The demand for brake friction would be fueled by an increase in vehicle production. In the near future, the electric and hybrid vehicle segments are expected to drive demand for brake friction. Eco-friendly and Non-Toxic Brake friction products would be new growth areas. The brake disc and brake pad segments of the brake friction (OE) market are expected to be the fastest growing and highest, respectively.
The Global Brake Friction Parts market accounted for $12.6 Billion in 2020 and is estimated to be $16.1 million by 2030 and is anticipated to register a CAGR of 2.5%. When the car is in motion, the brakes of every automobile play a critical role. Brake friction materials, which are made up of multiple components including brake pads and brake linings, are used to slow down vehicles by converting kinetic energy to thermal energy.
With the aid of erosion and warmth in the surrounding condition, global brake friction materials are used to slow down a vehicle by converting active energy to warm energy. The demand for brake friction is being driven by a rise in vehicle production around the world. Another major factor driving the demand for brake friction systems is rising traffic congestion, which is expected to continue in the coming years, resulting in market growth. The increase in the competitive environment among manufacturers is providing opportunities for the global brake friction materials market to expand.
In developed countries, the rate of disc brake system installation in vehicles is high, and it is expected to rise in developing countries such as India and Brazil. To know the upcoming trends and insights prevalent in this market, click the link here
- Federal Mogul and Robert Bosch have launched aftermarket items.
- HEVs account for the majority of electric and hybrid vehicle sales worldwide.
Key Market Insights from the report:
The Global Brake Friction Parts market accounted for $12.6 Billion in 2020 and is estimated to be $16.1 million by 2030 and is anticipated to register a CAGR of 2.5%. The Global Brake Friction Parts Market is segmented based on the type, application, and region.
- By type, the Global Brake Friction Parts Market is segmented into Brake pads, Brake shoes, and Others.
- By Application, the Global Brake Friction Parts Market is segmented into OEM and Aftermarket.
- By region, the Global Brake Friction Parts Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The key players operating in the Global Brake Friction Parts Market include Robert Bosch GmbH, Aisin Seiki Co Ltd. , Akebono Brake Industry Co. Ltd. , Continental AG, Delphi Automotive PLC, Dongying Xinyi Automobile Fitting Co. Ltd., Federal-Mogul Motorparts LLC, Fras Le SA, Japan Brake Industrial Company Ltd., Nan Hoang Traffic Instrument Co. Ltd.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.