Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Automotive Brake Pads Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
Global Automotive Brake Pads Market Sees Promising Growth Amid Surge in EV Popularity and Advancements.
The global automotive brake pads market is projected to experience robust growth, potentially reaching a valuation of $11.37 billion by the end of 2028. This growth trajectory is indicative of a healthy compound annual growth rate (CAGR) of 6.8%, reinforcing the market's vigor and the positive response from both industry players and consumers to the pervasive advancements and trends within the sector.
Road Safety and Environmental Considerations Propel Industry Evolution
Driven by an upsurge in vehicle sales and an entrenched commitment to road safety, the market is undergoing substantial development. An increase in detections of potentially hazardous materials in traditional brake pads has redirected focus towards eco-friendly options, encouraging providers to innovate with eco-friction technologies.
Electric Vehicles: A Key Influencer in Market Dynamics
The demand for automotive brake pads sees a notable influence from the electric vehicle (EV) sector, wherein enhanced regenerative braking systems play a pivotal role in ensuring safety and efficiency.
Product Innovation at the Forefront of Market Trends
Leading companies within the automotive brake pads market are diligently pursuing avenues of product innovation, aiming to secure a stronghold in the market through state-of-the-art offerings that cater to the shifting paradigms of vehicle design and environmental sustainability.
Key Players and Acquisitions Highlight Industry's Competitive Landscape
Wide-scale operations and astute strategic movements, including acquisitions and partnerships among notable market players, continue to shape the industry landscape, providing an enhanced assortment of products and technologies across global markets.
Regional Insights and Material Variants Encapsulate Market Diversity
Diverse regional contributions, coupled with a plethora of material options ranging from semi-metallic to ceramic brake pads, showcase the market's adaptability to various consumer preferences and requirements. North America currently stands at the forefront in market share, while Asia-Pacific regions exhibit rapid market acceleration.
The elucidation offered through this comprehensive study examines numerous facets of the market, including different material types, vehicle categories, and the complex interplay of original equipment manufacturers (OEMs) and aftermarket services. It provides an in-depth analysis to stakeholders and market observers, illuminating the current stature and anticipated future scenario within the industry.
A selection of companies mentioned in this report includes
- ACDelco LLC
- Akebono Brake Industry Co. Ltd.
- Allied Nippon Limited
- Brakes India Private Limited
- Brakewel Automotive Components India Private Limited
- G.U.D Holdings (Pty) Ltd.
- Hindustan Composites Limited
- Makino Auto Industries Private Limited
- MAT Holdings Inc.
- Nisshinbo Holdings Inc.
- Ranbro Brakes India Limited
- Rane Brake Lining Limited
- STEINHOF Sp. z o.o.
- Sundaram Brake Linings Limited
- Tenneco Inc.
- ZF Friedrichshafen AG
- Robert Bosch GmbH
- Continental AG
- Brembo S.p.A.
- BorgWarner Inc.
- ITT Inc.
- Delphi Technologies Inc.
- Freeman Automotive UK Ltd.
- ADVICS Co. Ltd.
- Japan Brake Industrial Co. Ltd.
- Hebei Huahua Friction Material CO. Ltd.
- Federal-Mogul LLC
- ABS Friction Inc.
- Fras-le S.A.
- HAWK Corporation
- Honeywell International Inc.
- Hunan BoYun Automobile Brake Materials Co. Ltd.
- ICER Brakes S.A.
- Meritor Inc.
- MK Kashiyama Corp.
- SAL-FER S.p.A.
- Sangsin Brake Co. Ltd.
- Shandong Gold Phoenix Co. Ltd.
- Shandong xinyi Double Link Brake Material Co. Ltd.
- Showa Denko Materials Co. Ltd.
- Sumitomo Riko Company Limited
- ZF TRW Automotive Holdings Corp.
For more information about this report visit https://www.researchandmarkets.com/r/k0by4x
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