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.
The growth can be primarily attributed to significant advancements in technology, emphasis on refining the functional properties of brake pads, significant rise in the number of automotive vehicles worldwide, and development of highly efficient and cost-effective brake pads. Stakeholders in the automotive brake pad market should leverage opportunities in Asia Pacific and Europe to expand their market presence, owing to the thriving automotive sector in these regions. Moreover, stakeholders should also focus on launching new products, mergers, and collaborating with regional market players to strengthen their foothold in the market.
Automotive disc brakes are slowly replacing drum brakes among passenger and commercial vehicles, owing to high braking efficiency and better lifespan offered by disc brakes as compared to that offered by drum brakes. Change in regulatory norms for integration of advanced automotive braking systems is propelling the market for automotive disc brakes, which in turn is boosting the demand for automotive brake pads.
Drivers of Automotive Brake Pad Market
Challenges for Automotive Brake Pad Market
This study on the automotive brake pad market analyzes the scenario for the period of 2020 to 2027, wherein, 2019 is the base year and 2018 and before is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This VRR study on the automotive brake pad market also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also delivers an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the automotive Brake Pad market gives readers an individual understanding of the market.
This study also discusses the underlying trends and impact of various factors that are driving the automotive brake pad market, along with their influence on the evolution of the market.
This study also offers Porter’s Five Point Analysis, value chain analysis, regulatory scenario, and a SWOT analysis of the automotive brake pad market, in order to elaborate the crucial growth tactics and opportunities for market players contributing to the market.
Stakeholders to Improve Functional Properties of Automotive Brake Pads amidst Evolving Industry Requirements
Technological advancements and innovations continue to drive the automotive sector worldwide. The pursuit of the development of vehicles for the cities of the future has accelerated the pace at which technology is progressing, particularly in the automotive sector. Braking systems and components play an integral role in safeguarding the integrity of a vehicle. With significant technological developments, automotive manufacturers are allotting a substantial amount of resources toward the development of improved disk brakes, wherein automotive brake pads/blocks are an integral component of the standard braking equipment.
Stakeholders in the current automotive brake pad market are increasingly focusing on improving the design aspects of their products to enhance efficiency and prevent wear and tear. Apart from these key areas, participants in the current automotive brake pad market are also likely to improve the frictional properties of their automotive brake pads to gain a competitive edge over their competitors. Major companies in the current market landscape are exploring the potential of an array of materials to develop automotive brake pads for automotive vehicles of the future.
Growing Emphasis on Improving Standard Braking Systems to Aid Market Growth
Operators involved in the current market landscape have identified the need to improve the efficiency of standard braking equipment in automotive vehicles worldwide. While the automotive brake pad is predominantly made of three main materials: organic, metallic, and ceramic, stakeholders are not ruling out the possibility of deploying other materials to manufacture automotive brake pads. Research and development activities are in full swing to find novel materials that address the issues put forward by the existing braking systems and braking pads.
For instance, in April 2019, a group of researchers at the University of Toronto, Sharif University of Technology, and University of British Columbia introduced a new breaking system design, which is self-lubricating. The newly designed brakes are expected to prevent wear and tear, and offer superior frictional properties than the existing braking systems in the automotive market. While braking pad designs made from different materials offer a range of benefits and drawbacks based on multiple parameters, including noise, response time, design, cost, durability, and temperature while usage. However, apart from these parameters, the recently conducted research also takes into account other factors, including composite breakdown at high temperature, wear testing, durability, and friction.
The cutting-edge carbon fiber polymer brakes designed by researchers is expected to be a groundbreaking discovery in the automotive brake pad market. The advent of this technology is expected to trigger the development of smaller, cost-effective, and efficient brake pads with improved ability to withstand high temperatures and friction. Stakeholders in the current automotive brake pad market are expected to develop nanomaterials and combine them with polymers to create multifunctional composites to address a host of problems, including heat distribution, molecular level, friction, and wear.
Companies Prioritize Product Launches to Strengthen Market Position
Due to the evolving requirements of the automotive sector, the development of new automotive braking pads and innovations are expected to gain significant momentum in the automotive brake pad market. As new braking technologies continue to be launched in the market, new, efficient, and cost-effective automotive brake pads are set to feature in the automobiles in the future.
For instance, in July 2019, Dove Technologies, Inc. launched a new self-cooling brake pad in which the heat is directed away from the brake and the rotor contact area, owing to the unique design. While some companies are expected to launch new variants of automotive brake pads, other companies are inclined toward expanding their market presence by introducing innovative and high-performing disc brake technologies wherein braking pads are critical. For instance, in January 2020, Brembo, a leading brake manufacturer revealed that the company aims to strengthen its market presence by focusing on innovations and refining their disc brake technology.
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.
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.
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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