Brake Friction Products Market To Reach $13.85 Billion By 2028, Propelled By Advancements In Vehicle Safety And Autonomous Vehicles - Global Long-Term Forecast To 2033

(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Oct. 02, 2024 (GLOBE NEWSWIRE) -- The "Brake Friction Products Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.

In an industry analysis, it has been confirmed that the global brake friction products market is forecasted to advance to $13.85 billion by the year 2028. This growth trajectory represents a compound annual growth rate (CAGR) of 5.7% from 2024. A thorough understanding of market dynamics, projections, and current trends is crucial for stakeholders within this sector.
The brake friction products market is experiencing substantial growth due to several key factors. The demand for reliable and high-performance braking systems, the rising vehicle ownership levels, and the global drive towards sustainable transportation are catalyzing the market expansion. With the incorporation of smart technologies and sensor integration in modern vehicles, the industry is adapting to the increasing number of autonomous vehicles expected to hit the roads in the near future.
The rise of autonomous vehicle technology is a significant growth driver for the brake friction products market. These advanced vehicles require highly precise and dependable braking systems, which in turn boosts the demand for innovative brake friction solutions. Autonomous vehicles are expected to proliferate substantially within the next decade, necessitating enhancements in vehicle braking technologies.
Major players in the market are consistently innovating, developing products that increase safety and reliability across both conventional and autonomous vehicles. Innovation includes the use of advanced absorbent glass mat (AGM) technology to enhance the performance of electronic components in braking systems. Such advancements are pivotal to maintaining and improving the safety standards expected by consumers and regulatory bodies alike.
Strategic business moves such as acquisitions and partnerships are key to strengthening the foothold of major companies in the brake friction products market. These moves not only expand product offerings but also reinforce the global presence of these companies, thus ensuring they remain competitive in an ever-evolving industry landscape.
Asia-Pacific region dominates the brake friction products market, showcasing the largest market share in 2023. However, North America is projected to be the fastest-growing region during the forecast period. Such regional growth insights are pivotal for businesses aiming to capitalize on emerging market opportunities across different geographies.
The dynamic landscape of the brake friction products market presents opportunities for both established entities and emerging players. The consistent push for innovative solutions and the adaptation to a transforming automotive industry are central to driving the market forward. With an emphasis on safety, efficiency, and technological advancements, the brake friction products market stands at the cusp of a significant evolution poised to redefine vehicular transportation norms.
Companies Featured

• 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

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