The Global Brake Friction Market is expected to reach 14.73 billion by 2028 from 9.81 billion in 2020, growing at a CAGR of 5.21 % from 2021 to 2028. The brake friction is gaining traction owing to the surge in vehicle production along with the surging use of breaks owing to the traffic congestion. This is expected to propel the demand for the Brake Friction Market in the estimated time frame.
- Passenger Cars held a share exceeding 12% in 2020. The growth is due to the emergence of vehicle financing available for passenger vehicles. Increasing sales of passenger vehicles and commercial vehicles are propelling the demand for the Brake Friction Market. The rising use of disc brakes in passenger vehicles owing to stringent government norms for passenger safety is expected to support growth. Other segments are lightweight commercial vehicles, trucks, and buses.
- Disc Brake held a share of over 32% in 2020. The market for disc brake is anticipated to increase due to the surging use of disk breaks in the automotive industry to gradually decelerate the vehicle before coming to the halt. Additionally, due to strict government norms related to passenger safety the vehicle manufacturers are shifting from drum breaks to disc beaks with ABS technology is expected to stimulate growth for the disc break market in the long run.
- Europe is expected to have a share exceeding over 18 % in 2020. The surge is due to the presence of leading automobile manufacturers such as Volkswagen Group, BMW, Daimler, Peugeot , and Renault among others are expected to propel the demand for Brake Friction Market. Owing to the high income level of the consumers in the region and increased spending power, car manufacturers are installing ceramic breaks in high end care to mandates for stopping distance especially in the Europe region. This is expected to propel the demand for Brake Friction Market in the long run.
Major players operating in the global Brake Friction Market include Robert Bosch, Aisin Seiki, Nisshinbo Holding, Federal-Mogul, Brembo, Delphi, Tenneco, Akebono Brake Industries, Miba, and SGL Group among others.
Asia Pacific region held a share of over 22 % in 2020. The growth in the region is attributed to the improved economic conditions in the budding economies like India, China, Thailand and Indonesia. The growth of the market is due to numerous reasons such as growing population, increase in the disposable income and enhanced purchasing power of the people living in the region has propelled for premium and ultra-luxury vehicles. The SUV’s, premium vehicle and ultra-luxury vehicles require are fitted with disc brakes to match the weight and power of the vehicle.