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Brake Friction Products Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Brake Friction Products Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LANDON, GREATER LANDON, UK, August 14, 2024 /EINPresswire / -- The brake friction products market has experienced robust growth in recent years, expanding from $10.51 billion in 2023 to $11.09 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to the implementation of safety and environmental regulations, shifts towards performance-oriented braking systems, increased vehicle production, and the rise in the adoption of electric vehicles (EVs).
Strong Future Growth Anticipated
The brake friction products market is projected to continue its strong growth, reaching $13.85 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to rising demand for high-performance, reliable braking systems, increasing vehicle ownership, continued pressure to reduce brake dust emissions, and increasing infrastructural development and construction activities.
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Growth Driver Of The Brake Friction Products Market
The increasing number of autonomous vehicles is expected to propel the growth of the brake friction products market going forward. Autonomous vehicles are self-driving cars that employ advanced sensor technologies, computer systems, and artificial intelligence to operate and navigate without constant human intervention or monitoring. The increasing number of autonomous vehicles is due to advancements in artificial intelligence and sensor technology, along with substantial investment and support from private companies and governments to enhance safety and efficiency in transportation. Brake friction products are vital for the safe, reliable, and efficient operation of autonomous vehicles, ensuring precise and controlled braking, integrating seamlessly with advanced driving systems, and contributing to the overall performance and durability of autonomous vehicles.
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Major Players And Market Trends
Key players in the brake friction products market include Meritor Inc., Miba HydraMechanica Corporation, H-E Parts International LLC, American Friction Inc., TMD Friction Holdings GmbH.
Major companies operating in brake friction products are developing innovative products using advanced absorbent glass mat (AGM) technology, ensuring greater safety and reliability for both conventional and autonomous vehicles. Advanced absorbent glass mat (AGM) technology is a type of lead-acid battery design that utilizes a glass fiber mat to absorb and hold the battery's acid, which improves the performance and reliability of electronic components within braking systems.
Segments:
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
Geographical Insights: Asia-Pacific Leading The Market
Asia-Pacific was the largest region in the brake friction products market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the brake friction products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Brake Friction Products Market Definition
Brake friction products are materials used in braking systems to generate friction, which slows down or stops a vehicle. They typically include brake pads, shoes, and linings made from various composites, ceramics, and metals. These products are designed to withstand high temperatures and provide consistent performance under different driving conditions.
Brake Friction Products Global Market Report 2024 from The Business Research Company covers the following information:
.Market size data for the forecast period: Historical and Future
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Brake Friction Products Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on brake friction products market size , brake friction products market drivers and trends, brake friction products market major players, brake friction products competitors' revenues, brake friction products market positioning, and brake friction products market growth across geographies. The brake friction products market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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