The automotive brake pads market is anticipated to witness robust growth by 2028 owing to various advantageous features of the product, including excellent stopping power and ability to disperse heat. Additionally, shifting consumer preference towards low-noise and low-maintenance vehicles is set to further facilitate industry expansion over the forecast timeline.

Recently, key participants have been expanding their presence in emerging economies to meet the growing need for automotive brake pads, which has been favorable for business growth. For instance, in October 2021, Akebono Brake Industry Co., Ltd., a major provider of brake products in the automotive space, stated that its products had been adopted by Lynk & Co, a top automotive brand owned by China-headquartered automotive leader Geely Auto Group. For the front wheels of the "05+" model, a high-performance SUV, Akebono agreed to supply 4-pot disc brake calipers and copper-free disc brake pads.

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Similarly, in December 2021, Brembo SPA, the Italy-based manufacturer of automotive brake system, announced that it was chosen as the brake supplier for automotive giant Polaris' Slingshot R. The novel Slingshot R brake system consists of Brembo's four-piston all-aluminum brake calipers with 339 mm vented cast iron brake discs.

In another instance, in November 2020, Textar, a premium brake brand under Nisshinbo Holdings-subsidiary brake expert TMD Friction, expanded its aftermarket product range with the addition of brake discs for the Land Rover Discovery, Mercedes Benz E-Class 2016, Volkswagen Amork 2016, and Range Rover IV 2017.

Furthermore, government organizations have been taking initiatives to reduce emissions in light of mounting climate consciousness. As a result, this has spurred innovation and use of low-emission brake technology, aimed at mitigating the environmental footprint of the automotive sector, which has been favorable for the product landscape of the market.

The automotive brake pads market has been segmented on the basis of vehicle, material, sales channel, position, and region. Based on vehicle, the automotive brake pads market has been divided into passenger cars, LCV, HVC, and two-wheelers. The two-wheelers sub-segment is anticipated to expand at a substantial rate of more than 4.6% through the projection period.

In terms of material, the automotive brake pads market has been segregated into semi-metallic, non-asbestos organic (NAO), low-metallic NAO, and ceramic. The low-metallic NAO sub-segment held a market share of approximately 30% in 2021 and is expected to grow substantially through the review timeline.

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From the regional point of view, the Latin America automotive brake pads market is expected to grow at a CAGR of about 3.7% over the assessment period. Meanwhile, the Middle East & Africa automotive brake pads industry is projected to showcase significant growth at around 4.1% CAGR through the forecast period.

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