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DUBLIN--(BUSINESS WIRE)--Nov 23, 2022--
The "South America Automotive Brake Friction Products Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Disc Materials, Product Type, and Vehicle Type" report has been added to ResearchAndMarkets.com's offering.
The automotive brake friction products market in South America is expected to grow from US$ 319.70 million in 2021 to US$ 362.93 million by 2028; it is estimated to grow at a CAGR of 1.8% from 2021 to 2028
The automotive industry is growing due to increased foreign direct investment (FDI). The COVID-19 pandemic also prompted governments to reconsider their investment facilitation and promotion policies, which could help boost FDI in the coming years.
However, the onset of the COVID-19 outbreak has disrupted many countries' investments in automotive sectors; thus, governments primarily focus on increasing the number of new infrastructure projects while completing past projects. As a result, this will increase the demand for commercial vehicles, resulting in rising construction activities, which is expected to positively impact the automotive brake friction products market.
Further, intraregional connections, environmental issues, and the green economy are also receiving more attention. A decrease in COVID-19 cases, an increasing number of vaccinated citizens, and the upliftment of stringent governments' regulations are expected to grow the economy in 2022. Brake systems, made of various brake friction products, are installed in every vehicle. Disc brake systems, for instance, have rotors and pads, whereas a drum brake has a brake shoe and a brake drum.
The growing demand for comfort and convenience is increasing vehicle production. Furthermore, the rising population and improving economic conditions increase vehicle production in many countries across the region, boosting the brake friction product market. Further, increased consumer purchasing power, rising disposable income, increased demand for personal vehicles, and the growth of e-commerce are contributing to the increase in production. An increase in government mandates for vehicle safety features is aiding the market growth. Thus, these factors are driving the automotive brake friction products market growth.
South America Automotive Brake Friction Products Market Segmentation
The South America automotive brake friction products market is segmented into disc materials, product type, vehicle type, and country. Based on disc materials, the South America automotive brake friction products market is segmented into metallic, ceramic, and composite. In 2020, the metallic segment held the largest market share. Based on product type, the market is segmented into brake shoe, brake pad, brake disc, brake liner and drum brake.
In 2020, the drum brake segment held the largest market share. Based on vehicle type, the market is bifurcated into passenger vehicles and commercial vehicles. In 2020, the passenger vehicles segment held a larger market share. Similarly, based on country, the South America automotive brake friction products market is segmented into Brazil, Argentina, and the Rest of SAM. Further, Brazil contributed a substantial share in 2020.
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For more information about this report visit https://www.researchandmarkets.com/r/vki30p.
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KEYWORD: SOUTH AMERICA
INDUSTRY KEYWORD: AUTOMOTIVE GENERAL AUTOMOTIVE
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/23/2022 12:45 PM/DISC: 11/23/2022 12:47 PM
http://www.businesswire.com/news/home/20221123005426/en