New Jersey, NJ, Aug. 27, 2019 (GLOBE NEWSWIRE) -- High demand for automotive brake linings from heavy commercial vehicles such as construction and agricultural equipment, rise in automotive production, increase in vehicle fleet on road and frequent vehicle recalls due to brake-related issues are the driving factors for brake linings market. The global automotive brake linings market is expected to grow from USD 133.67 Million in 2018 to USD 278.92 Million by 2026 at a CAGR of 9.6% during the forecast period 2019-2026, according to the new report published by Fior Markets.
Brake linings are an integral part of an automotive brake system and they come as a standard fitment in brake shoes and pads. Brake liners which are made of asbestos material have a low manufacturing cost and are readily available and affordable. Several domestic and international vendors are offering their products through both offline and online channels. This easy availability of products at low cost will help in increasing the penetration of brake lining products, which in turn, will boost the market growth.
Rise in automotive production and increase in vehicle fleet on road is one of the driving force. Also, high demand for automotive brake linings from heavy commercial vehicles such as construction and agricultural equipment and frequent vehicle recalls due to brake-related issues are another two factors fuelling the growth of the market. But technological improvement in braking technologies to eliminate the use of frictional materials is expected to hamper the market growth. However, introduction of a brake-by-wire system is identified as a critical trend that will positively impact the growth of the automotive brake linings market in forthcoming years.
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Key players in the automotive brake linings market are Federal-Mogul Corporation, ASK Automotive Pvt. Ltd., Nisshinbo Holdings Inc., SGL Group, Miba AG, Akebono Brake Industries, Taiwan Brake Technology Corp., Brembo, Masu Brake Pads Pvt. Ltd. and Rane Brake Lining Limited.
- Companies are aggressively working towards the innovation of braking system, for instance, Federal-Mogul Motorparts in October 2018 announced to present the Wagner brand's latest braking innovation at the Automotive Aftermarket Products Expo (AAPEX), Wagner OEX Car, prior to its anticipated launch in early 2019. The product is designed to offer the ultimate brake pad technology for late model passenger cars, Wagner OEX Car will complement the highly successful Wagner OEX line, which was specifically designed for SUVs, CUVs and pickups.
- Companies are collaborating with each other to work towards the future for brake lining market. For instance, ASK Automotive (P) Ltd and Fras-le S.A. have signed an agreement to establish a joint venture in India. According to the agreement, the companies have planned to enter into a partnership for the production of brake pads and linings for commercial vehicles, to supply in OEM and IAM markets. The Joint Venture plans to invest more than Rs. 100 crores over a period of three years and generating a further employment for more than 900 people. The Joint Venture will enable customers to enjoy world class products at competitive pricing.
The non- asbestos based automotive brake linings segment is dominating the market with the highest share of 62.10% in 2018.
The material type segment is classified as asbestos based automotive brake linings and non- asbestos based automotive brake linings. The non- asbestos based automotive brake linings segment has dominated the market in 2018. Non-asbestos Organic (NAO) types of brake linings are made from fibers such as glass, rubber, carbon, and kevlar. In addition, non-asbestos organic brake linings have filler materials and high-temperature resins. These linings are softer than other types of linings, wear faster and create more brake dust.
The Original Equipment Manufacturer (OEM) segment valued around USD 80.06 Million in 2018.
The sales channel segment is divided into segments such as Original Equipment Manufacturer (OEM) and aftermarket. The Original Equipment Manufacturer (OEM) segment is dominating the market with the highest share in 2018. With growing concerns towards safety and security and the need for enhanced performance efficiency of brake systems, there has been a rise in the demand from OEMs for advanced automotive brake linings.
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Passenger cars segment is dominating the market with the highest share 41.20% in 2018.
Vehicle type segment includes passenger cars, light commercial vehicles, heavy commercial vehicles, and electric vehicles. The passenger cars segment is dominating the automotive brake linings market in 2018 because of the growing need for vehicle safety in passenger cars.
Regional Segment Analysis of the Automotive Brake Lining Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region dominated the global automotive brake linings market with USD 53.06 Million in 2018 where as the North America rapidly growing region in the market. Asia- Pacific is dominating the market due to the evolution of new OEMs. Also, the high demand for passenger and commercial vehicles in emerging nations is also leading to market growth in this region. Japan also has a major production base for automotive and thus, there has been a rise in the demand for automotive brake linings. Regions such as Latin America and Middle East and Africa are anticipated to remain low volume – high growth regions and growing investments in the automotive sector in the region are anticipated to drive the global automotive brake linings market growth. North America is a rapidly growing region due to low volume and high growth regions. The growing investments in the automotive sector are also stimulating to the growth of the market.
About the report:
The global automotive brake lining market is analysed on the basis of value (USD Million), volume (Thousand Units), consumption (Thousand Units), imports (Thousand Units) and exports (Thousand Units). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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