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Brake Friction Products Market 2024 - Industry Size, Business Segments, Innovative Strategies And Outlook by 2033
Brake Friction Products Market
As per the report, the brake friction products market size has grown strongly in recent years. It will grow from $10.51 billion in 2023 to $11.09 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The brake friction products market size is expected to see strong growth in the next few years. It will grow to $13.85 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
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Autonomous Vehicles Driving Growth In 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. For instance, in December 2022, according to the National Association of Insurance Commissioners, a US-based non-profit organization, there are expected to be 3.5 million autonomous vehicles on American roads by 2025 and 4.5 million by 2030. Therefore, the increasing number of autonomous vehicles is driving the growth of the brake friction products market.
Innovative Brake Friction Products Enhance Safety And Performance
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. For instance, in July 2023, Bosch, a Germany-based engineering company, launched Blue Line brake pads, which are considered next-gen auto parts. These brake pads are designed as an excellent alternative to original equipment (OE) brake pads, offering great friction stability, low noise and vibration suppression, and asbestos-free formulas. They are engineered to provide high braking performance, excellent thermal stability, and quiet braking, making them a reliable choice for everyday drivers.
The brake friction products market covered in this report is segmented -
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
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Major companies operating in the brake friction products market are 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
Contents of the report:
1. Executive Summary
2. Brake Friction Products Market Report Structure
3. Brake Friction Products Market Trends And Strategies
4. Brake Friction Products Market - Macro Economic Scenario
5. Brake Friction Products Market Size And Growth
…..
27. Brake Friction Products Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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