Automotive Brake Pads Market Analysis Over 2021-2026 | Growth Forecast & Industry Share Report
Latin America automotive brake pads market share is estimated to expand at a healthy CAGR of about 3.2% through the forthcoming timeframe. Rising passenger and commercial vehicle sales are projected to drive the automotive brake pads industry size through the upcoming timespan. In addition, a substantial growth in aftermarket product demand, owing to the increasing maintenance and repair activities, would further complement the overall market growth.
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The global automotive brake pads market is estimated to foresee immense growth over the coming years due to an upsurge in automobile fleets, consistent rise in aftermarket product demand, and the steadily increasing automotive sales. Frequent launch of new passenger vehicle models, which are being launched with multiple attractive promotional offers by automotive dealers to boost sales would further compliment industry outlook.
In fact, the aforementioned strategy has proven to be highly effective in bringing in results and augmenting revenue growth. According to the Invest India, in FY2018-19 passenger vehicle sales grew by more than 2.70%. Additionally, during April-March 2019, overall automobile exports witnessed a significant growth of 14.50% and the overall commercial vehicle segment witnessed a growth of about 17.55% during the same period.
In terms of vehicle, the heavy commercial vehicles (HCV) segment held a significant revenue share of more than $124 million in 2019 with industry estimates anticipating it to register remunerative growth owing to the rapidly growing construction and logistics sector. These vehicles frequently work with immense loads and thus need an efficient braking system to improve safety. In addition, the ongoing expansion of private and public transportation industries across developing countries should further propel the segment share over the coming years. Taking March 2019 for instance, Meyle unveiled new brake pads designed for heavy vehicles that decrease braking distance and enhance the braking performance of HCVs.
Major market players in the automotive brake pads market are establishing new plants across new locations in order to strengthen their regional footprints and boost revenues. Citing an instance, in 2019, Sangsin Technology America, the U.S. arm of South Korean brake manufacturer, reportedly announced its plan to build a $20 million factory in McDonough, Georgia. The company would manufacture aftermarket brake pads, as well as other friction products.
The competitive landscape of the global automotive brake pads market is inclusive of players such as Brakewel Automotive Components India, Ranbro Brakes India Limited, KFE brakes system, Sangsin Brakes, Hunan Boyun Automobile Brake Material Co Ltd, Double Link, HAWK Performance, Hitachi Chemical, WAGNER, Nisshinbo Brake Inc., and ICER BRAKES among others.
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Partial Chapter of the Table of Content
Chapter 6 Automotive Brake Pads Market, By Sales Channel
6.1 Market share by sales channel, 2019 & 2026
6.2 OEM
6.2.1 Automotive Brake Pads Market estimates and forecast from OEM, 2016 - 2026, (Thousand Units) (USD Million)
6.2.2 Market estimates & forecast from OEM, by region, 2016 - 2026 (Thousand Units) (USD Million)
6.3 Aftermarket
6.3.1 Market estimates and forecast from aftermarket, 2016 - 2026, (Thousand Units) (USD Million)
6.3.2 Market estimates & forecast from aftermarket, by region, 2016 - 2026 (Thousand Units) (USD Million)
Chapter 7 Automotive Brake Pads Market, By Position
7.1 Market share by position, 2019 & 2026
7.2 Front
7.2.1 Market estimates and forecast from front, 2016 - 2026, (Thousand Units) (USD Million)
7.2.2 Market estimates & forecast from front, by region, 2016 - 2026 (Thousand Units) (USD Million)
7.3 Front & Rear
7.3.1 Market estimates and forecast from front & rear, 2016 - 2026, (Thousand Units) (USD Million)
7.3.2 Market estimates & forecast from front & rear, by region, 2016 - 2026 (Thousand Units) (USD Million)
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