Automotive Brake Pads Market expected to grow strongly by 2024

Europe is anticipated to dominate automotive brake pads market, owing to increasing production of automobiles. Growth can be attributed to increasing stringency in stopping regulations. For instance, in U.K., stopping distance is 12 meters for a car running at 20 miles per hour speed. The stopping distance doubles for every 10 mph increase in car speed. This is the major driving factor for disk products demand, thus boosting the demand for these pads.

Asia Pacific automotive brake pads market accounted for the highest industry share is expected to continue its dominance with highest growth rate through the forecast timeframe. Factors such as tolerant safety, emission norms, low production cost, government schemes to increase foreign direct investments (FDIs), and availability of inexpensive labor are anticipated to propel the regional growth.

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Automotive Brake Pads Market size is anticipated to witness significant growth rates during the forecast timeframe, owing to availability of advanced friction materials, increasing demand for environment friendly & light weight braking materials, increase in automobile production & sales, and growing demand for disk brakes & miniaturized components.

Brakes are the most replaced automobile component, owing to their critical applications for ensuring the passenger safety. Recurring requirement of worn out component replacements is anticipated to propel automotive brake pads market growth. Owing to increasing customer focus on factors such as performance, control, and safety, industry is anticipated to gain high traction over the coming years. Additionally, technological advancements in development of advanced products and features along with Increasing vehicle age is expected to propel the automotive brake pads market growth.

Development of stringent safety norms, increasing emphasis on preventive maintenance and consumer focus on personal safety are expected to boost automotive brake pads market growth. Moreover, advent of products with long replacement cycles and increased miles traveling capabilities is anticipated to offer considerable growth potential in aftermarket during the forecast period.

Increasing raw material along with its transportation costs is expected to hinder the automotive brake pads market growth. Moreover, increasing requirement of regulatory compliance in the manufacturing procedures to address environmental norms is anticipated to increase overall product costs. Moreover, inconsistent vehicle stopping times offered by these components will present considerable growth challenge to automotive brake pads market size.

Many consumers are inclined towards the aftermarket replacements of components due to characteristic features and low cost availability. Dual Dynamometer Differential Effectiveness Analysis (D3EA) and Brake Effectiveness Evaluation Procedure (BEEP) are the standards developed in order to ensure the quality of IAM replacements are expected to present potential growth opportunity for automotive brake pads market over the forecast timeframe.

Based on type, the automotive brake pads market is segmented into semi metallic, ceramic, non-asbestos organic, and low metallic non-asbestos organic. The semi metallic type contains about 30 to 65 percent metal such as chopped steel wire/wool, copper, iron powder and graphite. These have excellent heat transfer rates and high durability owing to which is expected to dominate the overall industry share. Ceramic types are the most expensive, clean, and quiet solutions in relation to the other segment and increase life expectancy of vehicle rotors. Non-asbestos organic components are made of fibers such as rubber, glass, Kevlar, and carbon. These are featured with low noise and ease of operability. Low metallic non-asbestos types provide better braking and economical ownership costs, however, produce more noise.

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Based on vehicle type, automotive brake pads market size is categorized into commercial vehicles and passenger cars. Different types are used in heavy trucks, buses & coaches and light commercial vehicles. The type used depends on the maximum load carrying capacity of the automobile and its requirement to ensure efficient braking at high speeds and offer better wear-resistance. Extremely soft and aggressive pads are used for aggressive applications such as racing, however, passenger cars utilize products offering harder and more durability.

Some key manufacturers in the automotive brake pads market are Honeywell International Inc., Nisshinbo Industries, Brembo S.p.A., Akebono Brake Corporation, ZF TRW, TMD Friction Holdings GmbH, Federal-Mogul Corporation, Continental AG, AC Delco, EBC Brakes, Robert Bosch GmbH, Delphi Automotive Plc., and Japan Brake Industrial Co. Ltd.

Automotive brake pads market ecosystem comprises of automobile manufacturers, friction product manufacturers, and distributers to OEMs. Additionally, the ecosystem includes various regional automobile associations such as Society of Indian Automotive Manufacturers (SIAM), International Organization of Motor Vehicle Manufacturers (OICA), European Automobile Manufacturers Association (ACEA), and Japan Automobile Manufacturers Association (JAMA). Development of better product standards are anticipated to present potential growth opportunities through the forecast.

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