Source: ResearchAndMarkets.com announcement
DUBLIN — The global automotive brake friction products market share is expected to grow from $10,387.3 million in 2021 to $13,203.7 million by 2028; it is estimated to grow at a compound annual growth rate (CAGR) of 3.5 percent from 2021 to 2028.
These figures were revealed in the “Global Automotive Brake Friction Products Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Disc Materials, Product Type, and Vehicle Type” report added to ResearchAndMarkets.com’s offerings.
The vehicle architecture is changing with the evolution of the automobile industry, and many governments are forcing automobile manufacturers to develop safety assurance cars. Thus, many key players, along with governments, are investing a significant amount of capital in developing efficient, reliable automotive products which is anticipated to boost the automotive brake friction products market growth.
However, regardless of the future brake systems or vehicle architecture, brakes are the most important driving safety components, positively impacting the automotive brake friction products market.
Vehicle architecture is evolving with the increasing automated driving capabilities. The increased use of brakes as a result of traffic congestion led to the changing of brakes; therefore, the demand for brake pads is rising, resulting in the automotive brake friction products market growth.
Asia Pacific is expected to be the largest automotive brake friction products market during the forecast period. The automotive brake friction products market growth in the region can be attributed to the improving socio-economic conditions in emerging economies, such as China, India, Indonesia and Thailand.
The increasing vehicle production and upcoming stringent safety norms in China and India would also boost the automotive brake friction products market in the coming years. China is estimated to dominate the Asia Pacific automotive brake friction products market during the forecast period.
China is the world’s largest vehicle manufacturer. Thus, the automotive brake friction products market in China is estimated to grow at a high rate in future. OEMs based in China are focusing on the adoption of lightweight materials for brake friction products. Also, the presence of global players is driving the adoption of safety features in vehicle models.
For instance, Shanghai Automotive Brake Systems Co., Ltd. is a joint venture between Huayu Automotive Systems Company Limited and Continental AG and is one of the largest suppliers of brake friction products in China.
To view the entire announcement, click HERE.