PUBLISHER: The Business Research Company | PRODUCT CODE: 1409217
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409217
“Automotive Brake Pads Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive brake pads market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive brake pads? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The automotive brake pads market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Automotive brake pads are integral components of a vehicle's braking system, specifically designed to create the necessary friction required to halt the vehicle's motion. These pads play a critical role and are highly sensitive within the vehicle's braking mechanism.
The primary material variants of automotive brake pads include semi-metallic, non-asbestos organic (NAO), low-metallic, and ceramic types. Non-asbestos organic (NAO) compounds represent a reinforced-low metallic friction composite extensively used in braking disc pads, shoes, linings, blocks, and clutch facings for automobiles. Brake pads are available in various position types including front, rear, and others. They are utilized across different vehicle categories such as two-wheelers, passenger cars, light commercial vehicles, and heavy commercial vehicles. The distribution of automotive brake pads occurs through various sales channels including original equipment manufacturers and the aftermarket.
The automotive brake pads market research report is one of a series of new reports from The Business Research Company that provides automotive brake pads market statistics, including automotive brake pads industry global market size, regional shares, competitors with an automotive brake pads market share, detailed automotive brake pads market segments, market trends, and opportunities, and any further data you may need to thrive in the automotive brake pads industry. This automotive brake pads market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive brake pads market size has grown strongly in recent years. It will grow from $8.18 billion in 2023 to $8.73 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. During the historical period, the growth in this sector can be attributed to several factors, including the increase in vehicle sales, heightened emphasis on vehicle safety measures, growing consumer awareness and education regarding automotive safety, adherence to stringent safety regulations, and considerations regarding wear and tear of vehicle components.
The automotive brake pads market size is expected to see strong growth in the next few years. It will grow to $11.37 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. Anticipated growth in the forecast period is expected to stem from several factors, including the expansion of the global vehicle fleet, ongoing evolution in automotive design trends, sustained focus on enhancing vehicle safety measures, the increasing prevalence of electric and hybrid vehicles, and shifting patterns in maintenance and aftermarket services. Major trends projected in this period encompass the advancement of low-dust brake pads, the utilization of advanced composite materials, integration of sensors for wear monitoring in brake systems, a heightened focus on noise reduction technologies, and a rising demand for ceramic brake pads.
The automotive brake pads market is poised for growth, driven by the increasing demand for electric vehicles (EVs). Electric vehicles, powered by electric motors and rechargeable batteries, are experiencing a surge in popularity. Automotive brake pads play a crucial role in providing safe and efficient regenerative braking mechanisms for electric vehicles, contributing to the vehicle's ability to slow down and prevent accidents. The Global EV Outlook 2022 report in September 2022 revealed that electric vehicle sales doubled from the previous year, reaching a new high of 6.6 million units. With electric cars accounting for a sales share of 4% worldwide in 2021, the rising demand for electric vehicles is a key driver for the automotive brake pads market.
The increasing number of road accidents is another factor propelling the automotive brake pads market. Road accidents, characterized by collisions or events involving vehicles resulting in property damage, injury, or death, highlight the critical role of automotive brake pads in preventing accidents. These brake pads enable vehicles to slow down and stop safely, reducing stopping distances and providing drivers with more reaction time to potential hazards. According to the National Highway Traffic Safety Administration (NHTSA) in August 2022, the first quarter of 2022 witnessed 9,560 fatalities in road accidents, reflecting a 7% increase from 8,935 fatalities in 2021. The rising number of road accidents is expected to drive the demand for automotive brake pads as a crucial safety component.
Product innovation is a notable trend gaining traction in the automotive brake pads market. Leading companies in this market are focusing on developing innovative solutions to enhance their market position. For instance, in March 2023, Brakes India Pvt Ltd, an Indian-based company, introduced ZAP brake pads featuring advanced friction technology designed specifically for electric vehicle use. These brake pads deliver robust stopping forces and are tailored for battery-electric cars, aligning with environmental safety and sustainability standards. The emphasis on product innovation underscores the industry's commitment to advancing technologies and meeting the evolving needs of the automotive market.
Prominent players in the automotive brake pads market are actively pursuing technological innovations, particularly in the realm of eco-friction technology, to secure a competitive advantage. Eco-friction technology, also known as green brake lining technology, involves a brake pad formulation that minimizes the use of copper and other heavy metals in production. A notable example is the introduction of Fuse+ Technology brake pads by Ferodo, a UK-based provider of premium brake pads, in September 2021. These brake pads are uniquely crafted with zero-copper Eco Friction technology, showcasing an environmentally friendly approach aimed at reducing emissions. Beyond its eco-friendly attributes, Fuse+ Technology brake pads offer superior stopping power in various conditions and are engineered to minimize noise, vibrations, and harshness (NVH), contributing to a more comfortable driving experience. These brake pads are designed for extended durability, surpassing traditional counterparts, and are manufactured to meet Original Equipment (OE) standards, ensuring the highest quality.
In February 2023, Fras-Le, a Brazil-based manufacturer of car parts, strategically acquired AML Juratek for an undisclosed amount. This acquisition aligns with Fras-Le's objectives to expand its brake pad portfolio and enhance its global presence in the auto parts sector. AML Juratek, a UK-based company specializing in the manufacturing of brake products, including brake pads, calipers, brake discs, and actuators, brings its expertise and product offerings into the Fras-Le portfolio. The acquisition signifies Fras-Le's commitment to strengthening its capabilities and product range in the automotive brake pads market, reflecting the industry's dynamic landscape and the pursuit of strategic partnerships for sustained growth and innovation.
Major companies operating in the automotive brake pads market report are 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. .
North America was the largest region in the automotive brake pads market in 2023. Asia-Pacific is expected to be the fastest-growing region in the automotive brake pads market during the forecast period. The regions covered in the automotive brake pads market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the automotive brake pads market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive brake pads market consists of sales of brake pads that convert the kinetic energy to thermal energy by friction that stops the vehicle. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.