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The Brake Friction Products Market is dominated by a few Global Players, and Comprises Several Regional Players
The brake friction products original equipment (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 changing ratio of vehicles per household, increasing demand for lightweight brake friction products, growing concerns regarding preventive maintenance among consumers, and stringent safety regulations in the European and North American regions.
The brake friction products market is dominated by a few global players, and comprises several regional players. Major players include Nisshinbo Holding Inc. (Japan), TMD Friction (Germany), Federal-Mogul Corporation (U.S.), Honeywell International Inc. (U.S.), Akebono Brake Corporation (Japan), and ITT Motion Technologies (Italy). Asia-Oceania is estimated to lead the global market, in terms of both, value and volume. New product development and expansion are the primary strategies followed by several key players operating in the market. For instance, Nisshinbo Holding Inc. (Japan) plans to invest USD 360 million over the next 3 years for the expansion of its production facilities in Japan. Additionally, Akebono Brake Corporation (Japan) has commenced the development of a new friction material that would offer better braking performance and reduced brake dust and squeal. This material is expected to be available in the market by 2018.
Brembo S.p.A. (Italy) is a global leader in the design, development, and production of braking systems, primarily for premium passenger cars. The major growth strategy followed by the company is new product development; for instance, it has developed a new venting system for brake discs and a new family of aluminum calipers for high-end cars.
Akebono Brake Corporation (Japan) is another leading player in the brake friction products market. It specializes in brake lining, shoes, and pads. The company’s major clients include Toyota Group (Japan), Volkswagen AG (Germany), Audi AG (Germany), Mitsubishi Motors (Japan), Daihatsu (Japan), and Renault (France). The company has adopted the strategy of expansion to gain traction in the market. For instance, it has invested around USD 16 million to increase the production capacity of brake parts at its two plants in China. This expansion doubled the production capacity of the disc brake pad plant, and increased that of the brake caliper plant by 80%.
Brakes Market for Friction Products by OE (Brake Pad, Shoe, Liner, Disc, and Drum), Aftermarket (Pad, Shoe, and Liner), Market Type (OES and IAM), Vehicle Type (PC, LCV, and HCV), Two-Wheeler OE Market by Friction Products, and Region - Global Forecast to 2021
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