Source: Polaris Market research announcement
NEW YORK — The global brake friction products market size is expected to reach S16.06 billion by 2030, according to a new study by Polaris Market Research.
The report, Brake Friction Products Market Share, Size, Trends, Industry Analysis Report, By Product Type (Brake Disc, Pad, Drum, Shoe, and Liner), By Type (Woven, and Molded), By Disc Material (Metallic Disc, and Ceramic Disc), By Vehicle Type; By Region; Segment Forecast, 2022 – 2030, gives a detailed insight into current market dynamics and provides analysis on future market growth, which it says is expected to produce a 4.6-percent compound annual growth rate (CAGR).
The prominent factors such as are structuring of stringent government safety norms, rising urbanization, and surging demand for automobiles are attributed to the industry growth. Additionally, escalating demand for passenger cars with disc brakes is also boosting the industry’s growth.
Moreover, the availability of a wide range of products and increasing disposable income among the population are also acting as major catalyzing factors for the industry demand in the impending years.
Based on the vehicle type, the passenger car segment is dominating the global industry with the highest revenue shares. The demand for the adoption of brake discs in passenger cars is propelling due to its high performance, ease of maintenance, and more precise braking.
Thereby, these factors lead the segment growth around the world. Whereas the light commercial vehicle segment is showing the highest CAGR rate that leads the industry demand.
The rising need for logistics facilities for transporting goods over short distances or within limited geographical limits is fueling the segment growth.
The brake friction products are adapted to lessen the speed of the LCV by boosting frictional resistance between brake shoes and drums or discs, which is fueling the industry demand over the forthcoming scenario.
In recent scenarios, the trend of the environment-friendly modes of transport is rising, which increases the demand for cleaner and greener technology in vehicles. A primary step in the direction of accomplishing this objective is to reduce the complete weight and fuel consumption of the vehicle.
The framework and brake systems constitute 22–27 percent of the weight of a light-duty vehicle. Accordingly, these products are made up of heavy alloys that lead to the higher consumption of fuel.
Thereby, continuous investment in research and development activities leads to the introduction of these lightweight friction products. Hence, these frictional product innovations may create lucrative opportunities for market demand in the near future.
Market participants such as Aisin Seiki, Brembo, Continental AG, Federal-Mogul, FTE automotive, Delphi, ITT Inc., Miba, Nisshinbo Holding, Meritor, Inc., Robert Bosch, Robert Bosch, SGL Group, Tenneco are some of the key players operating in the global market. Various market players are launching new products in the global market to strengthen their market position. For instance, in August 2021, Hella Pagid operates in a joint venture with TMD Friction- automotive suppliers, and HELLA presents above 14,000 brakes for commercial vehicles.
Polaris Market Research has segmented the brake friction products market report on the basis of product type, type, disc material, vehicle type, and region:
Brake Friction Products, Product Type Outlook
Brake Friction Products, Type Outlook
Brake Friction Products, Disc Material Outlook
Brake Friction Products, Vehicle Type Outlook
Lightweight Commercial Vehicle
Brake Friction Products, Regional Outlook
Middle East and Africa