Market Synopsis:
Braking systems are used to control and stop the vehicle while driving. Over time, technological advancements have dictated the growth curve of the demand for friction brake systems for automotive. In recent times, the growth of the automotive industry is presumed to boost the sales of friction braking systems. The observation offered by Market Research Future (MRFR) presents that the global automotive friction brake system market is supposed to strike a healthy CAGR, reflecting a decent valuation by 2027.
Increasing demand for vehicles is one of the key drivers of the automotive friction brake system market. The increasing per capita income of the population is presumed to support the growth pattern of the market in the years to come. Also, the growth of the aftermarket is expected to boost the development of the automotive friction brake system market in the forthcoming years. It is prognosticated to be driven by the increasing investments in the maintenance of vehicles for longer lifespan of the product.
Increasing road accidents is a major factor influencing the growth curve of the market positively. It has motivated the players in the automotive industry to adopt the latest technologies. Every year millions of deaths occur due to road accidents around the world with over 20 million non-fatal injuries. The rising number of accidents is anticipated to lead the proliferation of the automotive friction brake system market in the upcoming years.
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Market Segmentation:
On the basis of sales channel, the automotive friction brake system market has been segmented into OEM and aftermarket.
On the basis of product type, the automotive friction brake system market has been divided into disc brake and drum brake
Regional Analysis:
The regional study of the global automotive friction brake system market is offered in this MRFR report for the following regions – South America, Europe, Asia Pacific (APAC), the Middle East Africa (MEA), and North America. The regional segments are narrowed to country-bases sub-segments for further assessment. North America has the largest shareholding in the global market place. It is further analyzed to maintain its pole position in the nearby future. The presence of key manufacturer in the region is supposed to augment the regional market in the forthcoming years. In addition, the strong economy of the region, coupled with increasing demand for vehicles, is also poised to open growth channels for the players in the market. Asia Pacific is presumed to register a higher rate of growth across the review period. The boom witnessed in the China automotive friction brake system market is supposed to drive the region’s expansion in the foreseeable future.
Competitive Dashboard:
Akebono Braking Industry Corporation, Continental AG, Brembo S.P.A, Delphi Automotive PLC, Aisin-Seiki Co. Ltd., TRW Automotive Holdings Corp., Federal-Mogul Corporation, Halla Mando Corporation, Robert Bosch GmbH, and Haldex AB are some of the key automotive friction brake system market. These players are focusing on the development of innovative product lines that enhances the performance of the vehicle. This, in turn, is expected to intensify competition in the automotive brake system market over the next couple of years. The competitive landscape of the market is characterized by robust competition o3ing to the consolidation of domestic and international players. Some of the growth approaches used in the market are – mergers acquisitions, strategic alliances, collaborations, agreements, partnerships, etc.
Industry News:
In November 2019, NRS Brakes, a leading manufacturer of lasting brake pads, has announced the launch of a new brake pad program for fleets as well as its latest Galvanized Brake Pad line.
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