Selbyville, Delaware, Feb. 09, 2022 (GLOBE NEWSWIRE) --
The automotive brake pads market is expected to surpass USD 4 billion by 2028, as reported in a research study by Global Market Insights Inc. Robust demand for automotive brake systems for repair & maintenance purposes is anticipated to be the major factor driving the overall industry revenue.
Rising importance of vehicle safety solutions owing to the rising number of road accidents across the globe is anticipated to propel the market share over the study timeframe. Increasing sales of commercial vehicles and the growing logistics industry are likely to drive the development of automotive brake systems.
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Growing penetration of innovative friction materials is extensively contributing to improved braking performance in varied temperature ranges. Shifting consumer inclination toward advanced technology including quieter braking systems that provide minimum maintenance and superior friction will propel the automotive brake pads market share. Furthermore, increasing awareness concerning vehicle efficiency and passenger safety will drive the product demand.
Passenger Vehicles (Passenger Cars) will account for over 60% share by 2028 in the automotive brake pads market owing to high-end car manufacturers offering easy inspection and self-adjusting features in the system. Additionally, the rising electronically controlled braking system eliminates the need for hoses, pumps, fluids, belts, and cylinders with the use of electrical actuators & electronic sensors.
The rising demand for ceramic brake pad materials is attributed to the continuous investments by industry players to introduce advanced brake pads. The advancement focuses on various properties possessed by the material such as low noise generation along with easy driving experience. Advanced brake pads promote better friction to plate adhesion and minimize the noise. Furthermore, ceramic is a preferred material by automotive OEMs owing to higher reliability and less dust during tear & wear in varying driving conditions.
The aftermarket segment is anticipated to grow at 4.4% CAGR from 2022 to 2028 owing to periodic product replacement to ensure vehicle safety. Growing traffic congestion across the globe increases the wear and tear of brake pads, thus influencing the aftermarket segment. The industry players are providing innovative solutions for passenger and commercial vehicles, which include the implementation of disc brake systems for all weather conditions. Such innovative solutions will escalate industry growth.
Asia Pacific will account for a significant share of 40% in the automotive brake pads market. Improving economic and disposable incomes in the region are increasing vehicle adoption in the region. Furthermore, increasing safety measures to minimize accident rates will escalate product demand. For instance, in April 2019, the Indian government mandated the installation of anti-lock braking systems in vehicles.
Some major findings of the automotive brake pads market report include:
- The market growth can be attributed to the increasing demand for superior brake systems in China, India, Germany, and the U.S.
- Upgrades and advancements in friction materials will further enhance the market growth.
- The COVID-19 crisis impacted the overall automotive industry and disrupted the normal functioning of the market.
- Among the various vehicle segments, Passenger Car dominated the automotive brake pads market in 2021 and is projected to generate huge revenue gains.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Automotive brake pads industry 3600 synopsis, 2018 - 2028
2.1.1 Business trends
2.1.2 Vehicle trends
2.1.3 Material trends
2.1.4 Sales channel trends
2.1.5 Position trends
2.1.6 Regional trends
Chapter 3 Automotive Brake Pads Industry Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.3 Pricing analysis
3.3.1 Regional pricing (including COVID-19 impact)
3.3.1.1 North America
3.3.1.2 Europe
3.3.1.3 Asia Pacific
3.3.1.4 Latin America
3.3.1.5 Middle East & Africa
3.4 Technology landscape
3.5 Regulatory landscape
3.6 COVID-19 impact on the automotive industry
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.2 Industry pitfalls & challenges
3.8 Innovation and sustainability
3.9 Growth potential analysis, 2021
3.10 Porter’s analysis
3.11 Competitive landscape, 2020
3.12 PESTLE analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
