Automotive Friction Brake System Market High Growth Opportunities in the Emerging Countries 2030

 Market Summary 

According to the new report by Market Research Future (MRFR), the Global Automotive Friction Brake System Market is slated to acquire an important market valuation at a steady CAGR over the review period.

The factors driving the growth of the market for automotive friction brake systems are the massive demand for automobiles across the globe, technological advancements, the shifting focus of major market players on dealing with preventive maintenance, stringency in the safety norms, and growing consumer demand for the emphasis on safety. Increasing concerns over security as pushed the introduction of government mandates to improve vehicle safety. as a result, the need for automotive friction brake systems is expected to grow over the review period. The longer replacement cycle and a surge in the number of miles traveled by vehicles are likely to generate considerable opportunities in the friction brake system aftermarket segment. The increasing production of cars and sales, coupled with regulations over stopping distances, have contributed generously to the growth and expansion of the industry over the forecast period.

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Key Players

some of the leading players operating in this market identified by MRFR are Brembo S.P.A, Akebono Braking Industry Corporation, Delphi Automotive PLC, Continental AG, TRW Automotive Holdings Corp., Federal-Mogul Corporation, Aisin-Seiki Co. Ltd., Robert Bosch GmbH, and Haldex AB Halla Mando Corporation.

COVID-19 Analysis

COVID-19 impact analysis by MRFR reveals that there has been a significant drop in vehicle sales in the space of just a few months, owing to the shutdowns across regions as well as the oil price fluctuations. Renowned automotive OEMs are adopting multiple tactics to mitigate the negative impact of the pandemic on their businesses by assessing their dealerships to resume services. The short-term impact of COVID-19 in the automotive sector has led to shutting down of assembly plants in the United States (US), manufacturing interruptions across Europe and ceased export of Chinese components, in the face of the lockdown situation. Additionally, post SARS-CoV-2, the demand for commercial vehicles has significantly plummeted following the shutdown of almost every non-essential service across the globe.

On the bright side, till the time a COVID-19 breakthrough is not achieved, the automotive industry can remain strong, thanks to the ongoing efforts by leading companies to curb revenue losses by adopting recovery tactics such as mergers and acquisitions and more. Despite the significant impact of the novel coronavirus on the automotive industry, online sale of vehicles can emerge as one of the growth boosters in the spark plug market.

Top Drivers and Key Restraints

Over the years, there has been a remarkable surge in the production of vehicles across the globe, which has led to a domino effect throughout the automotive brake friction market. The alarming rise in the number of accidents, given the rising number of drivers exceeding the speed limits has further bolstered the market growth. Technological innovations such as advanced brake system (ABS), electronic braking system (EBS) and regenerative braking that elevates the efficiency of the braking system can emerge as lucrative opportunities for the automotive brake friction market in the approaching years.

The market also benefits from the increasing research and development activities, resulting in the introduction of environment-friendly products that not only dissipate lower amount of heat but have enhanced mechanical properties. Another key trend gaining prevalence in the global market is the increasing focus on the electrification of vehicles, which is also giving rise to the production of light-weight vehicles and automotive brake friction products. The high demand for electric vehicles or EVs in the developing regions can translate to tremendous business growth in the following period.

Segmental Analysis

The automotive friction brake system market has substantial the product, vehicle, and sales channel.

Based on the product type, the automotive friction brake system market has been segmented into disc brakes and drum brakes. on the basis of the vehicle type, the market for automotive friction brake system has been segmented into passenger cars, heavy commercial vehicle (HCV), and lightweight commercial vehicle (LCV). Based on the sales channel, the market has been segmented into original equipment manufacturers (OEM’s), and aftermarket.

Regional Analysis

Based on the region, the global automotive friction brake system is segmented into Europe, Asia Pacific, North America, and the rest of the world, including the middle east, Latin America, and Africa.

In Asia Pacific region, the market for automotive friction brake system has observed considerable growth in countries such as China, India, owing to imminent emission norms. The increase in manufacture of vehicles and lifespan of vehicles is fueling the demand for brake friction products. North America region is projected to be the fastest-growing market. The U.S is the foremost contributor to the friction brake system market for automotive industry, owing to the established automotive manufacturers present in this region. Europe is also a significant region of the global automotive friction brake system market and is expected to account for a substantial market share over the forecast period. This is attributed to the presence of leading market players in established automotive industries in developed economies of Germany, France, and the UK which are driving the growth of the automotive friction brake system market over the forecast period. Moreover, the market is also driven by the increasing technological advancements, a result of the research and development projects taking place in the region.

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