New York, June 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Brake Pads Global Market Report 2023" - https://www.reportlinker.com/p06464134/?utm_source=GNW
Ltd., G.U.D Holdings, Hindustan Composites Limited, Makino Auto Industries Pvt. Ltd., MAT Holdings, Nisshinbo Group, Ranbro Brakes India Limited, Rane Brake Lining Limited, STEINHOF, Sundaram Brake Linings, Tenneco Inc., and ZF Friedrichshafen.
The global automotive brake pads market is expected to grow from $7.74 billion in 2022 to $8.26 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The automotive brake pads market is expected to reach $10.52 billion in 2027 at a CAGR of 6.2%.
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.
Automotive brake pads refer to a key component of braking system that are especially used in automotive and related applications to provide friction necessary to stop the vehicle. Brake pads are crucial and sensitive parts of the vehicle’s braking system.
North America was the largest region in the automotive brake pads market in 2022.Asia-Pacific is expected to be the fastest-growing region in 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 and Africa.
The main material types of automotive brake pads are semi-metallic, non-asbestos organic (NAO), low-metallic, and ceramic.Non-asbestos-organic (NAO) is a reinforced-low metallic friction composite that is used in automobile braking disc pads, shoes, linings, blocks, and clutch facings.
The various position types include front, front, and rear.The various vehicles include two-wheelers, passenger cars, light commercial vehicles, and heavy commercial vehicles.
The automotive brake pads are sold through various sales channels such as original equipment manufacturers and aftermarket.
The rising demand for electric vehicles (EVs) is expected to propel the growth of the automotive brake pads market going forward.The electric vehicle is an automotive that is powered by an electric motor that takes electricity from a battery and can be charged from an external source.
Automotive brake pads provide safer and more efficient regenerative braking mechanisms for electric vehicles that slow the vehicle down, and save the vehicle from accidents. For instance, in September 2022, according to the Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year, reaching a new high of 6.6 million units sale. Additionally, the sales of electric cars worldwide in 2021 have a sales share of 4%. Therefore, the rising demand for electric vehicles is driving the automotive brake pads market.
Product innovation is a key trend gaining popularity in the automotive brake pads market.Major companies operating in automotive brake pads are focused on developing innovative solutions to strengthen their position in the market.
For instance, in March 2023, Brakes India Pvt Ltd, an Indian-based company, launched ZAP brake pads, which are integrated with advanced friction technology for electric vehicle use. These brakes act as strong stopping forces and are specifically made for battery-electric cars that adhere to environmental safety and sustainability standards.
In February 2023, Fras-Le, a Brazil-based manufacturer of car parts, acquired AML Juratek for an undisclosed amount.With this acquisition, Fras-Le aimed to expand its brake pad portfolio and increase its global operations in the auto parts sector.
AML Juratek is a UK-based company engaged in the manufacturing of brake products such as brake pads, calipers, brake discs, and actuators.
The countries covered in the automotive brake pads market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
The automotive brake pads market research report is one of a series of new reports 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.
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