Increasing demand for passenger cars with brake discs and developments in brake technology, stopping distance regulations are expected to drive the Brake Friction Products Market to grow at a CAGR of 4.3% in the next five years.
According to the new market research report - Brake Friction Products Market(OE & Aftermarket) Global Forecast to 2026',published by MarketsandMarkets, the Brake Friction Products Market is projected to reach $ 13.3 billion by 2026 from $ 10.8 billion in 2021.
According to the market research company, the brake disc segment is expected to lead the market globally during the forecast period. It is attributed to the increasing penetration of disc brake systems in different vehicle segments. The penetration of brake discs in passenger cars is increasing globally, and key countries are shifting toward disc brake technology in passenger cars.
Asia Oceania
The report from MarketsandMarkets said that the Asia Oceania market is estimated to be the largest market in 2021. The growth is attributed to the improving socio-economic conditions in emerging economies such as China, India, Indonesia, and Thailand. Passenger car production has grown due to many factors, such as increasing population and increasing GDP post-COVID-19 in China, India, and Japan. Additionally, increasing disposable income in some of the most populated countries has increased the demand for premium and ultra-premium vehicles. Therefore, the adoption rate of SUVs and other vehicles has increased across the globe. SUVs, premium vehicles, and ultra-premium vehicles are equipped with disc brakes with less stopping distance. Due to the high-speed capacities and weight of the vehicle, these vehicles require a powerful braking system made of ceramic or carbon composite brake friction products. The key OEMs in this region include Brilliance Auto, Shanghai Automotive Industry Corporation, Chery Automobile, Geely Automobile, Hawtai Motor Group, and Honda.
The brake friction products market is dominated by globally established players such as Robert Bosch, AISIN, Nisshinbho, Brembo, and Tenneco. These companies adopted new product development and expansion strategies to gain traction in the automotive turbocharger market, the research firm noted.
Courtesy: MarketsandMarkets. NB: Photo is representational; courtesy: Brembo.