The market is poised to grow at a CAGR of 5.75% and is anticipated to touch USD XX billion by the end of 2023. The Asia-Pacific region contributed to a market share of over 25%, followed by North America and Europe with a market share of XX% and XX% in 2016 respectively. With the NHTSA report stating that 40% of global car accidents are due to the crashing of braking systems, OEM's and aftermarket manufacturers are coming up with safer innovations such as sensor assisted brakes.
The braking system is used to control and stop the vehicle’s speed to avoid accidents. Disc brakes and drum brakes, employed in most of the automobiles, are classified under the friction braking system. The functionality of disc brakes is observed from the friction exerted on the propelling disc by the brake pads, while that of drum brakes is observed by the rubbing of brake shoes on the inner surface of the drum. The application of ceramic brake pads offers high-temperature resistance, less weight and improved performance of the brakes.
Growing consumer emphasis on safety, focus on preventive maintenance and stringency in the safety norms are the factors driving the growth of the automotive friction brake system market. Increasing life of automobiles due to the postponement of new vehicle purchase by the majority of the customers in developing nations is creating a global demand for the brake system market. The longer replacement cycle and an increase in number of miles traveled by vehicles generate opportunities in the aftermarket segment as well.
The automotive friction brake system market is segmented by product type (Disc brake, Drum brake), vehicle type (passenger cars, LCV, HCV), sales channel (OEM’s, Aftermarket),brake pad material type (semi-metallic, metallic and ceramic) and geography (North America, South America, Asia-Pacific, Europe and Africa & Middle East).
Some of the key players in the market are:
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