Metal-Free Brake Pads Technology in Electric Vehicles to Create Lucrative Opportunities for Automotive brake friction products Market during 2021–2028
According to our latest market study on “Automotive Brake Friction Products Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Disc Materials, Product Type, and Vehicle Type,” the market is expected to grow from US$ 10,387.3 million in 2021 to US$ 13,203.7 million by 2028; it is estimated to grow at a CAGR of 3.5% from 2021 to 2028.
Electric vehicles are typically much heavier than their internal combustion engine counterparts. For instance, the additional weight of the battery packs, which can add up to 800kg to the vehicle's weight, directly impacts the braking system's design and size. The weight gain is significant, with models like the Mercedes-Benz EQV Luxury passenger van weighing in at over three tons, while the Audi e-tron 55 SUV and several other luxury models weigh over 2,600 kg. Therefore, many electric vehicles manufacturers are constantly engaging in research and development for developing lightweight brakes. The demand for foundation brakes in trucks and buses is high as in case of emergence braking these foundation brakes plays an vital role for braking therefore, it is most fundamental reason that the demand for automotive brake friction products will further increase.
On the basis of disc materials is divided into metallic, ceramic and composites. In 2021, the composites segment led the automotive brake friction products market, accounting for a larger share in the market. On the basis of products, the global Automotive Brake Friction Products is divided into brake shoe, brake pad, brake disc, brake liner and drum brake. In 2021, the brake liner segment accounted for the largest market share. Based on vehicle type, the market is segmented into passenger vehicles and commercial vehicles. In 2021, the passenger vehicles segment led the market, accounting for the largest share in the market. By geography, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, APAC accounted for a significant share of the global automotive brake friction products market.
Passenger vehicles are the most common mode of transportation in developed countries, and their use is increasing in developed countries as per capita income is rising. The onset of the COVID-19 crisis globally has slowed down the automobile industry. In order to stay competitive, 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.
Impact of COVID-19 Pandemic on Europe Automotive brake friction products Market
In Europe, the outbreak of covid-19 has unleashed a series of unprecedented events affecting every industry. Within Europe, Germany, Russia, the UK, Spain, and Italy were the worst hit by the pandemic. However, the Europe automotive brake friction product market are shifting towards new business model which is positively going forwards in a post COVID-19 era. Staying on top of rising trends toward enhanced vehicle safety with Anti-lock braking system (ABS) and Electronic Brake-Force Distribution (EBD) and accurate analysis is vital to manage uncertainty, change, and continuously adapt to new and evolving market conditions. In Europe, despite regional differences, demand for automobiles gradually recovered in 2021. Many automotive brakes friction products companies' operating profit was nearly equal to the previous fiscal year 2018-2019 due to the positive effects of rapid order recovery and material and labor costs reductions. The positive effects of optimizing human resources and improvements in vehicle productivity support the Europe automotive brake friction products market growth.
ABS Friction, Akebono Brake Industry Co., Ltd., Bendix Spicer Foundation Brake, LLC, Bosch Limited, Carlisle Brake & Friction, Inc., Delphi Auto Parts, Japan Brake Industrial Co., Ltd., Aisin Corporation, Miba AG, and Nisshinbo Brake Inc. are a few key players operating in the global automotive brake friction products market. Several other market players have been analyzed to understand the market.
Automotive brake friction products Market — by Geography, during 2021–2028 (%)
Automotive Brake Friction Products Market Size to projected USD 13,203.7 Mn by 2028
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Automotive Brake Friction Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Disc Materials (Metallic, Ceramic, and Composite), Product Type (Brake shoe, Brake Pad, Brake Liner, Brake Disc, and Drum Brake), and Vehicle Type (Passenger Vehicle, and Commercial Vehicle)
Automotive Brake Friction Products Market Size to projected USD 13,203.7 Mn by 2028
Download Free SampleAutomotive Brake Friction Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Disc Materials (Metallic, Ceramic, and Composite), Product Type (Brake shoe, Brake Pad, Brake Liner, Brake Disc, and Drum Brake), and Vehicle Type (Passenger Vehicle, and Commercial Vehicle)
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