Automotive Brake Pads Market: Future Trend & Growth Opportunities By 2026
The automotive brake pads market from low metallic NAO segment is projected to expand at a healthy growth rate of about 3.8% over the coming years. These brake pads are comprised of a heavy concentration of mineral abrasives in order to provide enhanced stopping power. The product is manufactured through an organic formula mix with a small amount of copper or steel added to the formulation to help support a better level of heat transfer and provide efficient braking.
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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.
The automotive brake pads market is projected record a period of remunerative revenue growth over the coming years owing to the steadily rising adoption of commercial and passenger vehicles. Additionally, the subsequent rise in aftermarket product demand, due to growing maintenance and repair activities is expected to further compliment industry share. In addition, frequent launch of new passenger vehicles with attractive promotional offers by automotive companies should further augment product sales over the coming years.
In fact, the strategy of frequent launches and promotional offers has proven to be highly effective in boosting vehicle sales, widening the market revenue streams. As per the Invest India, passenger vehicle sales increased by over 2.70% during FY2018-19. Furthermore, in April-March 2019, overall automobile exports increased 14.50% while the overall commercial vehicle segment saw a momentous rise of about 17.55%. Such growth is effectively expanding the application avenues for automotive brake pads.
On the regional front, increasing R&D investments by major market players to provide the best quality of products to their customers should augment the Latin America automotive brake pads market size. In fact, the regional industry share is estimated to expand at a healthy CAGR of about 3.2% through the forthcoming timeframe.
Mexico and Brazil are projected to lead the regional market share due to the growing sales of automotive brake pads throughout these nations. Additionally, stringent norms that focus on banning the use of asbestos-based products owing to health issues would further augment the regional market share.
Meanwhile, key industry players are also investing in new production plants to grow their regional footprints and expand their customer base. Taking 2019 for instance, Sangsin Technology America, the U.S. division of South Korean brake producing company, reportedly announced its plan to develop a $20 million factory at McDonough, Georgia. Sangsin would produce aftermarket brake pads and other friction products at this factory.
The competitive landscape of the global automotive brake pads market is inclusive of players such as KFE Brakes System, Brakewel Automotive Components India, Ranbro Brakes India Limited, Sangsin Brakes, HAWK Performance, Hunan Boyun Automobile Brake Material Co Ltd, Double Link, Hitachi Chemical, ICER BRAKES, WAGNER, and Nisshinbo Brake Inc. among others.
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Some Point from Table of Contents;
Chapter 6 Automotive Brake Pads Market, By Sales Channel
6.1 Automotive brake pads industry share by sales channel, 2019 & 2026
6.2 OEM
6.2.1 Automotive brake pads industry estimates and forecast from OEM, 2016 - 2026, (Thousand Units) (USD Million)
6.2.2 Automotive brake pads industry estimates & forecast from OEM, by region, 2016 - 2026 (Thousand Units) (USD Million)
6.3 Aftermarket
6.3.1 Automotive brake pads industry estimates and forecast from aftermarket, 2016 - 2026, (Thousand Units) (USD Million)
6.3.2 Automotive brake pads market estimates & forecast from aftermarket, by region, 2016 - 2026 (Thousand Units) (USD Million)
Chapter 7 Automotive Brake Pads Market, By Position
7.1 Automotive brake pads industry share by position, 2019 & 2026
7.2 Front
7.2.1 Automotive brake pads industry estimates and forecast from front, 2016 - 2026, (Thousand Units) (USD Million)
7.2.2 Automotive brake pads industry estimates & forecast from front, by region, 2016 - 2026 (Thousand Units) (USD Million)
7.3 Front & Rear
7.3.1 Automotive brake pads market estimates and forecast from front & rear, 2016 - 2026, (Thousand Units) (USD Million)
7.3.2 Automotive brake pads market estimates & forecast from front & rear, by region, 2016 - 2026 (Thousand Units) (USD Million)
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