The global brake pad market is expected to exceed US$5.6 billion by 2030, growing at a CAGR of 4% over the forecast period. According to the World Bank Group, global GDP of the population, measured in purchasing power parity, has tripled over the past few decades. The increase in the purchasing power of the world’s population has led to an increase in global car sales. The increase in car sales has boosted the demand for auto parts, thereby stimulating the global brake pad market. Increasing awareness of vehicle safety has led to disc brakes becoming the standard on vehicles in most countries. Many automakers install disc brakes on all wheels of their models. This increases the number of brake pads required for each vehicle, thus stimulating the global brake pad market.
Government agencies have banned the use of certain hazardous raw materials in brake pads and mandated the control of brake dust. As a result, brake pad manufacturers have developed new products made from new materials to reduce their environmental impact. For example, in 2018, AKEBONO BRAKE INDUSTRY CO., LTD launched a new friction material composed of phenolic resin and wood powder to the market, which reduces noise and vibration and has less environmental impact than other products such as asbestos. These new raw materials represent important opportunities for the global brake pad market.
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Technological advances in brake systems have led to an increase in demand for brake pads. ABS technology increases brake pad wear, and technologies such as wear sensors, which promptly remind the driver of brake pad wear, have increased the frequency of brake pad replacement, thereby stimulating the global brake pad market. Organic brake pads based on brake pad materials are gaining popularity around the world due to their lower cost, lower environmental impact and high heat transfer capability. These advantages make organic materials ideal for versatile applications.
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In terms of region, the global brake pad market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In terms of region, the global brake pad market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In terms of region, the global brake pad market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. In terms of region, the global brake pad market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Asia Pacific dominated the global brake pad market in 2019. Countries such as China, India, Japan, and South Korea are expected to dominate the market during the forecast period due to high vehicle production. In addition, the growing industrialization and trade activities in these countries have increased the mileage of commercial vehicles, further increasing the demand for brake pads. Europe is the second largest brake pad market after Asia Pacific. The presence of large car manufacturers and the high purchasing power of the population in the region stimulate the sales and production of cars in the region, which in turn stimulates the demand for brake pads.
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Notable players operating in the global brake pad market include AISIN SEIKI Co., Ltd., ACDelco, Akebono Brake Corporation, ASIMCO, ASK Automotive Pvt. Ltd. Brake Parts Inc. LLC, Brembo SpA, EBC Brakes, Japan Brake Industrial Co., Ltd., MACAS AUTOMOTIVE, Masu Brake, Nisshinbo Brake Inc., Robert Bosch GmbH, Super Circle Auto Limited, Tenneco, TMD FRICTION HOLDINGS GMBH , Toughla Brakelinings, ZF Friedrichshafen AG , AVS BRAKE LININGS Private Limited and BSK Auto Industries.
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Post time: Aug-18-2022
