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The Global Automotive Brake Pad market size is poised to grow by USD 5.72 billion between 2023 and 2028 accelerating at a CAGR of 13.42%.
The growth of the market depends on several factors such as a rising number of product launches, increasing safety regulations by the government, and rising demand for ceramic braking pads in EVs. During the forecast period, APAC is estimated to hold the largest market share. Other geographical regions include Europe, North America, South America, and Middle East, and Africa. The market is segmented into type and vehicle type. The Type category is anticipated to generate the most substantial revenue from its sub-segments in the automotive brake pad market.
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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 global automotive brake pad market, resulting in consolidation with respect to market share. Numerous domestic and international vendors currently operating in the global automotive brake pad market are focusing on the development of new products to enhance the features and performance of the brake pads in different vehicles, which will help them enter new regional and local markets. There were some recent product launches in the global automotive brake pad market. For instance, in April 2023, ZF Friedrichshafen AG announced the launch of launches brake 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 and A, resulting in consolidation with respect to market share. This will also result in the diversification of products being offered by vendors in the market, thereby attracting a large number of customers. Moreover, this increase in the number of acquisitions by established vendors 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 of brake pads 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 which meet performance expectations. The manufacturers are striving to develop automotive brake pads with reduced noise and dust accumulation and enhanced performance.
Furthermore, the manufacturers need to ensure quality and performance which adhere to the regulatory standards set by the government bodies. All these factors increase the cost of the development of automotive brake pads, 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Automotive Brake Pad 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 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. The brakes 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 global automotive brake pad market in 2021. The key leading countries of the automotive brake pad 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 brake 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 global automotive brake pad market in the region during the forecast period.
The COVID-19 pandemic slowed down the growth of the automotive industry in the region in 2020, which negatively impacted the regional automotive brake pad market. In addition, the prevailing restrictions on trade between China and a few other countries, such as the US, have compelled Chinese manufacturers to reduce their production volumes. This hindered the growth of the market in the region in 2020. Additionally, countries are taking initiatives to boost the uptake of EVs by introducing new standards targeting vehicle emissions. These measures triggered the demand for vehicles in 2021, which will, in turn, drive the demand for automotive brake pads in the region during the forecast period.
The automotive brake pad market 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.
Automotive Brake Pad Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2022 |
Historic period |
2018 - 2022 |
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, 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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