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Automotive Brake Pad Market Growth 2023, Emerging Trends, Key Manufacturers, Revenue, Challenges, Future Opportunities and Forecast 2033: SPER Market Research
According to SPER market research, 'Automotive Brake Pad Market Size- By Material Type, By Position Type, By Sales Channel, By Vehicle Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033' state that the Global Automotive Brake Pad Market is predicted to reach USD 7.28 billion by 2033 with a CAGR of 5.8%.
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The Automotive Brake Pad market is expanding rapidly due to several key factors. Different technologies, including ABS (Anti-lock braking system) and autonomous braking system, have become standard features in the majority of new vehicles as safety awareness among automotive consumers and government agencies rises. The market for vehicle brake pads is expanding more quickly as a result of these innovations. One of the main drivers is the increase in demand has been witnessed for other natural alternatives for manufacturing of brake pads that are used to produce eco-friendly brake pads. Another factor driving the expansion of the market is government regulations across the globe are mainly focusing on the standard that is expected to lead to increased safety of the driver and passengers.
Despite the many drivers and opportunities for growth in the Automotive Brake Pad market, there are also several challenges that must be addressed. One of the main challenges is the high cost of Automotive Brake Pads, particularly the more advanced and accurate ones. For use in economy class vehicles, brake pads are significantly more expensive. Due to the large initial expenditure required to create such braking technology, only a small number of significant automobile firms have been successful in producing new and novel brake pad materials. Semi-metallic brake pads may be more expensive than organic pads. As a result, there is a great need for raw materials that are stable, cheap, and have high technical performance. This has limited the adoption of these systems in developing countries and smaller organizations that may not have the financial resources to invest in such systems.
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In addition, The COVID-19 pandemic has had a significant impact on the Automotive Brake Pad market. The lockdowns and reduced economic activity implemented by governments around the world led to a significant reduction in sales and immediate fall in its production.
Geographically, the Asia-Pacific region was the largest market for automotive brake pads due to rising vehicle sales, the emergence of new brake pad manufacturing firms, growing fleet sizes, a surge in the production of passenger cars, and rising disposable income among people in the region's emerging economies. Due to rising public awareness and policies aimed at lowering pollution levels, North America and Europe were also key markets. Additionally, some of the market key players are ZF Friedrichshafen AG, Continental AG, Brake Parts Inc., ADVICS Co., Ltd., EBC Brakes, Tenneco Inc., Nisshinbo Brake Inc., Robert Bosch GmbH, Akebono Brake Industry Co Ltd, Others.
Automotive Brake Pad Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Material Type: Based on the Material Type, Global Automotive Brake Pad Market is segmented as; Ceramic, Low-Metallic, Non-Asbestos Organic, Semi-Metallic Others.
By Position Type: Based on the Position Type, Global Automotive Brake Pad Market is segmented as; Front and Rear.
By Sales Channel: Based on the Sales Channel, Global Automotive Brake Pad Market is segmented as; OEM and Aftermarket.
By Region: This report also provides the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America.
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