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What’s driving the Automotive Brake Pads Market Growth? Akebono Brake Corporation, Bosch, Tenneco, ZF Group, Hitachi, Federal-Mogul Powertrain
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Asia Pacific will hold considerable volume share in the projected timeframe owing to presence of key manufacturers. Countries including China and India account for major vehicle sales and influence the industry growth. The rising vehicle sales owing to increasing disposable income of emerging economies including Thailand and Indonesia will further enhance product penetration. Additionally, Manufacturers are engaged in expansion of new brake pads production facilities for generating opportunities to increase regional revenue share.
Front & rear brake segment will hold considerable revenue share owing to enhanced vehicle dynamics and braking performance. Availability of specialized brake pad compounds along with increased vehicle stability at panic situation will stimulate the segment share. In addition, brake pad manufacturers showcase multiple products for specific vehicles in aftermarket to increase their customer base.
Company Profiled:
1. ACDelco
2. Akebono Brake Corporation
3. Allied-Nippon Limited
4. ATE
5. Bosch USA
6. Brakes India Pvt. Ltd.
7. Brakewel Automotive Components India Pvt. Ltd
8. G.U.D Holdings
9. Hindustan Composites Limited
10. Makino Auto Industries Pvt. Ltd.
11. MAT Holdings
12. Nisshinbo Group company
13. Ranbro Brakes India Limited
14. Rane Brake Lining Limited
15. STEINHOF
16. Sundaram Brake Linings
17. Tenneco
18. TMD
19. ZF Group
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NAO segment will showcase significant market over the projected timeline owing to low manufacturing costs and environment friendly properties. Suitability for normal vehicle driving and commuting purposes along with affordability in product replacement will enhance the segment share. The high wear and tear of these brake pads limit the product usage in HCV and high-performance vehicles. However, manufacturers are developing new organic materials that enhances the wear and tear properties, supporting the automotive brake pads market growth by 2025.
LCV will witness considerable share over the forecast period owing to proliferating sales across the globe along with launch of new models and easy financing option available from dealers. For instance, according to International Organization of Motor Vehicle Manufacturers (OICA) in 2018 LCV sales rose by 5.9% as compared with 2017. The companies are involved in launching new product portfolios with advanced features including anti-squeal coating to reduce noise, long life warranty, and easy installations.
Aftermarket segment will register substantial share over the study timeframe owing to frequent requirement of brakes pads replacement and availability of cost-effective products. The OEM?s are engaged in expanding their third-party distribution networks to enhance their presence in aftermarket. For instance, in March 2019, Brembo announced Newparts as their direct and official distributor for aftermarket products, supporting the automotive brake pads market demand. However, low quality and limited metal standards in aftermarket products may hamper the product penetration.
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The key industry participants in automotive brake pads market includes Brembo S.p.A., ZF TRW, Akebono Brake Corporation, TMD Friction Holdings GmbH, AC Delco, and Robert Bosch GmbH. Industry players adopt key strategies including new product launches to enhance their geographical presence. For instance, in December 2016, Brembo S.p.A. launched over 350 new products in North America to enhance their regional presence in automotive aftermarket.
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