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The Global Automotive Brake Pad market size is poised to grow by USD 5.72 billion, at a CAGR of 13.42% between 2022 and 2027. The market's growth is significantly influenced by various factors, such as the upward trend in product launches, stringent safety regulations enforced by governmental bodies, and the surging demand for ceramic braking pads in electric vehicles (EVs). The increasing frequency of product launches reflects ongoing innovation and competition within the market, driving consumer interest and market expansion. Concurrently, government-imposed safety regulations serve to enhance product quality standards, instilling consumer confidence and bolstering market growth. Moreover, the rising adoption of ceramic braking pads in EVs, propelled by the automotive industry's shift towards electric mobility, underscores the importance of sustainable and high-performance braking solutions. Together, these factors contribute synergistically to the market's growth trajectory, fostering innovation, compliance, and sustainability within the automotive sector.
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The market is propelled by growing concerns over vehicle safety and emissions, fueled by rising road accidents and fatalities. Stringent regulations are pushing for the adoption of high-quality brake pads to ensure the safety of both motorists and pedestrians. Manufacturers are increasingly integrating advanced sensors and brake technology, particularly in hybrid vehicles, to enhance automotive safety. Innovations like regenerative braking and brake-by-wire systems are gaining traction for their contribution to reducing emissions and improving brake efficiency. Proactive maintenance and early detection of potential issues are becoming paramount in mitigating brake failure risks. Additionally, the market sees a rising demand for anti-collision items and advanced electronic brake systems in both traditional and hybrid and electric vehicles.
This market report extensively covers market segmentation by type (organic, metallic, and ceramic), vehicle type (passenger car, commercial vehicle, and motorcycle), and geography (APAC, Europe, North America, South America, and the Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The organic segment is estimated to witness significant growth during the forecast period. Organic brake pads are also called resin pads. These pads are composed of a mixture of fibres and materials including carbon compounds, Kevlar, fibreglass, rubber, and more, and are held together with resin. The composition of organic brake pads improves their braking characteristics and heat dissipation capabilities
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The organic segment was the largest segment and was valued at USD 6.08 Billion in 2018. These pads are designed to provide efficient braking performance and durability while driving. They are higher in demand owing to their efficient stopping power, which makes them suitable for different vehicle types. Additionally, organic brake pads are quiet, don't let brake dust accumulate on the wheels of vehicles and are easy on the brake rotors. However, due to the softer materials, these pads are likely to wear out easily. These brake pads are high in demand due to their cost effectiveness and provide less friction without generating a lot of heat. Therefore, the segment is expected to witness high growth during the forecast period.
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APAC is estimated to contribute 51% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC dominated the market in 2021. The key leading countries of the market in APAC are China, Japan, and India, which are the largest markets for automotive production in the region. Japan and China are witnessing an increase in the sales of EVs which is driving the demand for ceramic pads. For instance, in 2022, in Japan and China sales of electric passenger cars surged 64% and 87% respectively from the previous year. This will have a positive impact on the growth of the market in the region during the forecast period.
The market is experiencing significant growth due to increasing concerns about vehicle safety and emissions. With rising instances of road accidents and fatalities, regulatory bodies are enforcing stringent regulations to prioritize safety measures for pedestrians and motorists alike. This has led to a heightened demand for high-quality brake pads from both major manufacturers and smaller manufacturers. However, challenges persist, including issues such as defective brakes and haphazardness in brake performance. To address these concerns, the industry is focusing on innovations like the Brake-by-wire system and high-end automotive brake technologies, which are increasingly being adopted in vehicles undergoing evaluation through programs like the New Car Assessment Programme. Additionally, there's a growing market for brake solutions tailored to new two-wheelers, reflecting the industry's commitment to enhancing safety across diverse vehicle segments. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising number of product launches is notably driving the market growth. There has been an increasing number of product launches in the market, resulting in consolidation with respect to market share. Numerous domestic and international companies currently operating in the market are focusing on the development of new products to enhance the features and performance of such pads in different vehicles, which will help them enter new regional and local markets. There were some recent product launches in the market. For instance, in April 2023, ZF Friedrichshafen AG announced the launch of launches pads in the Indian automotive market.
