Fort Collins, Colorado, April 30, 2024 (GLOBE NEWSWIRE) --
Growing demand for automotive spare parts drives the industry's growth.
The surge in global automobile demand is a key driver of market growth. The National Automobile Dealer Association (NADA) reported that the demand for automobiles surpassed supply in 2022, indicating a robust market. Notably, sales of light trucks and alternative fuel vehicles, such as plug-in hybrids and battery electric vehicles (EVs), in the U.S. witnessed a respective increase of 1.6% and 2.7% compared to 2021. The rising popularity of EVs can be attributed to various government initiatives promoting green transportation and the inherent benefits of electric vehicles. This burgeoning demand for EVs fuels the need for advanced braking systems by original equipment manufacturers (OEMs).
Moreover, stringent government regulations exert additional pressure on the braking friction market. These regulations ensure vehicle safety by mandating stopping capabilities within specified distances. Furthermore, rules are continually introduced to mitigate accidents and highway crashes, safeguarding lives and property. For instance, in May 2023, the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) proposed rules to prevent pedestrian-related and rear-end crashes. These rules include requirements for automatic emergency braking (AEB) and pedestrian AEB systems in passenger cars and light trucks, underscoring the imperative for advanced braking technologies in modern vehicles.
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Segmentation Overview:
The brake friction market has been segmented into product, vehicle type, and region.
Disc Brake to hold the largest share in the past.
- Based on product, the brake friction market has been segmented as brake disc, pad, drum, shoe, and liner. The brake disc segment held the largest share in recent years. The brake disc segment is further categorized into metallic and ceramic discs based on material.
Passenger car is the largest vehicle type category
- The brake friction market has been segmented based on vehicle type as passenger cars, lightweight commercial vehicles, trucks, and buses. Passenger cars accounted for a high market share owing to their extensive demand in recent years due to the increasing need for personal transportation and improving supply.
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Brake Friction Market Report Highlights:
- The brake friction market growth is anticipated at a CAGR of 4.8% by 2032.
- The growing demand for automotive spare parts will likely drive the brake friction market growth.
- Asia Pacific will likely account for a significant market share in the forthcoming years. This can be attributed to the growing automotive production and increase in traffic congestion in this region.
- Some prominent players in the brake friction market report include Robert Bosch, AISIN Corporation, Brembo S.p.A, Tenneco Inc., Nisshinbho Holdings Inc., Continental AG, Brake Parts Inc. LLC., ACDelco (General Motors), Akebono Brake Industries, Miba, and SGL Group.
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