Automotive Brake Pad Market Opportunities [2021-2031]
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
Market Size Value in US$ 2,580.57 Million in 2021 Market Size Value by US$ 3,342.58 Million by 2028 Growth rate CAGR of 3.8% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Automotive Brake Pad Market: Strategic Insights
| Market Size Value in | US$ 2,580.57 Million in 2021 |
| Market Size Value by | US$ 3,342.58 Million by 2028 |
| Growth rate | CAGR of 3.8% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Material Type, and Vehicle Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Asia Pacific is expected to dominate the automotive brake pad market in 2023.
Rising number of road accidents across the globe with surge in traffic congestion drives the market growth.
The increasing sale of the commercial and passenger vehicles driving the trend in the market.
ACDelco, AKEBONO BRAKE INDUSTRY CO., LTD., Brake Parts Inc. LLC., Brembo S.p.A., Hebei Huahua Friction Material CO., Ltd., Nisshinbo Holdings Inc., Robert Bosch GmbH, SANGSIN BRAKE, Util Industries S.p.A, ZF Friedrichshafen AG, Allied Nippon and others.
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 Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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