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2023-03-10 12:15:00

Aftermarket Brake Market to Hit $4.7 Billion by 2030 Report Says

Aftermarket Brake Market to Hit $4.7 Billion by 2030 Report Says

NEW YORK -- Reportlinker.com announces the release of the report Global Automotive Aftermarket Brake Friction Parts Industry and predicts the global automotive aftermarket brake friction parts market will reach $4.7 billion by 2030. In the changed post COVID-19 business landscape, the global market for automotive aftermarket brake friction parts estimated at $3.5 Billion in the year 2022, is projected to reach a revised size of $4.7 Billion by 2030, growing at a compound annual growth rate (CAGR) of 3.7 percent over the period 2022-2030. Brake pads, one of the segments analyzed in the report, is projected to record 3.9-percent CAGR and reach $3.8 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the brake shoes segment is readjusted to a revised 3.3-percent CAGR for the next eight-year period. Food and fuel inflation will remain a persistent economic problem. Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new COVID outbreaks and China's already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year. Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced. Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability. The U.S. Market is Estimated at $948 Million, While China is Forecast to Grow at 5.8-percent CAGR The automotive aftermarket brake friction parts market in the U.S. is estimated at $948 Million in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of $914.6 Million by the year 2030 trailing a CAGR of 5.8 percent over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.6 percent and 3.1 percent respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 3-percent CAGR.

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