According to our latest market study on “Automotive brake friction products Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Disc Materials, Product Type, and Vehicle Type,” the market is expected to grow from US$ 10,387.3 million in 2021 to US$ 13,203.7 million by 2028; it is estimated to grow at a CAGR of 3.5% from 2021 to 2028.

Some of the key manufacturers of  the automotive brake friction products includes ABS Friction; Akebono Brake Industry Co., Ltd.; Bendix Spicer Foundation Brake, LLC; Bosch Limited; Carlisle Brake & Friction, Inc.; Delphi Auto Parts; Japan Brake Industrial Co., Ltd.; Aisin Corporation; Miba AG; and Nisshinbo Brake Inc. among others. After the automotive brake friction products manufacturers, several peripheral stakeholders in the global automotive brake friction products play a crucial role in enabling the technology advancements and adoption of advanced automotive brake friction products such as ABS (Anti-lock braking system) and Ebd (Electronic brakeforce distribution). System integrators play a vital role in installing the automotive brake friction products. Some of the stakeholders include government organizations and regulatory bodies among others. For instance, many governments’ stringent policies such as the National Highway Traffic Safety Administration (NHTSA) of the US necessitate Modern ABS and Electronic Stability Control (ESC) for traction traffic control. Further, increasing in passengers and commercial vehicles is supporting the automotive brake friction product market growth.

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The global automotive brake friction products market analysis on the basis of disc materials is divided into metallic, ceramic and composites. On the basis of products, the global Automotive Brake Friction Products is divided into brake shoe, brake pad, brake disc, brake liner and drum brake. On the basis of vehicles, the global Automotive Brake Friction Products is divided into passenger vehicles and commercial vehicles. Based on region, the global automotive brake friction products market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

In the pre-COVID-19 era, significant demand for commercial vehicles was driven by the expansion of the industrial sector in emerging markets and the development of commercial operations in logistics. Furthermore, due to recovering economies in both developing and developed regions, the demand for automotive brake friction products market is expected to continue to rise in the coming years, driving the market. As the number of construction and e-commerce projects grew, the need for material transportation also rose, further increasing the demand for commercial vehicle sales worldwide. Over the coming years, this factor is likely to drive the commercial vehicle market. The surge in the number of construction and e-commerce activities has resulted in a rise in demand for material transportation, which is expected to drive the market's growth over the coming year. Additionally, the shift to electric vehicles is expected to provide opportunities for the automotive brake friction products market to expand. Automobile manufacturers (OEMs) have shifted to electric vehicles due to stringent emission regulations. Furthermore, several other companies, including Daimler, Toyota, and Volvo, are moving toward electric vehicles, likely resulting in future growth opportunities for the automotive brake friction products market.

Impact of COVID-19 Pandemic on APAC Automotive brake friction products Market

In APAC, during the first quarter of the fiscal year 2020 operations in plants were suspended due to the COVID-19. Many companies in the automotive brake friction products market partially recovered from the outbreak of pre-COVID-19 crisis. However, orders from some of the major automobile manufactures were declining due stringent lock downs and sales of the vehicles were slow down thus, the sales of the vehicles did not recover to the same levels as the previous fiscal year 2018-2019. As a result, automotive brake friction products market net sales fell significantly. Although, despite positive effects associated with social insurance premium exceptions from the APAC local governments and cost reductions, many companies operating in automotive brake friction products were significantly impacted by the reduction of sales resulting in negative impact on operating profit. In addition to the slowdown of economic growth

Furthermore, the rising population and improved economic conditions have resulted in an increase in vehicle production in many regions, which in turn is positively impacting the market for brake friction products has grown. It has been observed that production has increased significantly over the years. Increased consumer purchasing power, rising disposable income, increased demand for personal vehicles as a result of Covid-19 safety precautions, and the growth of e-commerce are all factors that have contributed to the increase in production. Further, the growth of the automotive brake friction products market is being aided by an increase in government mandates for vehicle safety features

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