Similarly, in May 2023, Robert Bosch GmbH announced the launch of new Elite brake pads under the TVS Apache. The new Elite brake pads are stripe-coated with the proprietary ABRACOAT technology. Such launches are expected to drive the growth of the global automotive braking pad market during the forecast period.
Increasing mergers and acquisitions is an emerging trend shaping the market growth. The market is witnessing an increasing number of M&A, resulting in consolidation with respect to market share. This will also result in the diversification of products being offered by companies in the market, thereby attracting a large number of customers. Moreover, this increase in the number of acquisitions by established companies will result in the inorganic growth of the market.
For instance, in April 2021, Alstom announced the acquisition of Flertex to extend its expertise in braking systems. Similarly, in July 2020, TRICO Group, a global automotive parts manufacturer, acquired Brake Parts Inc. Therefore, M&A will drive the growth of the global automotive braking pad market during the forecast period.
The high cost of development is a significant challenge hindering the market growth. The manufacturing of automotive brake pads requires significant capital, majorly due to the research and tests to be done on the product to meet the safety standards. The major automotive manufacturers have succeeded in developing new and novel brake pad materials that meet performance expectations. The manufacturers are striving to develop with reduced noise and dust accumulation and enhanced performance.
Furthermore, the manufacturers need to ensure quality and performance that adhere to the regulatory standards set by the government bodies. All these factors increase the cost of the development which can constrain the growth of the market in focus during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AISIN CORP. - The company offers automotive brake pads which provides well-balanced products globally, that has characteristics which usually conflict with requirements, such as brake effectiveness, fade, wear, squeal, vibration and noise.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market forecast report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is witnessing significant transformations driven by the rise of full-electric vehicles and advancements in energy efficient technologies. With a focus on reducing wear and tear, manufacturers are developing brake pads that offer longer longevity and improved thermal resistance, catering to the needs of heavy vehicles and modern passenger vehicles alike. Concerns over HSE and health have led to the development of safer brake pad materials, such as non-asbestos organic compounds like rubber kevlar and cellulose, replacing traditional asbestos-based alternatives. Additionally, the market is witnessing a shift towards car-sharing and ridesharing services, prompting vehicle manufacturers to enhance braking mechanisms to ensure passenger safety and compliance with environmental protocols.
Moreover, the market is influenced by various factors, including advancements in energy storage technology such as batteries, which power electric vehicles. As vehicles evolve, the demand for replacement brake pads continues to grow, especially with the expansion of car sharing services and the need for reliable vehicle braking mechanisms. From heavy vehicles to two-wheelers, the performance of brake pads under different temperatures is crucial, driving innovation in materials like copper, semi-metallic, and ceramic fibers. Manufacturers are focusing on developing safer vehicles for all categories, including LCV, HCV, and high-end vehicles, often replacing asbestos-based brake pads with non-asbestos organic alternatives like fiberglass. These efforts aim to enhance design and ensure the effectiveness of traditional brake pads and anti-lock braking systems, mitigating health risks associated with asbestos exposure, such as lung cancer.
Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.29% |
Market growth 2023-2027 |
USD 5.72 Billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.0 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 51% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AISIN CORP., Akebono Brake Industry Co. Ltd., Allied Nippon Pvt. Ltd., BorgWarner Inc., Brembo Spa, Continental AG, First Brands Group, Freeman Automotive UK Ltd., General Motors Co., GUD Holdings Ltd., Hindustan Composites Ltd., PowerStop LLC., Robert Bosch GmbH, SANGSIN BRAKE Co., Stanley Black and Decker Inc., STEINHOF GROUP LIMITED LIABILITY COMPANY, Tenneco Inc., and ZF Friedrichshafen AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Vehicle Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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