The global Clutch Friction Plate market is expected to witness a market value of US$ 11.0 Billion in 2023 and is expected to accumulate a market value of US$ 17.2 Billion by registering a CAGR of 4.5% in the forecast period 2023 to 2033. The Clutch Friction Plate market registered a CAGR of 2.7% in the historical period 2018 to 2022. Factors such as the surge in demand from automotive industry, as well as increased concern about clutch plate and transmission assembly maintenance & servicing, are anticipated to boost the market growth during the forecast period.
As per Future Market Insights - market research and competitive intelligence provider, the global market value for Clutch Friction Plate has been flourished. One of the major factors that is anticipated to fuel the market growth includes the continually increasing demand for passenger cars. The growing demand for passenger cars, particularly in emerging economies, is expected to drive the growth of the clutch friction plate market. As more people in these regions can afford to buy cars, the demand for components such as clutch friction plates is expected to increase.
Furthermore, rising demand for lightweight materials is another major factor that is likely to escalate the market growth in the near future. As automakers focus on improving fuel efficiency and reducing emissions, they are increasingly turning to lightweight materials such as aluminum and composites. This trend is expected to drive the demand for lightweight clutch friction plates that can help reduce the overall weight of the vehicle.
Additionally, the market growth is also expected to benefit from advancements in technology, such as the development of new materials and manufacturing processes. For instance, the use of computer-aided design (CAD) and finite element analysis (FEA) is enabling manufacturers to produce more durable and efficient clutch friction plates.
Besides, the market is anticipated to propel, owing to the growing adoption of automatic transmissions. While manual transmissions have traditionally been more common in Europe and other parts of the world, the growing adoption of automatic transmissions in these regions, is anticipated to augment the demand for clutch friction plates for these systems.
The Increasing demand for commercial vehicles, such as trucks and buses, is one of the major factors that is projected to stimulate the market growth over the analysis period. As these vehicles typically have larger and more complex clutch systems, they require more durable and efficient friction plates.
Moreover, increasing stringent regulations around emissions and safety are also expected to fuel the demand for high-quality clutch friction plates that meet these standards. For instance, in Europe, the Euro 6 emissions standard requires vehicles to have more efficient clutch systems that can help reduce emissions.
On the regional end, the Clutch Friction Plate market in North America is expected to account for the maximum share during the analysis period. The growing demand for passenger cars in the region is expected to drive the demand for clutch friction plates. According to the International Organization of Motor Vehicle Manufacturers (OICA), the production of passenger cars in North America increased by 1.8% in 2020. This growth is expected to continue in the coming years, which bodes well for the clutch friction plate market.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Clutch Friction Plate are expected to create lucrative opportunities for the market growth over the analysis period.
For instance, in 2021, Aisin Seiki announced that it had developed a new clutch system for use in electric vehicles. The system includes a clutch that is designed to disengage the motor from the drivetrain when the vehicle is coasting or decelerating, which helps to improve efficiency and reduce wear.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 11.0 Billion |
| Projected Market Value in 2033 | US$ 17.2 Billion |
| Growth Rate (2023 to 2033) | 4.5% CAGR |
Demand for clutch system components will witness steady recovery in short term, with optimistic outlook in the long run.
Surge demand from automotive industry, thereby augmenting the need of clutch friction plate over the forecast period.
In automobiles, a friction clutch plate allows the input shaft of the gearbox and the engine to rotate at the same speed. The force required to drive the vehicle is provided by the friction formed between the engine and the transmission.
The friction plate is sandwiched between the engine flywheel and a steel pressure plate bolted to the flywheel when the clutch is engaged. If the pressure between the flywheel and the pressure plate is insufficient, the friction plate will slip, causing the vehicle to malfunction.
Over the next few decades, the global clutch friction plate market is likely to be driven by an increase in the number of automobiles on the road, as well as continued advancements in existing power transmission technology such as automatic transmission and automatic manual transmission.
Furthermore, increased concern about clutch plate and transmission assembly maintenance and servicing is predicted to drive sales of clutch assembly components, which is expected to enhance the aftermarket segment over the forecast period.
As more alternatives enter the market, the sale of crucial vehicle components such as friction plates is expected to increase dramatically. The clutch friction plate, which is a crucial component of the clutch system, is mass-produced and sold in enormous quantities.
The numerous market players are involved in extensive research for creating compact and well-designed clutch system that are equipped with an enhanced friction plate to improve the driving experience of automobile driver.
The clutch system market has gained traction as a result of increased demand for clutch friction plates in emerging countries' automotive industry.
Furthermore, due to the difficulties of performing maintenance, repair, and replacement by the vehicle owner, the automotive aftermarket industry is predicted to grow in income in the coming years. According to this scenario, the replacement of clutch friction plates in automobiles could result in greater sales.
Asia Pacific is regarded as one of the world's most important regions. China and Japan are estimated to account for a substantial portion of the global market during the assessment period 2021 to 2031.
The expansion of the clutch friction plate is directly tied to the demand for passenger and commercial vehicles. The fact that China and Japan have enormous production capacities and fleet sizes within their countries will promote friction plate sales. Furthermore, electric automobiles and self-driving vehicles will change the current concept of mobility in the marketplace.
Manufacturers of clutch friction plate in Asia Pacific are attempting to conquer the clutch system market in North America and APAC in the near future in order to expand their market position.
The COVID-19 problem has impacted a number of European countries, resulting in a drop in economic activity. However, Europe is home to a number of clutch system manufacturers, making it a key producer of automobile components and systems.
Due to high rate of adoption of clutch system components in OEM/aftermarket and the growth of the automotive industry in the region. Europe holds a significant share of the global market for automobiles.
As a result, the production of passenger and commercial vehicles with clutch friction plate has increased. Especially in Germany, the United Kingdom, France, and Italy. These characteristics are expected to increase the area's market growth prospects.
Some of the leading manufacturers and supplier of clutch friction plate includes
Many leading manufacturers and supplier have longstanding contracts with end-users to supply clutch system. Further, manufacturers are focused on establishing their manufacturing facilities in the countries from Asia Pacific such as India, China, Thailand, and Taiwan to cater increasing demand in the region.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Clutch Friction Plate Market
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