Automotive Brake Pad Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast till 2031

The automotive brake pad market size is projected to reach US$ 4,034.09 million by 2031 from US$ 2,821.77 million in 2023. The market is expected to register a CAGR of 4.6% during 2023–2031. The increasing sale and production of the commercial and passenger vehicles driving the trend in the market.

Automotive Brake Pad Market Analysis

The technological developments in boosters and electric-mechanical systems, rising use of higher performing vehicles, and rise in demand for disc brakes for providing better safety are driving the market growth of the automotive disc brake market. However, high manufacturing cost of disc brakes may restrain the growth of the automotive disc brake market. Furthermore, the increased use of air disc brakes in commercial vehicles and rising adoption of carbon ceramic brake pads are anticipated to create market opportunities for the automotive disc brake during the forecast period.

Automotive Brake Pad Market Overview

The key stakeholders in the global automotive disc brake market ecosystem include hardware/component providers, automotive disc brake manufacturers, standards & regulatory framing bodies, and end users. Component/hardware providers provide various components/parts/raw materials to disc brake manufacturers for manufacturing of the end-product. Brake pads, bleeder screw, callipers, rotors, and hardware.

The disc brake is made up with cast iron, aluminium, stainless steel, and many more. Some of the key market players/manufacturers in the global automotive disc brake market includes Thermo Fisher Scientific Inc., Brembo S.P.A, Continental AG, Knorr-Bremse Group, and Robert Bosch GmbH among many others. Brake pads are majorly utilized in passenger cars, however, owing to their stable performance at resistance to brake and higher speeds, they are getting spread into a commercial vehicle segment. In commercial vehicles, drum brakes are getting replaced with disc brakes as they provide higher quality and longer service life. Companies such as Akebono also offers disc brakes.

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Automotive Brake Pad Market: Strategic Insights

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Automotive Brake Pad Market Drivers and Opportunities

Rising number of road accidents across the globe with surge in traffic congestion drives the market growth

there are several other peripheral stakeholders involved in the market which play a crucial role in enabling the growth and technology advancements related to automotive disc brake. The rising number of road accidents due to vehicle is creating need for safety regulations which is encouraging the need for braking system rules and road safety. According to the World Health Organization, around 1.19 million people die every year.  The major end-users of the automotive brake pad market include passenger cars and commercial vehicles. Further, increasing traffic congestion problems in urban areas across the globe driving the demand for automotive brake pad products during the forecast period.

Increased sale of the electric vehicles to create ample opportunity for the market growth

Electric vehicles use brake pads in order to meet the braking requirements in the vehicles. The brake pads help to avoid the accidents. With the rising growth of the electric vehicles (EVs) industry, the adoption of braking systems is growing exponentially. With an aim to reduce harmful impact of emissions on environment, the government bodies operating globally are taking necessary steps to promote electric vehicles. For instance, the Electric Vehicles Initiative is a multi-government policy forum which fosters introduction and adoption of electric vehicles. With an increase in the use of electric vehicles, the scope of using advanced braking systems will also increase. Many electric cars utilize both regenerative & mechanical braking systems together. In an electric car brake system, the regenerative & mechanical braking systems assist in saving the energy.

Automotive Brake Pad Market Report Segmentation Analysis

Key segments that contributed to the derivation of the automotive brake pad market analysis are material type, vehicle type, and geography.

• Based on material type, the market is divided into metallic brake pad, semi-metallic brake pad, ceramic brake pad, asbestos brake pad, and non-asbestos organic brake pad. Among these, metallic brake pad has the largest share in 2023, this is owing to increased to demand in passenger cars across the globe.
• Depending upon the vehicle type, the market is divided into commercial vehicle and passenger cars. Among these, passenger cars segment has a larger share in 2023, this is owing sae of the passenger cars across the globe. According to the International Organization of Motor Vehicle Manufacturers, the passenger cars sale globally reached 65.2 million units in 2023, increased from 58.6 million units across the globe.

Automotive Brake Pad Market Share Analysis by Geography

The geographic scope of the automotive brake pad market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

APAC is considered to be the fastest growing economic region, with China and India as the world’s first and third fastest growing economies. Japan is the most technologically advanced country in the region giving an opportunity for the development of automotive tires market. Emerging economies of Southeast Asia such as Vietnam, Malaysia, and Indonesia are experiencing a growth in their passenger car sales, thus the demand for Automotive Brake Pad is anticipated to increase.

North America is growing at rapid pace owing to increased automotive sale across the US and  Canada. North American Free Trade Agreement (NAFTA) is an agreement signed between the US, Canada and Mexico. This has reduced most tariff and non-tariff barriers to free trade and investment between the three countries. This has further helped in increasing the trade and investment level in North American countries. Also, Mexico is emerging as a powerhouse for automotive manufacturing NAFTA, supplying parts valued over $4.3 billion and $2.6 billion worth of finished vehicles every month to the US. since past few years.

Automotive Brake Pad Market Regional Insights

The regional trends and factors influencing the Automotive Brake Pad Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Automotive Brake Pad Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Automotive Brake Pad Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Automotive Brake Pad Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Automotive Brake Pad Market are:

1. Coroplast Fritz Müller Gmbh & Co. Kg
2. Fujikura Ltd.
3. Furukawa Electric Co. Ltd.
4. Motherson Sumi Systems Ltd.
5. Nexans Autoelectric GmBh
6. Sinbon Electronics Co.

Disclaimer: The companies listed above are not ranked in any particular order.

Automotive Brake Pad Market News and Recent Developments

The automotive brake pad market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Automotive Brake Pad Market are listed below:

• Delphi announces the launch of its new range of BEV brake pads dedicated to the specific needs of BEV applications. Based on detailed comparisons, this range is amongst the most comprehensive in the world today covering the most popular models in the independent aftermarket. Vehicles include the Nissan Leaf and Tesla Model S/Model 3, in addition to the newest models such as BMW i4/iX, Mercedes EQC/EQEE/QS, and Porsche Taycan/Cross Turismo. Introducing 52-part numbers covering 2.7M Vehicles in Operation in Europe, Delphi is providing a substantial service opportunity for workshops. (Source: Company Website, February 2024)
• Allied Nippon launched EV+, an all-new, fully featured brake pad range for Electric Vehicles. (Source: Press Release, June 2023)

Automotive Brake Pad Market Report Coverage and Deliverables

The “Automotive Brake Pad Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Automotive brake pad market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Automotive brake pad market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• Automotive brake pad market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the automotive brake pad market
• Detailed company profiles