NEW YORK, Aug. 31, 2016 /PRNewswire/ -- "Increasing vehicle production and growing concerns regarding vehicle maintenance are the major drivers of the brake friction products original equipment (OE) market"
The brake friction products OE market is projected to grow at a CAGR of 7.68% from 2016 to 2021, to reach a market size of USD 38.96 billion by 2021. Market growth is driven by factors such as the growing vehicle production, consumer concerns regarding safety, and extended vehicle life, which is creating a parallel aftermarket for brake friction products. Additionally, stringent safety regulations concerning stopping distance and environmental concerns related to brake pads are spurring the growth of the market.
"Brake pads: Fastest brake friction products aftermarket segment"
Brake pads constitute the fastest growing segment of the brake friction products aftermarket, in terms of volume. Various factors responsible for this growth include the increasing average age of vehicles, increasing miles driven by a vehicle in a year, and safety concerns. The rising number of vehicles with disc brakes in the front wheels has resulted in a significant increase in the aftermarket demand for disc brake components such as brake pads. Furthermore, in the case of front-wheel-drive vehicles, the front wheels, which are equipped with disc brakes, bear the maximum braking pressure. This leads to the constant wear-and-tear of brake pads. The use of semi-metallic pads also leads to the frequent replacement of pads.
The demand for light vehicles and SUVs is rising in the European and North American regions, as any increase in vehicle weight leads to additional pressure on the braking system. Brake friction product manufacturers are consequently focusing on the development of advanced and durable ceramic pads that can withstand high pressure and temperature.
"Asia-Oceania projected to be the largest OE market for brake friction products"
Asia-Oceania is estimated to be the largest market, in terms of both value and volume, for brake friction products. This can be attributed to the high demand for vehicles, especially in emerging economies such as China and India, which are receiving investments from several OEMs. The availability of low-cost labor, favorable government policies, and mass production methods are additional factors propelling the growth of the brake friction products market in the region.
The study contains insights provided by various industry experts, ranging from material suppliers to Tier-1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type – Tier-1 -63%, Tier-2 - 29%, Tier-3 - 8%
- By Designation - C level - 45%, D level - 43%, and Others - 12%
- By Region - North America - 58%, Europe - 30%, Asia-Oceania - 12%
The brake friction products market is dominated by a few globally established players such as 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). Key growth strategies adopted by these players include new product development, partnerships, agreements, joint ventures, and supply contracts.
List of Companies
Robert Bosch GmbH
Aisin Seiki Co., Ltd.
Delphi Automotive LLP
Akebono Brake Corporation
Nisshinbo Holdings Inc.
SGL Carbon AG
Reasons to Buy the Report:
This report contains various levels of analysis, including industry analysis, industry trends, and company profiles, which together comprise and discuss the basic views on the emerging and high-growth segments of the brake friction products market, competitive landscape, high-growth regions and countries, government initiatives, and market dynamics such as drivers, restraints, opportunities, and challenges.
The report enables new entrants/smaller firms as well as established firms to understand the market better, and thereby helps them acquire a larger market share. Firms purchasing the report could use any one or a combination of the below-mentioned four strategies (market development, product development/innovation, market diversification, and competitive assessment) to strengthen their position in the market.
The report provides insights with reference to the following points:
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for brake friction products across regions
- Product Development/Innovation: Detailed insights into R&D activities, upcoming technologies, and new product launches in the brake friction products market
- Market Diversification: Detailed information about untapped markets, investments, new products, and recent developments in the brake friction products market
Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading players in the brake friction products market
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