Brake Friction Products Market worth $13.3 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 29, 2021
CHICAGO, Nov. 29, 2021 /PRNewswire/ -- According to the new market research report "Brake Friction Products Market (OE & Aftermarket) by Type (Brake Disc, Pad, Drum, Shoe, Liner), Disc Type (Metallic, Composite, Ceramic), Liner Type (Molded, Woven), Vehicle Type (ICE, Electric, PHEV, OHV), and Region - Global Forecast to 2026", published by MarketsandMarkets™, 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%.
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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.
"Globally, the brake disc segment is expected to lead the market during the forecast period."
The global brake friction market, which can be attributed to the increasing penetration of disc brake systems in different vehicle segments. The penetration of brake discs in passenger cars is increasing globally, key countries are shifting toward disc brake technology in passenger cars.
"Asia Oceania is projected to be the largest regional market"
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 increase in 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 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 (SAIC), Chery Automobile, Geely Automobile, Hawtai Motor Group, and Honda Motor Co., Ltd.
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The Brake Friction Products Market is dominated by globally established players such as Robert Bosch (Germany), AISIN CORPORATION (Japan), Nisshinbho Holdings Inc. (Japan), Brembo S.p.A (Italy), and Tenneco Inc. (US) are the leading manufacturers of brake friction products in the global market. These companies adopted new product development, and expansion strategies to gain traction in the automotive turbocharger market.
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