According to the report, the global automotive brake pad market is projected to reach US$ 5.4 Bn by 2027, expanding at a CAGR of 5% during the forecast period2020 to 2027.
The global automotive brake pad market is likely to be driven by an increase in penetration of disc brakes among all vehicle segments. Rise in number of young consumers with preference for high-speed vehicles is driving the demand for prompt and responsive brakes. Emphasis by governments across the globe on pedestrian safety and rise in awareness about safety and maintenance of vehicle brake systems among consumers are propelling the global braking component market. Increase in demand for high-performance vehicles is further fueling the global automotive braking component market.
Expansion of Automotive Brake Pad Market
Rise in sales of SUVs in North America and Europe and the preference of consumers in these regions for driving on off-terrain have boosted the demand for robust braking systems. Increasing preference among consumers for quieter and smoother functioning brakes has boosted the adoption of ceramic and organic brake pads.
Disc brakes offer shorter stopping distance and are considered more responsive to emergency braking. Lack of external casing in these brakes allows easy dissipation of heat. Aftersales servicing is much simpler and faster for disc brakes and hence, these brakes are preferred in passenger vehicles. Shift from rear drum brakes to rear disc brakes in lower segment vehicles in Asia Pacific and Latin America is estimated to drive the demand for disc brakes. Numerous heavy duty trucks are also opting for disc brakes. This, in turn, is anticipated to boost the automotive brake pad market. Brakes undergo significant wear & tear, which is likely to compromise occupant safety. Consequently, these need to be replaced and hence, the automotive braking system has high aftermarket potential. Rise in consumer awareness about periodic maintenance and entry of OE manufacturers in aftermarket channels are boosting the aftermarket segment of the automotive braking systems market.
Rise in vehicle production in developing countries, such as China, Brazil, Mexico, and India, is driving the brake pad market in these countries. High demand for commercial vehicles due to GDP growth and improvement in infrastructure are boosting the demand for brake pads.
Consistent rise in penetration of premium vehicles across different countries, including China, Germany, Japan, France, the U.K., and the U. S., is a prominent factor driving the global automotive brake pad market. Moreover, high emphasis on improvement of safety is prompting manufacturers to prefer disc brakes over drum brakes. Mandate for implementation of ABS among passenger vehicles in several countries such as Germany, the U.K., and India is significantly boosting the penetration of disc brakes. This, in turn, is propelling the market for automotive brake pads in these countries.
Based on OEM, the passenger vehicle segment held a major share of the global market. It is likely to dominate the market for automotive brake pad during the forecast period owing to higher penetration of disc brakes along with high production of passenger vehicles. In terms of aftermarket, the commercial vehicle segment is estimated to expand significantly as commercial vehicles are utilized continuously and brake pads wear out faster in these vehicles, as compared to those in passenger vehicles.
Regional Analysis of Automotive Brake Pad Market
In terms of region, the global automotive brake pad market has been divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific held a prominent share of the global market in 2019. The region accounted for nearly half the global market due to higher production of vehicles in China and Japan. The adoption and production of electric vehicles in China is higher, as compared to that in other countries, owing to government incentives and norms, which in turn is likely to further boost the automotive brake pad market in the region.
Competition Landscape
Segmentation
Key Questions Answered in this Report on Automotive Brake Pad Market
This report answers these questions and more about the automotive brake pad market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Research Methodology
This TMR report on the automotive brake pad market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by Country and Sub-region wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the automotive brake pad market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the automotive brake pad market arrive at predictions and estimations, and calculate the forecast for the market.
This report uses an analytical triangulation method to estimate the numbers and figures of the automotive brake pad market, with both a bottom-up and top-down approach.
This detailed assessment of the automotive brake pad market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the automotive brake pad market is estimated to expand are based on carefully vetted primary and secondary sources.
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