The global automotive brake friction products market is expected to create lucrative growth opportunities with an opulent CAGR of 4.8% during the forecast period from 2022 to 2032. The market was valued at around US$ 10.4 Bn in 2021 and is likely to reach a valuation of US$ 17.2 Bn by 2032.
The automotive brake friction products market achieved a growth rate of around 3.6% during the historic period from 2017 to 2021. The automotive brake friction products incorporate a brake pad, liner, drum brake, brake shoes, and a disc brake that is expected to help in reducing the speed of a vehicle.
Furthermore, metallic automotive brake friction products are used primarily in brake shoes. Revenue through brake shoes reported a growth rate of 3.1% during 2017-2021 and is expected to witness 4.2% during the forecast period.
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Key Takeaways
- Improving the life of automotive brake friction products and advanced brake technology is predicted to hamper the replacement rate of brake friction products within vehicles. The strict government regulations and the need to operate under all environmental conditions have made the manufacturers of brake friction products use materials that increase durability.
- Surging improvements within brake friction products are anticipated to reduce the number of replacements in vehicles, therefore, reducing the demand for brake friction products. In addition to that, for OEMs, brake friction products that are less prone to wear, and have a noise-dampening effect, durability and controlled friction are paramount.
- Heightened global demand for automotive components has made it attractive for counterfeiters. There has been a rise in counterfeit products like brake pads, brake linings, and other related automotive components that makes them non-differentiable from the original products. Brake friction products manufactured by OEMs are expensive but of good quality.
- Approximately 20% of road accidents in India take place due to counterfeit products. According to the report of FICCI, counterfeit auto parts cost the government of India a loss of US$ 282,912. To combat the illicit trading of automotive components, various agencies have taken action.
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- The U.K. government joined hands with the automotive industry along with the trading platform which assisted them to launch a consumer awareness campaign to fight counterfeit brake friction products. Online platforms such as Amazon and eBay have also taken a stand on buying aftermarket vehicles. Alibaba banned the listings of offerings brake pads and related components on its platform.
- The metallic disc material is anticipated to achieve a growth rate of around 3.2% during the historic period from 2017 to 2021 and is likely to witness a 4.5% CAGR during the forecast period. Metallic material is subject to higher use in brake friction products due to its capacity of being resistant to heat. They do not compress, unlike ceramic material which makes them ideal for stopping against heavy equipment.
- On the basis of product type, brake shoes are anticipated to be the fastest growing in the aftermarket. Brake shoes accounted for 3.2% CAGR from 2017-21. Brake shoes last much longer because of their location in the rear of the vehicle and create enough space to produce friction needed to stop the car and do not require as much stopping force compared to brake pads. The anticipated growth rate of brake shoes is 4.5% during the forecasted year of 2022-2032.
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Competitive Landscape
Key players in the global automotive brake friction products market are massively aiming at expanding their manufacturing facilities, investing in research and development along with innovating new products.
The key companies operating in the automotive brake friction products market include ABS Friction, Bendix Spicer, Robert Bosch, Nisshinbho Holdings Inc., Brembo S.p.A, Tenneco Inc., Federal-Mogul, Delhphi, Akebono Brake Industries, Miba AG, Aisin Seiki Co., Ltd., Macas Automotive, Masu brakes Pvt Ltd, Sundaram Brake Linings Ltd, Standard Friction Components Ltd, Japan Brake Industrial Co., Ltd, and Toughla Brake Linings.
Key Segments Covered in Automotive Brake Friction Products Industry Survey
Automotive Brake Friction Products by Disc Materials:
- Metallic
- Ceramic
- Composites
Automotive Brake Friction Products by Product Type:
- Brake Shoes
- Break Pad
- Brake liner
- Disc Brake
- Drum Brake
Automotive Brake Friction Products by Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
Automotive Brake Friction Products by Region:
- North America Automotive Brake Friction Products Market
- Latin America Automotive Brake Friction Products Market
- Europe Automotive Brake Friction Products Market
- South Asia Automotive Brake Friction Products Market
- East Asia Automotive Brake Friction Products Market
- Oceania Automotive Brake Friction Products Market
- Middle East & Africa Automotive Brake Friction Products Market
More Insights into the Automotive Brake Friction Products Market
China is predicted to account for over 30% of the global automotive brake friction products market. China is expected to create an absolute dollar opportunity by accounting for a total market share of around US$ 361.2 Mn by 2032. With the rise in ABS and EBD brake technologies, the demand for brake friction products is increasing continuously. The market in China is anticipated to reach a market size of US$ 1.2 Bn by 2032.
Japan accounted for around 24% of the global market share in automotive brake friction products in 2021. The absolute dollar opportunity growth in Japan is projected at US$ 219.1 Mn during the forecast period. Japan continues to extend its offering in the Middle East and Asia for Industrial and Automotive OE in the aftermarket. Japan’s anticipated market size in the automotive brake friction product market is expected to reach US$ 924.7 Mn during the forecast period.
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