Automotive Brake Shims Market to grow up to US$ 0.8 billion by 2031, at a CAGR of 3.7%

New York, The global automotive brake shims market was valued at US$ 0.5 billion in 2021 and it is anticipated to grow up to US$ 0.8 billion by 2031, at a CAGR of 3.7% during the forecast period.

Global Automotive Brake Shims Market report from Global Insight Services is the single authoritative source of intelligence on Automotive Brake Shims Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters' and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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Automotive brake shims are used in the disc brakes system to control the excessive noise generated by the disc to stop the movement of the wheel hub. Automotive brake shims are used in all vehicles, including two-wheelers, cars, and commercial vehicles. An automotive disc brake can be installed front, rear, or both sides in wheel hubs. Automotive brake shims are designed to provide a multifunction noise control system and act as a component attached to the friction pad backing plate.

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Market Drivers and Trends
The trend of urbanization is growing rapidly, increasing the average disposable income of the urban population and allowing people to enhance their lifestyles. The transformed lifestyles further boost the demand for passenger cars, thus, propelling the manufacturers to uplift their production to fulfill customers' requirements. Production of vehicles, including passenger cars and commercial vehicles, registered steady growth in developed and developing economies in the post-recession era since 2010. Lowered interest rates on loans have also favored the growth of the automobile industry.

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Global Automotive Brake Shims Market Segmental Overview
The report analyses the global automotive brake shims market based on material type, application, and region.

Global Automotive Brake Shims Market by Material Type

Based on material type, it is segmented into rubber coated, PSA material, thermoset material, and others. The others segment is expected to be the largest segment in the automotive brake shims market in 2021. High-quality brake shims usually start with a high-quality metal or fibrous material. The shim manufacturer will select a grade of material with the right hardness, thickness, and dampening properties. The elastomeric materials categorized in others segment can be applied to the steel in a controlled process that ensures the correct depth. These materials are then vulcanized to the metal to ensure that they will endure the harsh environment of the braking system. Due to these factors mentioned above, the others segment is expected to hold a major market share in 2021.

Global Automotive Brake Shims Market by Application

Based on application, it is segmented into two-wheeler, passenger vehicle, and commercial vehicle. The passenger vehicle segment is expected to be the largest segment in the automotive brake shims market in 2021. The growing demand of automotive brake shims in passenger cars segment can be primarily attributed to the increased sales of these vehicles when compared to two-wheeler and commercial vehicle are boosting the growth of the market. Thus, the passenger vehicle segment will likely hold a major market share in 2021.

Geographical Analysis of Global Automotive Brake Shims Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific market is expected to hold the majority of the market share in 2021 owing to increasing disposable income of the middle class population with high living standard as well as increasing number of premium segments vehicle sales. This, in turn, boosts the demand for automotive brake shims in the Asia Pacific region.

Major Players in the Global Automotive Brake Shims Market
The key players studied in the global automotive brake shims market are Avery Dennison Corporation (US), Brake Performance (US), Brembo S.p.A. (Italy), Delphi Technologies (UK), Meneta (Denmark), Nucap Industries Inc. (Canada), Robert Bosch LLC (Germany), Super Circle Auto Limited (India), TMD Friction Services GmbH (Germany), and Trelleborg AB (Sweden).

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