The global Automotive Aftermarket Brake Friction Parts market is projected to reach US$5.4 billion by 2024, driven by aging vehicle parc and parallel opportunities for the aftermarket business.
Though being a small part of an automobile, brake system is an essential component of a vehicle and plays an important role in its normal functioning. An efficient brake system helps the driver to keep the vehicle under control, slow it down and halt the vehicle whenever necessary by converting its kinetic energy into heat. The quality of the brake system determines overall safety of the vehicle. Brakes often utilize 'friction' to transform kinetic energy into heat. The brake friction part of an automobile slows down or stops a vehicle by converting kinetic energy into heat energy via friction. The friction part of a drum brake is called the brake shoe while that of disc brake is called the brake pad. In drum brake, the friction is caused when a set of brake shoes presses against inner surface of a rotating drum, which is connected to rotating road wheel hub. In the disc brake system, where the brake disc is connected to the wheel or the axle, brake pads are pressed against both sides of the disc creating friction, which causes disc and attached road wheel to slow or stop.
As a critical safety component of a vehicle, which helps the driver to slowdown or halt vehicle whenever necessary and avoid untoward collisions, vehicle brake system needs to be always kept in excellent condition. This therefore demands that vehicle owners regularly service, repair and replace damaged or worn out brake friction components with new ones, thus creating excellent market prospects for aftermarket brake friction parts. Given the frequent use of brakes, especially on urban roads, brake friction parts i.e., brake pads and brake shoes are subject to significant wear and tear during the vehicle's operating life and therefore need regular replacements, thus creating business case for aftermarket brake friction parts. Growing vehicular sales and subsequent rise in number of vehicles plying on roads, increasing average vehicle life and number of vehicle miles travelled, also creates strong business case for automotive parts and component replacements, including that for brake friction parts.
Europe represents the largest market worldwide, followed by the United States. Asia-Pacific is forecast to witness the fastest growth with a CAGR of 7.0% over the analysis period led by factors such as growing vehicle base and gradual shift to disc brakes in the region. Developed regions such as the U.S., Japan and Europe are expected to provide steady growth opportunities owing to the large number of vehicles plying on the roads in these regions. On a product basis Brake Pads dominate the market, while Brake Shoes is in decline in various markets around the world.
Major players in the market include ABS Friction Inc., ADVICS CO., LTD., Akebono Brake Industry Co., Ltd., Continental AG, Delphi Automotive PLC, Dongying Xinyi Automobile Fitting Co. Ltd., Federal-Mogul Motorparts LLC, Fras Le, Japan Brake Industrial Co., Ltd., Nan Hoang Traffic Instrument Co., Ltd, Nisshinbo Holdings Inc., TMD Friction Holdings GmbH, and Robert Bosch GmbH among others.