Press Release - | Owing to Exponential Rise in the Production of Vehicles in Forecast Period Brake Friction Market to Reach USD 14.73 Billion by 2028 |
Vantage Market Research | 16 Dec 2021
Automotive Transportation & Logistics
Owing to Exponential Rise in the Production of Vehicles in Forecast Period Brake Friction Market to Reach USD 14.73 Billion by 2028
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.
Key Findings:
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.
Automotive Transportation & Logistics
Owing to Exponential Rise in the Production of Vehicles in Forecast Period Brake Friction Market to Reach USD 14.73 Billion by 2028
16 Dec 2021
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Owing to Exponential Rise in the Production of Vehicles in Forecast Period Brake Friction Market to Reach USD 14.73 Billion by 2028
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