LONDON — The global automotive brake friction products market is expected to create lucrative growth opportunities with an opulent compound annual growth (CAGR) of 4.8 percent during the forecast period from 2022 to 2032, according to a recently published study from Future Market Insights.
The market was valued at around $10.4 billion in 2021 and is likely to reach a valuation of $17.2 billion by 2032, according to the study Automotive Brake Friction Products Market.
The automotive brake friction products market grew at an average annual rate of 3.6 percent from 2017 to 2021.
The automobile brake friction items include a disc brake, brake shoes, drum brake, brake pad, and liner, all of which are intended to slow down a vehicle.
Furthermore, brake shoes are the main application for metallic automotive brake friction products. Brake shoe revenue experienced 3.1 percent growth from 2017 to 2021 and 4.2 percent growth is anticipated over the projection period.
- The replacement rate of brake products within vehicles is projected to be hampered by increasing the life of automotive brake friction products and sophisticated brake technology. Manufacturers of brake friction products now utilize more durable materials due to government restrictions that are stringent and the requirement to function in all types of environments.
- It is projected that rapid advancements in brake products will lower the need for brake friction products by lowering the number of replacements in cars. Additionally, OEMs place a high priority on brake friction solutions with regulated friction, low wear, and noise-dampening properties.
- Auto parts are in greater demand worldwide, which has attracted counterfeiters. Brake pads, brake linings, and other associated vehicle components are now more prevalent counterfeits that can’t be distinguished from the real thing. OEM-produced brake friction products are pricey yet of high quality.
- In India, fake goods are to blame for about 20 percent of traffic accidents. FICCI reported that fake vehicle components caused the Indian government to lose $282,912 as a result. Several agencies have taken efforts to stop the illegal trade of car parts.
- The car industry, the trade platform, and the U.K. government collaborated to establish a consumer education campaign to combat fake brake friction goods. Online retailers like Amazon and eBay have also expressed their opinions on purchasing aftermarket cars. The listing of brake pads and related components on Alibaba’s marketplace was prohibited.
- During the historic period from 2017 to 2021, the metallic disc material is projected to increase at a pace of about 3.2 percent, and is expected to see a 4.5 percent CAGR during the forecast period. Due to its ability to resist heat, metallic materials are used more frequently in brake friction products. They are the perfect material for stopping against large machinery since they do not compress as ceramic material does.
- Brake shoes are expected to experience the fastest growth in the aftermarket with regard to product type. From 2017 to 2021, brake shoes accounted for a 3.2 percent CAGR. Because they are located in the back of the automobile, brake shoes have a longer lifespan than brake pads because they have more room to produce the friction needed to stop the car. They also don’t need as much power to stop the car as brake pads do. Brake shoes are expected to expand at a 4.5 percent annual rate between 2022 and 2032.
By 2032, North America is anticipated to hold a 41.4 percent market share for automobile brake friction products. The producers’ drive to develop cutting-edge brake technology is credited with the rise as well as rising safety concerns and strict rules for brake friction goods.
By 2025, the Department of Toxic Substances Control’s California brake friction material regulation will ban the sale of any vehicle having more than 0.5 percent copper by weight. The U.S. automobile brake friction product market is predicted to increase by an absolute dollar potential of US$ 1.9 Bn from 2022 to 2023, with a market share of 87.9 percent.
Key players in the global automotive brake products market are massively aiming at expanding their manufacturing facilities, investing in research and development along with innovating new products.
Major companies in the Automotive Brake Friction Products include Robert Bosch, Nisshinbho Holdings Inc., Brembo S.p.A, Tenneco Inc., Federal-Mogul, Delphi, Akebono Brake Industries, ABS Friction, Bendix Spicer, Japan Brake Industrial Co., Ltd, Toughla Brake Linings.
More Insights into the Automotive Brake Friction Products Market
China is predicted to account for over 30 percent of the global automotive brake friction products market. China is expected to create an absolute dollar opportunity by accounting for a total market share of around $361.2 million by 2032.
With the rise in ABS and EBD brake technologies, the demand for brake friction products is increasing continuously. The market in China is anticipated to reach a market size of $1.2 billion by 2032.
Japan accounted for around 24 percent of the global market share in automotive brake friction products in 2021. The absolute dollar opportunity growth in Japan is projected at $219.1 Mn during the forecast period. Japan continues to extend its offering in the Middle East and Asia for Industrial and Automotive OE in the aftermarket. Japan’s anticipated market size in the automotive brake friction product market is expected to reach $924.7 million during the forecast period.