Source: Future Market Insights announcement
NEWARK, Del. – The global automotive friction-products market is expected to grow from $10.4 billion in 2021 to $17.2 billion by 2032, according to a recent report from Future Market Insights (FMI).
The brake-friction products market is expected to create lucrative growth opportunities with an opulent compound annual growth rate (CAGR) of 4.8 percent during the forecast period.
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-friction 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-friction 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 like 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% annual rate between 2022 and 2032.
To view the entire announcement, click HERE.