Global Automotive Brake Pads Market

Automotive Brake Pads Market Size, Share, Growth Analysis, By Vehicle(Passenger Car, LCV, HCV, and Two-wheelers), By Material(Semi-metallic, Non-asbestos Organic (NAO), Low-metallic NAO, Ceramic), By Region - Industry Forecast 2024-2031

Report ID: SQMIG25A2140 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 65 | Figures: 80

Automotive Brake Pads Market Regional Insights

The global automotive brake pad market’s leading region is North America. Countries like Canada and the US have largely contributed to this region’s supremacy. Their higher rate of automobile ownership is key to North America’s dominance. These countries also have strict safety standards in place that support the upkeep and necessary replacement of brake pads. The region also houses a thriving after service segment in the automotive industry. This ensures market growth in North America as regional consumers seek premium and superior quality brake pads that don’t compromise performance.

Though North America holds the top ground, the APAC region is quickly rising on the market ladder. Its thriving automotive industries in China and India and an increase in incomes have led to higher vehicle sales in this region. This in turn leads to market growth. Consumers in the Asia-Pacific regions are seeking upgraded brake pads. This is because of the advancements made in braking technologies and a growing knowledge about road safety’s significance. The APAC region’s rising adoption and preference of EVs have also driven the demand for specialized brake pads like regenerative brake systems

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Automotive Brake Pads Market size was valued at USD 4.02 billion in 2022 and is poised to grow from USD 4.25 billion in 2023 to USD 6.56 billion by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).

The automotive brake pads market is defined by its fiercely competitive market. The rivalry among market participants striving to gain a share of the market drives the market. Some renowned names in this industry are Bosch Auto Parts, Brembo S.p.A, Nisshinbo Brake Inc., and Federal-Mogul Motorparts LLC. 'Nisshinbo Holdings Inc. (Japan)', 'Federal-Mogul (USA)', 'Brembo S.p.A. (Italy)', 'TMD Friction (Germany)', 'Bosch (Germany)', 'Akebono Brake Industry Co., Ltd. (Japan)', 'ADVICS Co., Ltd. (Japan)', 'ACDelco (USA)', 'MAT Holdings, Inc. (USA)', 'HELLA Pagid GmbH (Germany)', 'Delphi Technologies (USA)', 'MK Kashiyama Corp. (Japan)', 'Knorr-Bremse AG (Germany)', 'Brake Parts Inc. (USA)', 'Sangsin Brake Co., Ltd. (South Korea)', 'Ferodo (United Kingdom)', 'ATE (Germany)', 'Raybestos (USA)', 'Fras-le S.A. (Brazil)', 'ICER Brakes (Spain)', 'Bendix (USA)', 'Tenneco Inc. (USA)', 'Winhere Auto-Part Manufacturing Co., Ltd. (China)', 'ABS Friction (Canada)', 'TRW Automotive Holdings Corp. (USA)'

Advanced braking technologies are gradually filtering into the market. This is a direct result of the growing emphasis on vehicle and driver safety which has become paramount due to strict safety standards. Market participants and clients are seeking brake pads with higher stopping power, which also control noise and dust and improve braking distances. Automakers and brake pad producers target adherence to these safety requirements to foster market growth.

Rising Adoption of Advanced Brake Pad Technologies: There is a key market trend influencing the brake pads industry. The adoption of advanced technologies that target enhancement of product safety and performance is impacting the market. Smart brake pads integrated with sensory and connectivity features have filtered into the market. These features can help real time monitoring of wear and tear and provide data to the maintenance systems. This results in enhancement of safety and a lower possibility of brake failure. High performance brake pads are also trickling in due to improvements in materials science and production methods. These pads offer longevity, better braking, and lower noise. Regulatory bodies and the general public have made vehicle safety their no.1 priority. This has led to higher adoption rates of these advanced technologies, fueling market growth.

The automotive brake pad market’s leading region is North America. Countries like Canada and the US have largely contributed to this region’s supremacy. Their higher rate of automobile ownership is key to North America’s dominance. These countries also have strict safety standards in place that support the upkeep and necessary replacement of brake pads. The region also houses a thriving after service segment in the automotive industry. This ensures market growth in North America as regional consumers seek premium and superior quality brake pads that don’t compromise performance.

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Global Automotive Brake Pads Market

Report ID: SQMIG25A2140

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