The brake friction products market is projected to reach USD 13.3 billion by 2026 from USD 10.8 billion in 2021, at a CAGR of 4.3%. Increasing demand of passenger cars with brake disc and developments in the brake technology, stopping distance regulations are expected to drive the brake friction products market.
The passenger car segment is estimated to be the fastest-growing segment during the forecast period
The passenger car segment is estimated to lead the market in terms of value during the forecast period due to the higher demand for brakes in economy and premium vehicles with advanced features. The increase in vehicle production is the key factor driving the growth of the brake friction products market in all types of vehicles. Technological advancements have also driven market growth in all vehicle types. ICE vehicles, especially passenger cars, are now equipped with advanced features and technologies to enhance passenger safety and comfort, and hence, more lightweight and advanced material brake friction products are installed. Thus, the demand for brake friction products will continue to increase in the future with growing technologies and functions in vehicles.
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The disc brake segment is projected to lead the brake friction products market
The disc brake technology is leading the vehicle segment. The high performance of disc brake, stringent brake emission norms, vehicle safety & stopping distance and increased popularity of disc brake technology, which is expected to boost its future vehicle adoption. The brake disc market, in terms of value, is expected to grow due to stringent mandates for stopping distance and safety regulations, especially for North America and Asia Oceania countries. North America is expected to be the fastest growing market for brake discs. This region is expected to show rapid growth due to increased demand for high-performance and luxury cars and increased road safety standards that have reduced the stopping distance for vehicles.
Asia Oceania is estimated to be the largest market in 2021
Asia Oceania region is expected to be the largest market. The growth can be attributed to the improving socio-economic conditions in emerging economies such as China, India, Indonesia, and Thailand. The increased vehicle production and upcoming stringent safety norms in China and India will boost the brake friction products market. China is estimated to dominate the Asia Oceania market during the forecast period. China is the world’s largest vehicle manufacturer. Thus, the market for brake friction products in China is estimated to grow at a high rate. 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 in China of brake friction products.
Key Market Players
The brake friction products market is dominated by key players, which are Robert Bosch (Germany), AISIN CORPORATION (Japan), Nisshinbho Holdings Inc. (Japan), Brembo S.p.A (Italy), and Tenneco Inc. (US).These companies have sustained their position in the competitive global market through supply contracts, expansion strategies, agreements, and mergers & acquisitions.
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