Market Scope
Market Research Future (MRFR) expects the automotive friction brake system market 2020 to gain substantial grounds at a fast rate between 2017 and 2022 (appraisal period). MRFR also projects the market to touch a remarkable valuation of USD 340.5 billion by 2024-end. We will provide a covid-19 impact analysis with the report. The COVID-19 research of the automotive friction brake system market offers an in-depth analysis post the coronavirus disease outbreak.
COVID-19 Analysis
COVID-19 impact analysis by MRFR reveals that there has been a significant drop in vehicle sales in the space of just a few months, owing to the shutdowns across regions as well as the oil price fluctuations. Renowned automotive OEMs are adopting multiple tactics to mitigate the negative impact of the pandemic on their businesses by assessing their dealerships to resume services. The short-term impact of COVID-19 in the automotive sector has led to shutting down of assembly plants in the United States (US), manufacturing interruptions across Europe and ceased export of Chinese components, in the face of the lockdown situation. Additionally, post SARS-CoV-2, the demand for commercial vehicles has significantly plummeted following the shutdown of almost every non-essential service across the globe.
On the bright side, till the time a COVID-19 breakthrough is not achieved, the automotive industry can remain strong, thanks to the ongoing efforts by leading companies to curb revenue losses by adopting recovery tactics such as mergers and acquisitions and more. Despite the significant impact of the novel coronavirus on the automotive industry, the online sale of vehicles can emerge as one of the growth boosters in the spark plug market.
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Top Drivers and Key Restraints
Over the years, there has been a remarkable surge in the production of vehicles across the globe, which has led to a domino effect throughout the automotive brake friction market. The alarming rise in the number of accidents, given the rising number of drivers exceeding the speed limits, has further bolstered the market growth. Technological innovations such as advanced brake system (ABS), electronic braking system (EBS), and regenerative braking that elevates the efficiency of the braking system can emerge as lucrative opportunities for the automotive brake friction market in the approaching years.
The market also benefits from the increasing research and development activities, resulting in the introduction of environment-friendly products that not only dissipate a lower amounts of heat but have enhanced mechanical properties. Another key trend gaining prevalence in the global market is the increasing focus on the electrification of vehicles, which is also giving rise to the production of lightweight vehicles and automotive brake friction products. The high demand for electric vehicles or EVs in the developing regions can translate to tremendous business growth in the following period.
Market Segmentation
For better understanding of the report, the automotive friction brake system market has been considered for product type, vehicle type and sales channel.
Product types described in the market study include drum brake as well as disc brake.
Vehicle types covered in the research are passenger cars, heavy commercial vehicles (HCV) and light commercial vehicles (LCV).
Depending on the sales channel, the primary dynamics are original equipment manufacturers (OEM’s) and aftermarket.
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Regional Study
The regional study of the automotive friction brake system market covers South America, APAC or Asia Pacific, North America, MEA or Africa & Middle East and Europe.
The automotive friction brake system market in APAC is largely concentrated in India and China, on account of the prevailing strict emission norms and the high production level of vehicles. Rising number of favorable government-backed initiatives coupled with the heavy investments in automotive industry also favor the regional market. The urgent need to curb the rising number of road accidents among the governing agencies as well as consumers also favors the market growth. The increasing technology penetration with high prominence of disc brakes also aids market growth.
North America can be the fastest gaining region, with the U.S emerging as the most profitable market for automotive friction brake system. The massive pool of well-known automotive manufacturers and the high demand for efficient performance in extreme weather conditions are some of the prime growth inducers in the regional market.
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