The brake friction products market has grown significantly, rising from $10.51 billion in 2023 to $11.09 billion in 2024, reflecting a CAGR of 5.6%. The implementation of safety regulations, demand for performance-oriented braking systems, and increased vehicle production are key growth drivers. The market is expected to reach $13.85 billion by 2028, with a CAGR of 5.7%. Future growth will be driven by rising demand for high-performance and reliable braking systems, as well as innovations in quieter and more efficient brake technology. Key trends include the integration of sensors, smart technologies, and new material research for improved performance.
Major Driver In The Brake Friction Products Market
The growing prevalence of autonomous vehicles is projected to fuel the growth of the brake friction products market. As advancements in artificial intelligence and sensor technology continue to drive the development of self-driving cars, brake friction products become increasingly critical for the safe and efficient operation of these vehicles. They integrate seamlessly with advanced driving systems to ensure precise braking. A December 2022 report from the National Association of Insurance Commissioners estimated that 3.5 million autonomous vehicles would be on American roads by 2025, with projections rising to 4.5 million by 2030. Therefore, the increasing prevalence of autonomous vehicles is driving the brake friction products market forward.
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Brake Friction Products Market Competitive Landscape
Meritor Inc., Miba HydraMechanica Corporation, H-E Parts International LLC, American Friction Inc., TMD Friction Holdings GmbH, Hilliard Corporation, Superior Graphite Co., Brake & Equipment Warehouse Inc., Raybestos Products Company, Cardolite Corporation, ProTec Friction Group, Midwest Brake, Logan Clutch Corporation, Phoenix Friction Products, Accurate Specialties, ALL FRICTIONS CO. LLC, Cook Bonding & Manufacturing Co. Inc., Cleveland Oak, Pyrogenics Group/MINTEQ, Clutch Engineering, Great Lakes Friction Products, Friction, The Rowland Company, Orttech
Key Brake Friction Products Market Trend
The brake friction products market is innovating with advanced technologies to ensure vehicle safety. Bosch launched Blue Line brake pads in July 2023, utilizing advanced absorbent glass mat (AGM) technology for superior performance. These next-gen brake pads offer excellent friction stability and thermal management, catering to both conventional and autonomous vehicles.
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Brake Friction Products Market Segmentation
The brake friction products market covered in this report is segmented –
1) By Product Type: Brake Disc, Pad, Drum, Shoe Liner
2) By Disc Material: Metallic Disc, Ceramic Disc
3) By Vehicle Type: Passenger Car, Lightweight Commercial Vehicle, Truck, Bus
By Geography:The regions covered in the brake friction products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the brake friction products market in 2023.
The Brake Friction Products Global Market Report 2024 furnishes information about the global brake friction products market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
