Press release
Automotive Brake Pad Market : Semi Metallic, Non Asbestos Organic, Low Metallic NAO, Ceramic Forecast, 2021-2031
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Asia-Pacific dominated the global automotive brake pad market in 2021. The automotive industry in the region accounts for a large number of vehicle sales worldwide and contributes to the penetration of the product in the market. Moreover, the settlement of new brake pad production companies in the region further accelerates the growth of the market. In addition, industry participants are launching eco-friendly brake pads in the region, which is expected to boost the growth of the market during the forecast period.
High vehicle demands due to increasing purchasing power is expected to boost the growth of the global automotive brake pads market. The growing Japanese economy along with the rising disposable incomes of people in Japan have increased the demand for vehicles in the country, which in turn drives the automotive brake pad market. According to the International Organization of Motor Vehicle Manufacturers (OICA), Japan accounted for the third largest production volume in 2021 with around 9.1 million new vehicles being produced, and the sales of passenger cars stand at around 6.6 million units. Thus, the rising disposable income of individuals and increasing production of vehicles are expected to support the growth of the automotive brake pad industry in Japan during the forecast period.
Significant factors that impact growth of the automotive brake pad market comprise Increase in demand for eco-friendly and sustainable brake pads, increase in stringent rules and regulations, increase in demand for brake pads in the aftermarket, and increase in sales & production of commercial vehicles and off-highway trucks. However, rise in adoption of regenerative braking system in electric vehicles, and high development cost of brake pads are expected to hamper the market growth. Furthermore, development of smart pads, and growing use of a brake-by-wire system are expected to create new growth opportunities for the automotive brake pad market during the forecast period.
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Furthermore, collaborations of local distributors with brake pad manufacturers to fulfill the market demand for automotive components including brake pads is one of the major factors that are expected to rise the growth of the market. For instance, in September 2022, Master Motor Services (Thailand) Co, Ltd. (MMS) and Robert Bosch Co, Ltd, a leader in automotive drive solutions from Germany signed an agreement. Under this agreement, Master Motor Services (Thailand) Co., Ltd or MMS accepted the official distributorship of Bosch brake discs and brake pads in Thailand. Such factors are anticipated to propel the growth of the market across the region.
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By material, the ceramic segment is anticipated to exhibit significant growth in the near future.
By position, the front segment is anticipated to exhibit significant growth in the near future.
By vehicle type, light commercial vehicles segment is anticipated to exhibit significant growth in the near future.
By sales channel, the OEM segment is anticipated to exhibit significant growth in the near future.
By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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Key players operating in the global automotive brake pad market include Akebono Brake Industry Co Ltd., ADVICs, Brake Parts Inc., Brembo S.p.A., Continental AG, Delphi Technologies Inc. (BorgWarner Inc.), EBC Brake, ITT Inc., Nisshinbo Brake Inc., Robert Bosch GmbH, Tenneco Inc., and ZF Friedrichshafen AG.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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