Automotive Brake Shims Market Cost Analysis, Growth, Insight And Forecast 2028

According to Premium Market Insights new research study on "Automotive Brake Shims Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Material Type and Application," the market is expected to grow from US$ 540.78 million in 2021 to US$ 705.11 million by 2028; it is estimated to grow at a CAGR of 3.9% from 2021 to 2028.

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Some Of the Major Players Influencing are The key companies operating in the automotive brake shims market include Avery Dennison Corporation, Brembo S.p.A., BOSCH Auto Parts, Trelleborg Group, Meneta, Super Circle, NUCAP, Brake Performance, Delphi Technologies Plc, and TEXTAR Brake Technology.

The growth of the automotive brake shims market is being driven by several factors such as the growing need for disc brake systems to enhance safety and driving experience, and the rising demand for passenger vehicles. However, certain factors like the high installation and initial costs of automotive disc brake systems, increased vehicle prices, and expenses associated with design and testing are impeding market growth. Additionally, the market is benefitting from recent developments in automotive brake shim technology and the implementation of noiseless disc brakes in premium vehicles. In summary, the increasing demand for disc brake systems is fuelling the growth of the automotive brake shims market.

The Asia-Pacific region, specifically China and India, is responsible for approximately 34% of the world's car production. The demand for luxury and premium vehicles is increasing, partly due to the rising popularity of active braking systems. Additionally, India's expanding motorbike market is driving the demand for brake shims in two-wheelers. Bapcor's subsidiary, Protex, has launched a new product range in response to the increasing demand for automotive brake shims in Australia.

The automotive industry in Europe is expected to experience an increase in sales in 2022, particularly for sports vehicles that require disc brakes, resulting in a surge in OEM and aftermarket sales in the automotive brake shims market. This trend is set to drive the growth of the automotive brake shims market in Europe. Furthermore, ACEA has reported that passenger vehicle sales are anticipated to reach 10.5 million units in 2022. This provides automakers with significant opportunities to adopt advanced solutions that can enhance productivity in various industrial and urban operations. Germany, the UK, Poland, and the Czech Republic are among the significant countries with expanding automobile industries. All these factors are poised to fuel the growth of the automotive brake shims market.

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The Gulf nations in the Middle East are highly developed economically, while African countries are still in the process of catching up. As the automotive industry advances through various stages of technical development, it is expected to expand rapidly in the region. In 2021, the UAE automotive market experienced a strong recovery from the previous year's downturn. Sales surged by 72.1% compared to the previous year, with 55,461 units sold in the second quarter of 2021. The Dubai Expo 2021 and other government initiatives aimed at improving the durability of trucks and extending their lifespan are crucial indicators of growth that are set to boost the automotive aftermarket industry's sales. With an increasing number of companies producing braking systems for next-generation vehicles and rising sales of both passenger and commercial cars, the automotive brake shims market in the MEA region is expected to expand in the coming years.
Impact of COVID-19 Pandemic on APAC Automotive Brake Shims Market

The year 2019 witnessed a surge in demand for automotive brake shims due to the increased vehicle deliveries to customers. However, the automotive industry in APAC suffered a significant setback in 2020 due to prolonged lockdown periods and reduced automotive production, with China and India being among the most affected countries. In August 2020, vehicle sales in Japan declined by 16% YoY, crossing 326,000 units, as reported by Counterpoint Technology. Similarly, the top five automakers in South Korea, including Hyundai, Kia, SsangYong Motor, Renault, and General Motors, witnessed a decline of around 6%, with new vehicle sales reaching approximately 112,000 units. Consequently, the demand for automotive brake shims also declined in 2020 with the decreased vehicle sales in APAC.

The production of passenger vehicles in India reached 22,652,108 in the fiscal year 2021, as stated in the 2021 report by India Brand Equity Foundation (IBEF). Moreover, the total production of three-wheelers, two-wheelers, quadricycles, and passenger vehicles (excluding BMW, Mercedes, Tata Motors, and Volvo Auto) in October 2021 was 2,214,745 units, according to the same report. The increasing production of passenger vehicles in APAC is anticipated to positively impact the automotive brake shims market in the region during the forecast period, likely due to the effects of COVID-19.

The automotive brake shims market is categorized by material type, application, and geography. Under material type, the market is segmented into PSA material, rubber coated, thermoset material, and others. The others segment dominated the market in 2021, holding the largest share. Application-wise, the market is classified into commercial vehicle, passenger vehicle, and two-wheeler segments. In 2021, the passenger vehicle segment held the largest share in the market. Geographically, the automotive brake shims market is segmented into North America, Europe, Asia Pacific (APAC), South America (SAM), and the Middle East & Africa (MEA). The APAC region held a significant share in the global automotive brake shims market in 2021.

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The automotive brake shims market size has been determined using a combination of primary and secondary research methods. Initially, extensive secondary research was carried out using both internal and external sources to gather qualitative and quantitative data relevant to the market. This process was aimed at obtaining an overview and forecast of the automotive brake shims market across all its segments. Subsequently, primary interviews were conducted with industry experts, including VPs, business development managers, market intelligence managers, national sales managers, external consultants, valuation experts, research analysts, and key opinion leaders, specializing in the automotive brake shims market. These interviews were conducted to validate the data and obtain more analytical insights into the topic.

Table Of Contents
1. Introduction
1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Automotive Brake Shims Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America - PEST Analysis
4.2.2 Europe PEST - Analysis
4.2.3 Asia Pacific (APAC) - PEST Analysis
4.2.4 Middle East & Africa (MEA) - PEST Analysis
4.2.5 South America (SAM) - PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Global Automotive Brake Shims Market - Key Industry Dynamics
5.1 Market Drivers
5.1.1 Booming Production of Automotive Vehicles
5.1.2 Growing Norms for Reducing Fatalities Caused by Vehicle Accidents
5.2 Market Restraints
5.2.1 Limiting Copper in Brake Pad Development
5.3 Market Opportunities
5.3.1 Rising Adoption of Electric Vehicles
5.4 Future Trends
5.4.1 Advancements in Automotive Brake Technology
5.5 Impact Analysis of Drivers and Restraints
Continued…...!

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