Global Brake Pad Market Value To Have A CAGR Of 4.5% By 2026
Posted On December 26, 2019
The Global Brake Pad Market Report published by Value Market Research states that the global brake pad market is expected to have a market value close to USD 3.3 BN in 2026 with a CAGR of 4.5% between 2020 and 2026. The market value was close to USD 2.4 BN in 2019. The sales of automobiles have led to a high demand for lightweight automotive brakes which is a major driver for the brake pad market globally. Also, the rise in demand for low brake noise systems along with customer preference towards a smooth driving experience has fuelled the growth of the market. The upsurging awareness with regards to personal safety while driving has become another major factor that is pushing the market growth uphill. However, stringent orders while production and the cost of volatile raw materials are expected to hinder the growth of the market.
A brake pad refers to the part of the disc brakes that are used to slow down the speed of the vehicle safely. Brake pads are the essential components used in a car braking system. It converts kinetic energy into thermal energy through friction which in turn reduces the speed of the car effectively. Brake pads are usually made up of metallic, semi-metallic, non-metallic and ceramic materials depending on the type of the vehicle it is being designed for.
The report “Global Brake Pad Market Report By Application (Passenger Cars And Commercial Vehicles), By End-User (OEM And Aftermarket) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2019-2026” covers the drivers, restraints, market segments and the key players of the global brake pad market along with a detailed description of the competitive outlook of the market.
By application, passenger cars and commercial vehicles are the segments of the global brake pad market. Passenger cars have reportedly dominated the application segment by accounting over 60% of the market shares. The rise in the need for an efficient braking system in order to minimize the braking noise and vibration to impart better comfort is responsible for driving the growth of the market. By end-user, OEM and aftermarket are the segments of the global brake pad market where OEM has been observed as the leading segment owing to features such as better wear resistance, quality assurance and limited noise and dust.
North America, Europe, Asia Pacific, Latin America and Middle East & Africa are the regions over which the analysis for the global brake pad market is performed. Asia Pacific has emerged as the leading regional market owing to the rise in automobile sales in emerging economies such as China, Malaysia and India.
The Report Segments Global Brake Pad Market -
- Passenger Cars
- Commercial Vehicles
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Players Profiled In the Report:
Brembo S.P.A., Continental Automotive Gmbh, Federal-Mogul LLC, ITT Inc., MAT Holdings, Inc., Nisshinbo Brake Inc., Robert Bosch Gmbh and TMD Friction Holdings Gmbh
Download the FREE SAMPLE of Global Brake Pad Market Research Report
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