LONDON--(BUSINESS WIRE)--Technavio estimates the global automotive brake friction materials market to grow by USD 546.02 million, progressing at a CAGR of over 1% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
The market is driven by the easy availability of low-cost friction materials. However, the sharp decline in automobile production and sales might challenge growth.
Automotive Brake Friction Materials Market: Application Landscape
Based on the application, the market saw maximum growth in the passenger cars segment in 2019. The segment is driven by factors such as the rising demand and production of passenger cars and the need for online cab services and personal cars. The market growth in the segment will be significant over the forecast period.
Automotive Brake Friction Materials Market: Geography Landscape
80% of the market’s growth originated from APAC in 2019. Factors such as the growing market for OEMs and aftermarket materials and low production costs facilities are driving the growth of the market in APAC.
China, Japan, and India are the key markets for automotive brake friction materials in APAC. Market growth in this region will be faster than the growth of the market in Europe and North America.
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Major Three Automotive Brake Friction Materials Market Vendors:
Aisin Seiki Co. Ltd.
Aisin Seiki Co. Ltd. operates its business through segments such as AISIN Seiki Group, AISIN Takaoka Group, AISIN AW Group, and ADVICS Group. The company offers automotive braking system components with brake friction materials.
Akebono Brake Industry Co. Ltd.
Akebono Brake Industry Co. Ltd. operates its business through segments such as High-performance vehicles, Passenger cars, Commercial vehicles, Motorcycles, Rolling stock, Industrial machinery, and Sensors. The company offers automotive brake friction materials such as brake pads and brake linings.
Brembo Spa operates its business through segments such as Discs/Systems/Motorbikes and Aftermarket/Performance Group. The company offers brake friction materials for conventional automotive applications and ceramic brake friction materials under its subsidiary SGL Carbon for high-performance vehicles.
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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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