PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477107
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477107
Automotive Brake Pad Market size was valued at USD 15,125.11 Million in 2023, expanding at a CAGR of 5.5% from 2024 to 2032.
The parts of a car's braking system that create the friction required to bring the car to a halt are called brake pads. They are an essential component of an automobile's disk brakes. These brake pads apply pressure to the running disc when the brakes are applied, stopping the vehicle's motion and reducing its speed. Brake pads are found in brake callipers, which press them up against the rotors to aid in the transformation of the vehicle's kinetic energy into heat energy.
Automotive Brake Pad Market- Market Dynamics
Growing number of product launches to propel market demand
In the worldwide automobile brake pad market, there has been a growing number of product introductions, leading to a consolidation of market share. To expand into new regional and local markets, several domestic and foreign vendors who are currently involved in the global automotive brake pad market are concentrating on the development of new products that will improve the features and performance of the brake pads in various cars. The worldwide market for vehicle brake pads has seen a few new product releases recently. For example, ZF Friedrichshafen AG stated in April 2023 that it will be introducing brake pads into the Indian automotive market.
Automotive Brake Pad Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.5% over the forecast period (2024-2032)
Based on position, the Front and Rear segment is expected to grow at the highest CAGR during the forecast period
Based on vehicle segmentation, the passenger cars segment is expected to lead the market over the projected period
Based on region, the Asia Pacific was the leading revenue generator in 2023
The Global Automotive Brake Pad Market is segmented based on Position, Material, Vehicle, and Region.
Based on the position, the market is categorized into Front and Rear and Front. The Front and Rear segment is expected to grow at the highest CAGR during the forecast period. Enhancing driver confidence and control, cutting stopping distances, and boosting braking performance are frequently given top priority in front brake pad innovations. To maximize the performance of front brake pads, advanced materials including ceramic compounds and carbon-ceramic compositions are frequently utilized.
Based on the vehicle, the industry is divided into Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles and Two Wheelers. The Passenger Cars segment is expected to lead the market over the projected period owing to the high production and sales.
Automotive Brake Pad Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific is expected to dominate the market during the forecast period. China, India, Japan, and South Korea are among the largest automobile markets in the world, and they are all located in Asia Pacific. Automotive brake pads are in high demand due to the region's growing middle class, increasing disposable incomes, and urbanization, which have all contributed to the strong development in vehicle production and sales.
The key players operating in the market include Continental AG, Nisshinbo Brake Inc., EBC Brakes, ADVICS Co., Ltd., Robert Bosch GmbH, Akebono Brake Industry Co Ltd, Brake Parts Inc., ITT Inc., ZF Friedrichshafen AG, Tenneco Inc., Brembo S.p.A and Delphi Technologies (BorgWarner Inc. ). These players adopted several strategies to capture the maximum market share such as product launch, acquisition, expansion and others.
GLOBAL AUTOMOTIVE BRAKE PAD MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Continental AG
Nisshinbo Brake Inc.
EBC Brakes
ADVICS Co., Ltd.
Robert Bosch GmbH
Akebono Brake Industry Co Ltd
Brake Parts Inc.
ITT Inc.
ZF Friedrichshafen AG
Tenneco Inc.
Brembo S.p.A
Delphi Technologies (BorgWarner Inc. )