WASHINGTON, Dec. 17, 2021 (GLOBE NEWSWIRE) — The Global Brake Friction Market size is expected to reach USD 14.73 billion by 2028, exhibiting a compound annual growth rate (CAGR) of 5.21% during the forecast period which drives from 2021-2028. The brake friction products need to be changed regularly and periodically for better performance of vehicle and safety purposes; thus, Brake Friction Market is mainly driven by the sales of such products. The period of changing brake parts varies and depends on the usage of the vehicle. Therefore, the growth of Brake Friction Market growth be influenced by global vehicle population.
According to Organisation Internationale des Constructeurs d’Automobiles (OICA) the total number of commercial vehicles and cars produced in 2020 is 7,76,21,582 units; where 3,12,23,533 units were produced in time span of January-June. Whereas, in 2021 in time span of January to June and total number of commercial vehicles and cars produced surged to 4,03,38,546 units. Thus, increasing vehicle population across the globe is to thrive the market, states Vantage Market Research, in a report, titled, states Vantage Market Research, in a report, titled: “Brake Friction Market by Product Type (Brake Disc, Pad, Drum, Shoe, Liner), Disc Material (Metallic Disc, Ceramic Disc), Vehicle Type (Passenger Car, Lightweight Commercial Vehicle, Truck, Bus), Type (Woven, Molded), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028).” The market size stood at USD 9.81 billion in 2020.
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Increase in Sales of Vehicles and Disposable Income
The number of sale of vehicles is increasing worldwide. Thus, the increasing sales and number of vehicles across globe is surging demand for brake parts of vehicle. Also, the changing trend towards biking and car racing is increasing the demand for advanced vehicles parts including brakes. According to OICA, the sales of vehicles from Jan-July 2020 was 3,43,24,700 and it has increased to 4,44,01,850 in January-June 2021. Thus, increasing demand for breaks and vehicles is projected to drive the Brake Friction Market growth over the forecast period of 2021-2028 with 2020 as base year.
Important questions answered in this report:
- What is the estimated market size and growth rate of the Brake Friction Market?
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Development in Artificial Intelligence (AI) and Automotive Industries
The research and development as well as several private organizations are working tirelessly to improve the technology. Since past few years, the technology has been advanced swiftly in almost all the sectors including automobiles. Thus, automotive industries are about to set to experience several structural modifications in near future owing to swift pace of technology, rapid urbanization, and industrialization. Application of Artificial intelligence (AI) and machine learning in production will considerably transform the manufacturing process by improving the technologies such as robotics.
Advantages of this Research:
- Evaluate market share for commercial Brake Friction market opportunities, track market size, competitive drug sales, synthesis insights for commercial development and licensing.
- Develop tactics and strategies to take advantage of opportunities in the Brake Friction market.
- Latest Trends and Market Events and analyze essential events in Brake Friction market.
- Develop an in-depth knowledge of competition and analyze sales data to update your brand planning trackers.
- Answer vital business questions; supports decision making in R&D to long term marketing strategies.
- Develop economic models, forecast models, and healthcare frameworks.
Asia Pacific Dominates the Brake Friction Market
Asia Pacific is estimated to hold the largest share for Brake Friction Market and grow at fastest compound annual growth rate (CAGR). China and Japan are the major vehicle producing countries. China is estimated to produce 55% of vehicle where and Japan is estimated to produce 20% of vehicle among all vehicle production across the globe. Increasing industrialization is increasing the demand for industrial vehicles whereas increasing urbanization is increasing demand for commercial and residential vehicles. These factors are anticipated to witness the market growth in near future and drive the market in the region.
List of Prominent Players in the Brake Friction Market:
|3.||Nisshinbo Holdings Inc.||Japan|
|6.||ABS Friction Inc||Canada|
|8.||Akebono Brake Industry Co. Ltd||Japan|
Browse market data Tables and Figures spread through Pages and in-depth TOC on, “Brake Friction Market by Product Type (Brake Disc, Pad, Drum, Shoe, Liner), by Vehicle Type (Passenger Car, Lightweight Commercial Vehicle, Truck and Bus), by Type (Woven, Molded), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028).” View detailed Table of Content here – https://www.vantagemarketresearch.com/press-release/brake-friction-market-958218
Recent Developments in the Industry:
- In March 2021 TMD Friction, introduced brake linings for new vehicle models.
- In August 2021, Pagid Hella, which operates as an OE brand of TMD Friction, a part of Nisshinbo Holdings Inc., started offering a range of brake discs for Mercedes models.
This report provides details about prevalence, incidence, distribution of patients, and average price of treatment, market & technological trends and new product developments of Brake Friction Market.
|Market Size 2020 Value||USD 9.81 Billion|
|Market Forecast for 2028||USD 14.73 Billion|
Expected CAGR Growth
CAGR of 5.21% from 2021 to 2028
|Historic Years||2016 – 2019|
|Forecast Years||2021 – 2028|
|Segments Covered||Product Type
|Quantitative Data – Units||Revenue in USD Million/Billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
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