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Automotive Brake Pads Global Market Report 2024 Global Market Analysis, Trends, Growth, Research And Forecast 2033
Automotive Brake Pads Global Market Report
According to The Business Research Company's, The automotive brake pads market size has grown strongly in recent years. It will grow from $8.18 billion in 2023 to $8.73 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to vehicle sales growth, emphasis on vehicle safety, consumer awareness and education, stringent safety regulations, wear and tear considerations..
The automotive brake pads market size is expected to see strong growth in the next few years. It will grow to $11.37 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to rising global vehicle fleet, evolving automotive design trends, continued emphasis on vehicle safety, rise of electric and hybrid vehicles, maintenance and aftermarket trends.. Major trends in the forecast period include development of low-dust brake pads, use of advanced composite materials, integration of sensors for wear monitoring, focus on noise reduction technologies, increased demand for ceramic brake pads,.
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Market Drivers and Trends:
The rising demand for electric vehicles (EVs) is expected to propel the growth of the automotive brake pads market going forward. The electric vehicle is an automotive that is powered by an electric motor that takes electricity from a battery and can be charged from an external source. Automotive brake pads provide safer and more efficient regenerative braking mechanisms for electric vehicles that slow the vehicle down and save the vehicle from accidents. For instance, in September 2022, according to the Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year, reaching a new high of 6.6 million units' sale. Additionally, the sales of electric cars worldwide in 2021 have a sales share of 4%. Therefore, the rising demand for electric vehicles is driving the automotive brake pads market.
Product innovation is a key trend gaining popularity in the automotive brake pads market. Major companies operating in automotive brake pads are focused on developing innovative solutions to strengthen their position in the market. For instance, in March 2023, Brakes India Pvt Ltd, an Indian-based company, launched ZAP brake pads, which are integrated with advanced friction technology for electric vehicle use. These brakes act as strong stopping forces and are specifically made for battery-electric cars that adhere to environmental safety and sustainability standards.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
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Major Key Players of the Market:
ACDelco LLC; Akebono Brake Industry Co. Ltd.; Allied Nippon Limited; Brakes India Private Limited; Brakewel Automotive Components India Private Limited; G.U.D Holdings (Pty) Ltd.; Hindustan Composites Limited; Makino Auto Industries Private Limited; MAT Holdings Inc.; Nisshinbo Holdings Inc.; Ranbro Brakes India Limited; Rane Brake Lining Limited; STEINHOF Sp. z o.o.; Sundaram Brake Linings Limited; Tenneco Inc.; ZF Friedrichshafen AG; Robert Bosch GmbH; Continental AG; Brembo S.p.A.; BorgWarner Inc.; ITT Inc.; Delphi Technologies Inc.; Freeman Automotive UK Ltd.; ADVICS Co. Ltd.; Japan Brake Industrial Co. Ltd.; Hebei Huahua Friction Material CO. Ltd.; Federal-Mogul LLC; ABS Friction Inc.; Fras-le S.A.; HAWK Corporation; Honeywell International Inc.; Hunan BoYun Automobile Brake Materials Co. Ltd.; ICER Brakes S.A.; Meritor Inc.; MK Kashiyama Corp.; SAL-FER S.p.A.; Sangsin Brake Co. Ltd.; Shandong Gold Phoenix Co. Ltd.; Shandong xinyi Double Link Brake Material Co. Ltd.; Showa Denko Materials Co. Ltd.; Sumitomo Riko Company Limited; ZF TRW Automotive Holdings Corp.
Automotive Brake Pads Market 2024 Key Insights:
• The automotive brake pads market will grow to $11.37 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Surge In Electric Vehicle Demand Boosts Automotive Brake Pads Market Growth
• Automotive Brake Pads Market Embraces Product Innovation With Zap Brake Pads
• North America was the largest region in the automotive brake pads market in 2023
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