Automotive Aftermarket Brake Friction Parts Market Analysis and Latest Trends
Automotive aftermarket brake friction parts refer to the replacement parts used in automotive braking systems, such as brake pads, brake shoes, and brake rotors. As the demand for vehicle repairs and maintenance increases, the market for automotive aftermarket brake friction parts has been witnessing significant growth.
One of the key drivers of the market growth is the increasing vehicle population worldwide. As more vehicles hit the road, the need for brake system maintenance and repair also increases. Moreover, the rising average age of vehicles is also contributing to the demand for aftermarket brake friction parts, as older vehicles require more frequent replacements and repairs.
Technological advancements in brake friction materials have also been driving market growth. Manufacturers are focusing on developing innovative materials that offer enhanced performance, durability, and noise reduction. For instance, the introduction of low-metallic and ceramic brake pads has gained traction in the aftermarket, owing to their improved braking performance and longer lifespan.
Another trend in the automotive aftermarket brake friction parts market is the growing popularity of online sales channels. E-commerce platforms provide convenience and ease of access to a wide range of brake friction parts, thereby attracting consumers. Additionally, the availability of online reviews and comparison tools helps customers make informed purchasing decisions.
The market is expected to witness substantial growth in the coming years. According to the provided information, the automotive aftermarket brake friction parts market is projected to grow at a CAGR of 7.9% during the forecast period. Factors such as the increasing vehicle fleet, technological advancements, and the rise of e-commerce are likely to drive this growth. However, challenges such as the availability of counterfeit products and competition from original equipment manufacturers (OEMs) may hinder market progression.
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Automotive Aftermarket Brake Friction Parts Major Market Players
The automotive aftermarket brake friction parts market is highly competitive, with several key players dominating the industry. Some of the major players in the market include ABS Friction, ADVICS, Akebono Brake Industry, Continental AG, Delphi Automotive, Dongying Xinyi Automobile Fitting, Federal-Mogul Motorparts, Fras Le, Japan Brake Industrial, Nan Hoang Traffic Instrument, Nisshinbo Brake, TMD Friction Holdings, Tenneco (Federal-Mogul), and ZF.
One of the prominent players in the market is Akebono Brake Industry. Akebono is a leading manufacturer of automotive brake systems and supplies brake friction products to various automotive OEMs. The company has a strong market presence in North America, Europe, and Asia-Pacific regions. Akebono has been focusing on expanding its product portfolio and has been investing in research and development activities to meet the changing industry requirements. The company has also been emphasizing on the development of advanced friction materials that improve safety and eco-friendliness. The global market for automotive aftermarket brake friction parts is expected to witness significant growth in the coming years, presenting opportunities for companies like Akebono to expand their market presence.
Another notable player in the market is Continental AG. Continental is a leading automotive supplier with a diverse product portfolio that includes brake systems and components. The company has been investing in research and development activities to develop innovative brake friction solutions that cater to the evolving industry demands. Continental has a strong global presence and has been strategically expanding its market reach by acquiring and partnering with other industry players. The company's focus on product innovation and its wide customer base position it well for future growth in the automotive aftermarket brake friction parts market.
As for the sales revenue, Akebono Brake Industry reported sales of approximately $2.5 billion in the fiscal year 2020. Continental AG's sales revenue for the same period amounted to around €37.7 billion ($43.5 billion).
The global automotive aftermarket brake friction parts market is expected to grow significantly in the coming years due to factors such as technological advancements, increasing vehicle sales, and growing awareness about road safety. The market size is projected to reach a value of around $16 billion by 2026, registering a CAGR of over 5%.
In summary, the automotive aftermarket brake friction parts market is highly competitive with several key players. Akebono Brake Industry and Continental AG are two prominent players in the market that have been focusing on innovation and expanding their market presence. The market is expected to witness significant growth in the future, providing opportunities for these companies to further increase their sales revenue.
What Are The Key Opportunities For Automotive Aftermarket Brake Friction Parts Manufacturers?
The Automotive Aftermarket Brake Friction Parts market is witnessing significant growth due to the increasing demand for replacement parts in the automotive industry. Factors such as the rising number of vehicles on the road, growing awareness about road safety, and technological advancements are driving market growth. Additionally, the need to replace worn-out brake components is boosting the demand for aftermarket brake friction parts. A key trend in the market is the adoption of noise-reducing technologies and eco-friendly materials for manufacturing brake friction parts. Looking ahead, the market is expected to expand further as automobile production and sales continue to surge across the globe.
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Market Segmentation
The Automotive Aftermarket Brake Friction Parts Market Analysis by types is segmented into: