Brake Pad Market (By Brake Pad Material: Metallic, Ceramic, and Organic; By Vehicle Type, and Sales Channel: Aftermarket and OEM) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook and Forecast 2021 - 2030

The global brake pad market size is predicted to hit around US$ 5.5 Bn by 2030 and expanding at a CAGR of 4.2% during the forecast period 2021 to 2030.

According to the statistics of World Bank Group, GDP of the global population, measured in terms of purchasing power parity, has tripled in last few decades. This increase in purchasing power of the global population has led to a rise in sales of vehicles across the globe. The increase in sales of vehicles has boosted the demand for automotive spare parts, thus driving the global brake pad market. The increase in awareness about vehicle safety has led to the disc brakes becoming a standard feature in vehicles across most countries. Numerous automakers are mounting disc brakes on all wheels of their vehicle models. This has increased the number of brake pads required per vehicle, thus boosting the brake pad market across the globe.

Expansion of Brake Pad Market

Government authorities of various countries have prohibited the use of certain hazardous raw materials in brake pads, and have made it obligatory to control the brake dust generated. Consequently, manufacturers of brake pads have developed new products made from novel materials that lower the environmental impact. For instance, in 2018, AKEBONO BRAKE INDUSTRY CO., LTD. launched a new friction material consisting of phenol resin with wood powder, which has reduced noise and vibration, and the material has less impact on the environment as compared to that of other products such as asbestos. These new raw materials provide significant opportunity for the global brake pad market.

Technological advancements in braking systems have fueled the demand for brake pads. The ABS technology increases the wear of brake pads, the wear sensors timely alert the driver of worn-out pads and numerous other such technologies increase the frequency of brake pad replacement, thus boosting the global brake pad market. Based on brake pad material, organic brake pads are gaining high popularity across the globe, owing to the lower cost of these brake pads, lower environmental concerns, and high heat transfer capabilities. These advantages make organic materials highly suitable for general-purpose applications.

Which is Better: Organic, Ceramic or Metallic Brake Pads?

Organic brake pads are found to produce less dust than metallic ones. However, heat-absorbing materials in organic brake pads lead to increased wear and tear of the brake pads. Low noise levels of ceramic brake pads are being highly publicized. However, high manufacturing costs of these brake pads are affecting market growth. Metallic brake pads deliver high performance in driving applications. However, they tend to create stress on the braking system. Such pros and cons help to balance out brake pad choices in the auto manufacturing sector, as per purchase decisions and budget of car owners.

Heavy-duty Grade Brake Pads Gain Prominence in Off-road Vehicles

In order to gain a competitive edge in the brake pad market, manufacturers are engineering and testing brake pad materials to suit the driver’s needs. Companies are increasing their output capacities in premium and heavy-duty grade brake pads to cater to niche requirements of OEMs manufacturing off-road vehicles such as tractors and mining vehicles. Friction materials and formulas are becoming deciding factors for innovations in brake pads.

Copper-free Friction Materials Capable of Minimizing Vehicle Emissions in Urban Areas

Companies in the brake pad market are becoming aware about vehicle emissions caused due to wearing out of disc brakes. Thus, manufacturers are increasing their R&D muscle to eliminate copper from brake pads to lower vehicle emissions. They are experimenting with copper-free friction materials to minimize vehicle emissions released in urban areas. This is found to benefit human and environment conditions. Apart from this, manufacturers are taking into consideration matched sets of rotors and brake pads to deliver durable and consistent performance in vehicles.

Based on brake pad material, the organic segment is anticipated to gain high market share. Brake pad manufacturers have developed non-asbestos organic brake pads that contain high amount of reinforcement fibers as compared to that in fully organic brake pads, which increases the strength of brake pads. These developments in organic brake pad materials are expected to propel its share in global brake pad market.

Based on vehicle type, the passenger vehicle segment held a significant share of the global brake pad market. Disc brakes are becoming a standard feature in most passenger vehicles available around the globe and the number of brake pads required per vehicle is increasing, thus contributing toward the higher share of the passenger vehicle segment of the brake pad market.

