Press release
Brake Friction Products: Enhancing Safety in Modern Vehicles
According to The Business Research Company's, 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 growth in the historic period can be attributed to the implementation of safety and environmental regulations, shifts towards performance-oriented braking systems, increased vehicle production, and the rise in the adoption of electric vehicles (EVs).
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%. the growth in the forecast period can be attributed to rising demand for high-performance, reliable braking systems, increasing vehicle ownership, continued pressure to reduce brake dust emissions, and increasing infrastructural development and construction activities. Major trends in the forecast period include the integration of sensors and smart technologies, the development of quieter braking systems, customization, and personalization, continued research into new materials, collaborations, and partnerships.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Brake Friction Products Market 2024 Key Insights:
• The brake friction products market size is expected to grow to$13.85 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Autonomous Vehicles Driving Growth In Brake Friction Products Market
• Innovative Brake Friction Products Enhance Safety And Performance
• Asia-Pacific was the largest region in the brake friction products market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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