The brake friction products original equipment (OE) market is projected to grow from USD 26.91 Billion in 2016 to USD 38.96 Billion by 2021, at a CAGR of 7.68%. Market growth is primarily driven by factors such as the increasing demand for lightweight and environmentally friendly brake friction products, stringent stopping regulations, availability of advanced friction materials, and increasing production of vehicles.
Pune, India -- (SBWIRE) -- 08/30/2016 -- The report "Brakes Market for Friction Products by OE (Brake Pad, Shoe, Liner, Disc, and Drum), Aftermarket (Pad, Shoe, and Liner), Market Type (OES and IAM), Vehicle Type (PC, LCV, and HCV), Two-Wheeler OE Market by Friction Products, and by Region - Global Forecast to 2021", The brake friction products original equipment market is projected to reach USD 38.96 Billion by 2021, growing at a CAGR of 7.68%, from 2016 to 2021. This market is driven by factors such as increasing vehicle production and progressively stringent stopping regulations. Alternatively, the brake friction products aftermarket is fueled by factors such as growing vehicle parc and increasing average age of vehicles.
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Brake Pads: Largest aftermarket segment
According to OICA publications, passenger cars constituted the largest market segment in terms of vehicle production, sales, and parc in 2015. Stopping regulations are becoming increasingly stringent; for instance, in the U.K., the stopping distance for a car running at a speed of 20 mph is 12 meters, which doubles with every 10 mph increase in the driving speed. This has resulted in disc brakes becoming a key component in passenger cars, and has subsequently boosted the demand for disc brake components, primarily brake pads.
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IAM to be the fastest growing aftermarket segment
The independent aftermarket (IAM) is projected to grow at the highest CAGR, in terms of value, during the forecast period, owing to factors such as lower pricing, dominance of local players in terms of supply chain, and average component life similar to genuine products. Buying counterfeit products is a key trend in developing countries in the Asian region. The IAM acts as a major hurdle to the growth of the original equipment supplier (OES) market.
Asia-Oceania: Largest regional original equipment market
Asia-Oceania is estimated to account for the largest market share, in terms of both, value and volume. Factors such as low production cost, easy availability of economical labor, lenient emission and safety norms, and government initiatives for foreign direct investments (FDIs) have led to the region witnessing higher growth than the matured markets of Europe and North America. Key brake friction product-manufacturing companies such as Aisin Seiki Co. Ltd. (Japan) and Akebono Brake Corporation (Japan) have a strong presence in Asia-Oceania.
The brake friction products market report covers various established brake friction product manufacturers. Major players include Robert Bosch GmbH (Germany), Aisin Seiki Co., Ltd. (Japan), Delphi Automotive LLP (U.K.), Federal-Mogul Corporation (U.S.), and Brembo S.p.A. (Italy).
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