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Automotive Brake Pads Market to exceed $4 Bn by 2028
Published Date: February 3, 2022
Automotive Brake Pads Market size is estimated to reach USD 4 billion by 2028, according to a new research report by Global Market Insights Inc.
The advanced brake pad technology including the smart brake pad technology concept supports friction development designs with real-time data and enhances bake system performance. The sensors are embedded with brake pads to measure real-time data including torque, drag, temperature, wear, noise, and vibration. The data enables OEMs to shorten the brake system development cycle. Additionally, the technology supports the optimization of safety systems including electronic stability control and anti-lock braking systems. These technological advancements will enhance vehicle performance and boost automotive brake pads industry penetration.
Increasing problems associated with automobiles such as overheating of brake pads coupled with stringent government regulations relating to temperature limitation are encouraging the automotive brake pads market growth. The usage of advanced materials with noise reduction plays a significant role in the industry demand. Technological advancements, such as electric braking systems, along with safety and reliability are providing a positive outlook for business expansion. OEMs focus on strategic partnerships for new product launches to enhance their revenue generation.
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Browse key industry insights spread across 450 pages with 641 market data tables & 11 figures & charts from the report, “Automotive Brake Pads Market Size By Vehicle (Passenger Car, LCV, HCV, Two-wheelers), By Materials (Semi-metallic, Non-asbestos Organic, Low-metallic NAO, Ceramic), By Sales Channel (OEM, Aftermarket), By Position (Front, Front & Rear), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-brake-pads-market
Rising importance on vehicle safety solutions
The automotive brake pads market from LCV segment is poised to grow at over 4.5% CAGR through 2028 owing to rising vehicle sales across the globe. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), in 2021, LCV vehicle registration grew by nearly 6% compared to 2020. Brake pad manufacturers are introducing new products incorporated with advanced features including anti-squeal coatings that augment the noise characteristics of brake systems.
The aftermarket segment dominates the industry with around 55% of the volume share by 2028. Periodic replacements to ensure vehicle safety and the availability of cost-effective product portfolios are fueling the segment growth. The growing usage of disk braking systems in vehicles operating in wet conditions will provide new growth opportunities. However, manufacturers are strengthening their distribution networks with the development of third-party distribution.
Ceramic brake pads market is likely to showcase significant growth rate of about 2.5% till 2028 propelled by their advantages including lightweight and higher efficiency compared to traditional brake pads. Enhanced use of brake pads in high-performance vehicles due to their minimum noise and less dust production is expected to foster the automotive brake pads market demand. Furthermore, brake pad manufacturers are introducing several products that improves braking performance of the vehicle and offer substitutes to low-metallic brake pads.
The front & rear segment is set to generate USD 2.5 billion revenue by 2028 led by the use of specialized brake pad design for each vehicle wheel and optimization of vehicle performance. The industry participants are frequently involved in launch of new products with customized braking designs for SUVs and trucks.
Europe automotive brake pads market is projected to expand at 3.9% CAGR during 2022 to 2028 on account of the rising adoption of high-performance vehicles. Multiple government entities including the European Commission (EU) mandate the incorporation of disk brakes in motorcycles. Moreover, major automotive manufacturers including Daimler AG, Volkswagen, and BMW are installing advanced braking systems to increase vehicle safety.
Key companies in the market are Brembo S.p.A., Nisshinbo Brake Inc., Continental Automotive GmbH, Bosch Limited, Tenneco Inc., Akebono Brake Company, and many more. The industry is fragmented with the presence of several small to medium-scale part suppliers across the globe. The top players adopt various strategic initiatives including mergers & acquisitions, capacity expansion, new product launches, etc., to remain competitive in the market.