The brake friction market is projected to grow during the forecast period due to the increase in vehicle production. The brake friction (OE) market is projected to grow at a CAGR of 2.33% from 2018 to 2025, from USD 12.79 Billion in 2017 to USD 15.84 Billion by 2025. The brake friction aftermarket is projected to grow at a CAGR of 1.03% from 2018 to 2025, from an estimated USD 29.06 Billion in 2017 to USD 31.99 Billion by 2025.
Market Dynamics
Drivers
- Increase in Vehicle Production Will Fuel the Demand for Brake Friction Market
- Growing Demand for Passenger Cars and Commercial Vehicles
- Increasing Demand for Construction Equipment and Off-Highway Vehicles
- Increasing Use of Brakes Due to Traffic Congestion to Increase the Demand for Replacement Units
- Increasing Vehicle Parc & Vehicle Miles Travelled to Boost the Aftermarket
Restraints
- Improving Life of Brake Friction Products to Influence the Demand for Replacement Units
- Advancements in Brake Technologies to Eradicate the Use of Friction Materials
- Developing Public Transport Services and Trends Such as Ride Sharing
Opportunities
- Electric & Hybrid Vehicle Segments are Expected to Drive the Demand for Brake Friction Market in Coming Future.
- Use of Lightweight Material in Brake Friction Products
- Eco-Friendly and Non-Toxic Brake Friction Products to Be New Avenues of Growth for Brake Manufacturers
Challenges
- Government Regulations Related to Alloy Composition of Brake Friction Products
- Counterfeit Brake Friction Products in the Aftermarket
Critical Questions:
- Why disc brake has the largest market today and will also dominate in future as well?
- How and why Hybrid electric vehicle brake friction products are the fastest growing?
- How the industry players will address the challenge of government regulation related to brake friction products?
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The need to decrease stopping distance, and increase in vehicle production will together drive the brake friction OE market
- The brake disc is the fastest growing market, by product, in terms of value. Majority of the present-day vehicles are equipped with disc brake disc as they are easy to install, repair, and are durable than the drum brake. However, with the advancement in brake friction technology, disc brake friction will show better growth than the drum brake system as it enhances the power and durability of friction products of vehicles.
- The important factors driving the growth of this market include the demand for passenger cars and commercial vehicles. However, a major restraint for the brake friction products market is the increasing life of brake friction products.
- Ongoing new product developments by leading companies for advanced differential systems and components are likely to propel further growth of the automotive differential market during the forecast period.
