of overall car purchases in the US by 2050. As electric cars have regenerative braking in their system, the requirement of hydraulic braking got reduced. For instance, in 2020, the automobile industry in the US, delivered almost 14.5 million light vehicle units. This is expected to boost the automotive brake friction products market growth in the region.
Europe is one of the largest automotive markets in the world and home to many global vehicle and automobile part manufacturers. The future of the automotive tire market looks promising in the region, with the extension of tariff wars, impact of new technologies such as autonomous and electric vehicles, and changing preferences of millennial and younger generation consumers. The increasing prosperity of the overall automotive industry is expected to boost the automotive brake friction products market growth in the region.
|Market Size Value in||US$ 10,387.3 million in 2021|
|Market Size Value by||US$ 13,203.7 million by 2028|
|Growth rate||CAGR of 3.5% from 2021 to 2028.|
|Forecast Period||2021- 2028|
|No. of Pages||168|
|No. of Tables||88|
|No. of Charts & Figures||82|
|Historical data available||Yes|
|Segments covered||Disc Materials, Product Type, and Vehicle Type|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The outbreak of the COVID-19 pandemic has slowed down economic growth; many industry verticals, such as healthcare infrastructure, automobile, entertainment & media, and education, faced numerous challenges due to the rising number of COVID–19 cases. Many enterprises have shifted their business models to remote working. Governments' stringent regulations, such as the imposition of lockdown, led to an upward trend in remote work. The automobile industry faced a supply chain disruption, which led to shortages of automotive brake frictions products such as disc brakes, brake shoes, brake liners, and drum brakes. However, during the pre COVID-19 pandemic, it was observed that there was a surge in personnel vehicles, positively impacting the automotive bake friction product market growth. From 2021, the lifting of lockdowns, and increase in sales of vehicles in 2021 has led to v—shape northward direction recovery growth of the automobile industry where it is started to dip or declined in the 2019. In addition, several governments taking key initiatives such as lowering taxes and reducing corporate tax for uplifting their economy.
The global automotive industry is expanding in a northwest direction due to increased foreign direct investment (FDI) for instance, in July 2021, Waaree Energy Storage System, in collaboration with Zypp Electric, provides lithium batteries. On June 2021 in order to double down on India, ZF, a German automotive parts supplier, plans to invest around USD $218.36 (EUR 200 million) and strategically consolidate its business over the next decade. Fiat Chrysler Automobiles will invest $150 million in FCA ICT India, a new Global Digital Hub in Hyderabad, in January 2021. This is anticipated to propel the global automotive brake friction products market.
On the basis of disc materials, the global automotive brake friction products market is divided into metallic, ceramic and composites. Steel wool or fibers in composite brake pads provide strength while also transferring heat away from the brake rotors. Composite brakes can be noisy and abrasive, resulting in increased rotor wear. For instance, Bosch Auto Parts provides a profiled aluminum mount, paired with a cast brake ring made of high-carbon grey cast iron in the composite brake disc, which is an innovative, lightweight product. Composite brakes have several advantages, including weight reduction of up to 20%, reduced fuel consumption and CO2 emissions, high levels of comfort, and excellent driving performance. The brake disc's innovative design and the use of high-quality materials to improve its resilience and deceleration characteristics through performance is anticipated to boost the automotive brake friction products market.
On the basis of products, the global automotive brake friction products market is divided into brake shoe, brake pad, brake disc, brake liner and drum brake. The brake lining is hard materials or substances attached to a brake pad to increase friction against the drum. Brake linings are the wearable surfaces in brake systems like drum brakes and disc brakes found in automobiles. Braking system components differ depending on the model and type, but their purpose and operation are the same. These linings apply frictional forces to a cylindrical drum connected to the wheel during braking to reduce the wheel's speed and improve vehicle control.
On the basis of vehicle type, the global automotive brake friction products market is divided into passenger vehicles and commercial vehicles. Passenger vehicle segment expected to hold significant share in the global market. The passenger vehicle market is heavily reliant on research and development, with products that must meet real-time customer needs. Furthermore, governments are putting pressure on passenger car manufacturers to produce fuel-efficient, low-emission vehicles, which has compelled them to invest heavily in research and development activities. This is anticipated to bolster the automotive brake friction products market.
The automotive brake friction products market players focus on new product innovations and developments by integrating advanced technologies and features to compete with the competitors. In March 2022, Nisshinbo Established a Joint Venture with Continental AG in India. It increases the production volume of automobiles, motorcycles, and the demand for valve blocks, which are the main parts of EBS.
On the basis of disc materials, the automotive brake friction products market is divided into metallic, ceramic and composites. On the basis of products, the global market is divided into brake shoe, brake pad, brake disc, brake liner and drum brake. On the basis of vehicle type, the global market is divided into passenger vehicles and commercial vehicles. By geography, the global market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.