DUBLIN–(BUSINESS WIRE)–The “North America Automotive Brake Friction Products Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Disc Materials, Product Type, and Vehicle Type” report has been added to ResearchAndMarkets.com’s offering.
The automotive brake friction products market in North America is expected to grow from US$ 1,745.62 million in 2021 to US$ 1,981.67 million by 2028; it is estimated to grow at a CAGR of 1.8% from 2021 to 2028.
The automotive industry is growing due to increased foreign direct investment ( FDI). The COVID-19 pandemic also prompted governments to reconsider their investment facilitation and promotion policies, which could help boost FDI in the coming years.
However, the onset of the COVID-19 outbreak has disrupted many countries’ investments in automotive sectors; thus, governments primarily focus on increasing the number of new infrastructure projects while completing past projects. As a result, this will increase the demand for commercial vehicles, resulting in rising construction activities, which is expected to positively impact the automotive brake friction products market.
Further, intraregional connections, environmental issues, and the green economy are also receiving more attention. Moreover, according to the Bureau of Economic Analysis, FDI in the US increased from US$ 4.44 trillion in 2019 by US$ 187.2 billion to US$ 4.63 trillion in 2020. A decrease in COVID-19 cases, an increasing number of vaccinated citizens, and the uplift of stringent governments’ regulations are expected to grow the economy in 2022.
Brake systems, made of various brake friction products, are installed in every vehicle. Disc brake systems, for instance, have rotors and pads, whereas a drum brake has a brake shoe and a brake drum. The growing demand for comfort and convenience is increasing vehicle production. Furthermore, the rising population and improving economic conditions increase vehicle production in many countries across the region, boosting the brake friction product market.
Further, increased consumer purchasing power, rising disposable income, increased demand for personal vehicles, and the growth of e-commerce are contributing to the increase in production. An increase in government mandates for vehicle safety features is aiding the market growth. Thus, these factors are driving the automotive brake friction products market growth.
Key Market Dynamics
- Increasing Rate of Vehicle Production
- Traffic Congestion and Evolving Vehicle Architecture
- Improving the life of brake friction products in order to influence demand for replacements
- Metal-Free Brake Pads Technology in Electric Vehicles
- Rising trends towards enhanced Vehicle Safety with ABS and EBD
- ABS Friction
- AISIN SEIKI Co. Ltd.
- AKEBONO Brake Industry Co., Ltd
- Bendix Spicer Foundation Brake LLC
- BOSCH Auto Parts
- Carlisle Brake Friction
- Delphi Auto Parts
- Japan Brake Industrial Co. LTD
- MIBA AG
- Nisshinbo Holdings Inc
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