CLEVELAND, May 10, 2017 /PRNewswire/-- North American aftermarket demand for brake shoes, pads, and linings is projected to expand 2.6% per year through 2021 to $1.8 billion, in line with projected market gains for brake parts as a whole. Sales gains will continue to be supported by the constant wear on these parts, resulting in regular replacement. The trend away from the installation of drum brakes toward disc brakes on rear wheels will lead to a change in the product mix in this category. These and other trends are presented in Automotive Aftermarket for Brake Parts in North America, a new study from The Freedonia Group, a Cleveland-based industry research firm.
The US dominates the North American aftermarket for brake shoes, pads, and linings, accounting for 86% of the regional total in 2016. Sales in this nation are buoyed by the rising number of light vehicles in use and the significant number of miles driven annually. According to analyst Reta Sober, "A consumer preference for larger vehicles such as light trucks and SUVs, which require greater stopping power and wear out brake pads and shoes more quickly, boosts overall market value." This will also contribute to future market gains in the US.
The fastest growth through 2021 will be registered in Mexico, with sales boosted by increases in the light vehicle park. Sales gains will also be supported by a high volume of low-cost imports due to lax regulation of hazardous brake part materials and the lesser durability of these imported products, leading to more frequent replacement.
More information about the study is available at https://www.freedoniagroup.com/industry-study/automotive-aftermarket-for-brake-parts-in-north-america-by-product-and-performer-3512.htm
Related studies include:
- #3505 Automotive Aftermarket for Powertrain Components in North America (March 2017)
- #3480 Gasket & Seal Market in the US, 12th Edition (December 2016)
About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Automotive & Transport studies can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group