Automotive Brake Pads Market Overview, Growth Factors, Demand and Forecast to 2026
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.
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.
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With respect to material, the low metallic NAO segment is slated to expand at a respectable growth rate of 3.8% through the forecast timeframe. These brake pads are equipped with a high concentrations of mineral abrasives to offer greater stopping power. The brake pads are developed from an organic formula mix which also includes a small amount of copper or steel. These elements are added to the formulation in order to provide efficient braking and support a higher level of heat transfer.
In terms of vehicle, the heavy commercial vehicle (HCV) segment held a substantial revenue share of over $124 million in 2019 with industry projections anticipating it to register remunerative growth over the coming years due to the rapidly growing construction and logistics sector. HCVs consistently work with immense loads and thus require an efficient braking system in order to enhance safety.
Additionally, the ongoing expansion of private and public transportation sectors across developing nations is likely to push the segment size through 2026. Citing an instance, in March 2019, Meyle released new brake pads that are specifically designed for heavy commercial vehicles to reduce braking distance and further enhance the braking performance of these vehicles.
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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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 Automotive brake pads 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 Automotive brake pads market estimates & forecast from front & rear, by region, 2016 - 2026 (Thousand Units) (USD Million)
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