Wilmington, Delaware, United States, April 27, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global brake pad market size stood at US$ 16.4 Bn in 2022 and is anticipated to reach US$ 30.9 Bn by 2031. The global market is expected to grow at a CAGR of 7.3% between 2023 and 2031. Government initiatives to encourage enhanced braking systems in order to reduce accidents are projected to drive the growth of the global brake pad market.
The availability of specialized financing options as well as a drop in automobile loan interest rates in developing nations are expected to fuel industry growth. Additionally, the global rise in consumer disposable income is expected to boost business growth in the brake pad industry.
According to prevailing brake pad market trends, contemporary producers are focusing on creating cutting-edge, highly durable brake pads to increase their consumer base. The launch of several kinds of organic brake pads for electric power sports automobiles is an example of how brake pad makers are heavily investing on new product development.
The global industry is supported by an upsurge in demand for lightweight, modern friction materials such as ceramics and organic composites made without asbestos. Brake pads are a crucial component of a vehicle. Market demand for passenger vehicles and light commercial vehicles is being fueled by rapid development of smart cities and urbanization, which in turn is driving the brake pad market.
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Key Findings of Market Report
- In terms of brake pad material, in 2022, the ceramic segment commanded a sizeable market share, driven by its superior stability and ability to perform in a range of temperatures. Ceramic brake pads are frequently used in high-performance vehicles because they are quiet and produce less dust.
- Ceramic brake pads require less frequent replacement and emit less pollution. They also generate less noise and age slowly. Despite the high production costs, the majority of brake pad industry participants favor ceramic pads.
- In terms of vehicle type, in 2022, the passenger vehicles segment held significant market share. The launch of several passenger car models and the implementation of numerous sales-improving incentives are increasing the sales of passenger vehicles. Demand for fuel-efficient automobiles is increasing, which is expected to drive business opportunities in the segment.
Global Brake Pad Market: Growth Drivers
- Commercial vehicle production and sales have increased globally, especially in developing countries, owing to rapid urbanization and industrialization. Thus, surge in vehicle sales contributes to growth of the global industry.
- Strict standards and regulations for vehicle control and auto safety have been enacted by international regulatory agencies. Auto manufacturers- and disc makers in particular, invest heavily in R&D activities to develop cutting-edge disc components. Future demand for other brake pad types, such as carbon and metallic brake pads, is projected to increase as a result of this factor.
- Brake pad market trends in the next few years are expected to be driven by auto emissions, resulting in rise in global demand for technology that lowers emissions. Organic brake pads, commonly referred to as resin brake pads or semi-metallic brake pads, contain less metal than metallic brake pads. These brake pads operate more smoothly and do not produce brake dust. As a result, the rise in global demand for organic brake pads, is fueling the expansion of the global brake pad market.
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Global Brake Pad Market: Regional Landscape
- In terms of region, Asia Pacific had a significant share of the global market in 2022. Companies in the Asia Pacific region are expected to experience lower cost of automobiles due to the accessibility of affordable labor and low-priced raw materials, which stimulates market development.
- Important global automakers are concentrating on expanding their presence in Asia by moving their corporate headquarters or manufacturing plants to India and China, which are the region's automotive powerhouse.
Global Brake Pad Market: Key Players
Some of the key players in the global brake pad market are as follows:
- Japan Brake Industrial Co., Ltd.
- Akebono Brake Corporation
- TMD FRICTION HOLDINGS GMBH
- Brake Parts Inc. LLC.
- Super Circle Auto Limited
- Federal-Mogul LLC
Key Points from TOC:
1. Global Brake Pad Market - Executive Summary
1.1. Market Size, Million Units, US$ Bn, 2017-2031
1.2. Market Analysis and Key Segment Analysis
1.3. Key Facts & Figures
1.4. TMR Analysis and Recommendations
2. Premium Insights
2.1. Market Attractiveness Opportunity
2.2. Key Trend Analysis
2.2.1. Technology/ Product Trend
2.2.2. Industry Trend
2.3. Supply-Demand Scenario
2.3.1. Supply Side Analysis
2.3.2. Demand Trend Analysis
2.4. Manufacturer’s Perspective
2.5. COVID-19 Impact Analysis
2.6. Impact Factors
2.6.1. Introduction of Electric Vehicles
2.6.2. Regenerative Braking
2.6.3. Advancement in Materials
3. Market Overview
3.1. Macro-economic Factors
3.1.1. Rise in warehouses across Globe
3.1.2. Per Capita Income
3.2. Market Dynamics
3.2.1. Drivers
3.2.2. Restraints
3.2.3. Opportunity
3.3. Market Factor Analysis
3.3.1. Porter’s Five Force Analysis
3.3.2. PESTEL Analysis
3.3.3. Value Chain Analysis
3.3.3.1. List of Key Manufacturers
3.3.3.2. List of Customers
3.3.3.3. Level of Integration
3.3.4. SWOT Analysis
3.4. Price Trend Analysis and Forecast, 2017-2031
3.5. Raw Material Availability & Pricing Analysis
3.6. COVID-19 Impact Analysis
3.7. Advancements in Friction Material
3.8. Introduction of Electric Vehicle Impact Analysis
4. Global Brake Pad Market, By Brake Pad Material
4.1. Market Snapshot
4.1.1. Introduction & Definition
4.1.2. Market Growth & Y-o-Y Projections
4.1.3. Base Point Share Analysis
4.2. Global Market Size (Units), Revenue (US$ Bn) Analysis & Forecast, 2017-2031, By Brake Pad Material
4.2.1. Metallic
4.2.2. Ceramic
4.2.3. Organic
5. Global Brake Pad Market, By Vehicle Type
5.1. Market Snapshot
5.1.1. Introduction & Definition
5.1.2. Market Growth & Y-o-Y Projections
5.1.3. Base Point Share Analysis
5.2. Global Market Size (Units), Revenue (US$ Bn) Analysis & Forecast, 2017-2031, By Vehicle Type
5.2.1. Two Wheeler Vehicles
5.2.2. Passenger Vehicles
5.2.2.1. Hatchbacks
5.2.2.2. Sedans
5.2.2.3. Utility Vehicles
5.2.3. Commercial Vehicles
5.2.3.1. Light Duty Vehicles
5.2.3.2. Heavy Trucks
5.2.3.3. Buses & Coaches
5.2.4. Off-road Vehicles
5.2.4.1. Agriculture Tractors & Equipment
5.2.4.2. Construction & Mining Equipment
5.2.4.3. Industrial Vehicles (Forklift, AGV, Etc.)
TOC Continued……
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Global Brake Pad Market: Segmentation
Brake Pad Material
- Metallic
- Ceramic
- Organic
Vehicle Type
- Two Wheeler Vehicles
- Passenger Vehicles
- Commercial Vehicles
- Off-road Vehicles
Sales Channel
- OEM
- Aftermarket
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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