Rising concern for personal safety along with regulation imposed by Federal Motor Vehicle Safety Standards on passenger safety for commercial and personal vehicles is driving the market growth. Use of efficient brake pads for better friction stability, reduce vehicle noise is further fueling the market growth. In addition to this, the shift in customer approach towards comfortable, low noise and vibration driving is again spurring the market growth.
The latest report by Value Market Research expects the Global Brake Pad Market was valued at USD 2.2 billion in 2017 and is likely to reach USD 3.125 million by 2024 with a CAGR of 4.5%.
PASSENGER CAR DOMINATED THE APPLICATION SEGMENT
In 2017, the passenger car led the application segment by accounting for over 60% of the total market share. Rising need for an efficient braking system to minimize braking noise and vibration to impart better comfort is driving the segment growth.
OEM LED THE END-USER SEGMENT
OEM dominated the segment in 2017 and has accounted for X.X% of the total market share. OEM offers better wear resistance, quality assurance and limits noise and dust, is driving the segment growth.
ASIA-PACIFIC EMERGED AS THE LEADING REGIONAL MARKET
Geographically, Asia-Pacific dominated the market and has accounted for X.X% of the total market share. The rise in automobile sales in emerging economies such as China, Malaysia, and India are the factors driving the regional market.
KEY PLAYERS OF THE MARKET
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 are the major players of the market.
As per this study the Global Brake Pad Market was valued at USD 4.8 BN (by revenue) in 2021 and is anticipated to reach USD 7.51 BN by 2028 with a CAGR of 6.6%.
Brake pad refers to the part of the disc brakes used to decelerate the speed of the vehicle safely. These are the essential component of the car braking system. Basically, it converts kinetic energy into thermal energy through friction and reduces the car speed effectively. Brake pads are generally made up of metallic, semi-metallic, non-metallic or ceramic materials depending upon the type of the vehicle.
Market Dynamics
The brake pad market is majorly driven on account of rise in demand and sales of automobiles leading to high demand for lightweight automotive brakes. Rising demand for low noise brake system along with customer preference towards smooth driving experience is fueling the market growth. Rising awareness regarding personal safety while driving is another major factor pushing the market growth uphill. However, strict mandates while production along with volatile raw material cost is expected to hinder market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of brake pad.
Market Segmentation
The broad brake pad market has been sub-grouped into application and end-user. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Application
- Passenger Cars
- Commercial Vehicles
By End-User
Regional Analysis
Furthermore, the report comprises of the geographical segmentation, which mainly focuses on current and forecast demand for brake pad in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Brake Pad Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the brake pad market include 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. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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