San Jose, California (PRWEB) September 04, 2013
Follow us on LinkedIn – The average life of vehicles across the world is fast increasing, thereby mandating better solutions for keeping these vehicles in working condition for a longer period of time. The trend of longer replacement cycle is the result of long-term change in consumer buying behavior triggered by the global economic turmoil witnessed over the last couple of years. The damage caused by prolonged 2007-2009 economic crisis on personal savings, disposable incomes and investment played a key role in strengthening the trend towards longer vehicle retention among consumers, particularly in developed markets. With the tough economic conditions being the new normal, especially among the developed economies, which are now saddled with conditions likely to persist into the foreseeable future, vehicle maintenance and parts replacement frequency is expected to increase further in the coming years. This scenario therefore has and will continue to benefit aftermarket demand for brake friction parts.
Healthy gains in automotive production in developing countries also bodes well for the market, since more number of vehicles manufactured indirectly creates a parallel secondary market for auto parts including brake friction parts. As the most critical safety system, brakes represent the most often replaced auto part. The growing focus on routine, time-based preventive maintenance, and increase in number of miles traveled per vehicle is therefore expected to drive demand. Manufacturers are continuously endeavoring to develop highly stable brake pad and shoe compounds, which offer reliable service across a broad spectrum of operating environments.
Demand for ceramic brake pads is growing significantly thanks to their features such as, lightweight, smooth braking, lesser pedal exertion, less noise, better heat transfer, and increased driver comfort. Growing demand for lightweight and non-toxic copulate friction materials and semi-metallic brake pads in the aftermarket is forecast to spur growth.
As stated by the new market research report on Automotive Aftermarket Brake Friction Parts, Asia-Pacific represents the largest as well as the fastest growing market with a projected CAGR of 7.4% over the analysis period. Growth in the region is driven by surge in ownership of cars, and increase in vehicle population. Vehicle purchases have been increasing rapidly in countries like China and India due to continued industrialization, growth in GDP, rising employment levels, improving standard of living, and increase in discretionary spends. Lower per capita vehicle ownership, particularly due to huge population in these markets and weak penetration in rural areas is another factor driving demand for automobiles, which has the potential to fuel demand for aftermarket automotive parts and components. Brake Pads represents the largest as well as the fastest growing product segment in the market.
Major players in the market include ABS Friction Inc., Advics Co. Ltd., Akebono Brake Industry Co. Ltd., Robert Bosch GmbH, Continental AG, Delphi Automotive PLC, Dongying Xinyi Automobile Fitting Co., Ltd., Federal-Mogul Corporation, Fras Le, Honeywell Friction Materials Germany GmbH, Japan Brake Industrial Co. Ltd., Meritor Inc., Nan Hoang Traffic Instrument Co., Ltd., Nisshinbo Holdings Inc., Nisshinbo Brake Inc., TMD Friction Holding GmbH, and TRW Automotive, among others.
The research report titled “Automotive Aftermarket Brake Friction Parts: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for Automotive Aftermarket Brake Friction Parts in US$ for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (Australia, China, India, South Korea and Rest of Asia-Pacific), Latin America (Brazil, Mexico and Rest of Latin America) and Rest of World. Key segments analyzed in the report include Brake Pads and Brake Shoes.
For more details about this comprehensive market research report, please visit –
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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