Regional Analysis

In terms of region, the global brake pad market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global brake pad market in 2019. It is anticipated to hold a leading market share during the forecast period, due to the high production of vehicles in countries such as China, India, Japan, and South Korea. Furthermore, growing industrialization and trade activities in these countries have increased the miles driven by commercial vehicles, further propelling the demand for brake pads. Europe is the second-largest market for brake pads after Asia Pacific. The presence of major automakers coupled with high purchasing power of the population in the region has boosted the sales and production of vehicles in the region, which, in turn, has fueled the demand for brake pads.

Driver

Rise in GDP of the global population has inflated its disposable income, which, in turn, has driven the sales of vehicles. This rise in sales of vehicles around the globe has boosted the brake pad market.

Increase in awareness about safety among vehicle consumers as well as government authorities has prompted the integration of various technologies, such as ABS and EBD, as a standard feature in most new vehicles. These technologies accelerate the wear of brake pads, thus propelling the global brake pad market.

Growing industrialization across continents has fueled trade activities, thus increasing the miles driven by commercial transport vehicles. The rise in miles driven by transport vehicles results in high wear of brake pads and hence, boosts the brake pad market across the globe.

Challenges

The recent outbreak of COVID-19 pandemic hampered majority of businesses across the globe, owing to forced shutdown of production and manufacturing activities. This caused the global economy to contract to its lowest growth rate. Disruption in supply chains of the automotive sector hampered the production of vehicles. Moreover, the demand for new vehicles has reduced, as people are restraining themselves from spending money on non-essential products and services.

Rise in popularity of electric vehicles equipped with regenerative braking systems reduce the usage of friction brakes, thus decreasing the wear of brake pads and subsequently lowering demand in the aftermarket

Brake Pad Market Players

Prominent players operating in the global brake pad market include AISIN SEIKI Co., Ltd., ACDelco, Akebono Brake Corporation, ASIMCO, ASK Automotive Pvt. Ltd., Brake Parts Inc. LLC, Brembo S.p.A., EBC Brakes, Japan Brake Industrial Co., Ltd., MACAS AUTOMOTIVE, Masu Brake, Nisshinbo Brake Inc., Robert Bosch GmbH, Super Circle Auto Limited, Tenneco, TMD FRICTION HOLDINGS GMBH, Toughla Brakelinings, ZF Friedrichshafen AG, AVS BRAKE LININGS Private Limited, and BSK Auto Industries.

Market Segmentation

• Brake Pad Market, by Brake Pad Material
  • Metallic
  • Ceramic
  • Organic
• Brake Pad Market, by Sales Channel
  • OEM
  • Aftermarket
• Brake Pad Market, by Vehicle Type
  • Two Wheeler Vehicle
  • Passenger Vehicle
    • Hatchback
    • Sedan
    • Utility Vehicles
  • Commercial Vehicle
    • Light Duty Vehicles
    • Heavy Trucks
    • Buses & Coaches
  • Off-road Vehicle
    • Agriculture Tractors & Equipment
    • Construction & Mining Equipment
    • Industrial Vehicle (Forklift, AGV, etc.)
• Bake Pad Market, by Region
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

Report Scope

The recent report on the brake pad market, with the help of a comprehensive outlook provides readers with an assessment of the global market landscape. This study on the brake pad market analyzes the scenario for the period of 2021 to 2030, wherein, 2020 is the base year and 2019 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 study on the 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 provides 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 brake pad market gives readers an individual understanding of the market.

Key Questions

• How much value will the brake pad market generate by the end of the forecast period?
• Which segment of the market is likely to have the maximum market share by 2030?
• What are the impact factors and their effects on the market for brake pad market?
• What regions currently contribute the maximum share to the overall brake pad market?
• What are the indicators expected to drive the brake pad market?
• What region is likely to be a lucrative market during the forecast period?
• What are the essential strategies by key stakeholders in the brake pad market to expand their geographic presence?
• What are the major advancements witnessed in the brake pad market?
• How regulatory norms affected the market for brake pad market?

This report answers these questions and more about the 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 report on the 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 wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the 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 key players, researchers of the 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 brake pad market, with both a bottom-up and top-down approach.

This detailed assessment of the 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 brake pad market is estimated to expand are based on carefully vetted primary and secondary sources.