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Future of Automotive Brake Pads Market: Size, Share & Forecasts to 2029
Automotive Brake Pads
What Is the Projected Market Size Valuation of the Automotive Brake Pads Market by 2025?
The consistent expansion of the automotive brake pads market has been witnessed lately, with its worth anticipated to rise from $8.6 billion in 2024 to $9 billion in 2025. This suggests a compound annual growth rate (CAGR) of 4.7%. Factors such as growth in vehicle sales, importance placed on vehicle safety, increased customer knowledge and enforcement of stricter safety laws along with wear and tear considerations have contributed to this growth during the historic period.
What Is the Estimated Market Growth Value for the Automotive Brake Pads Industry in 2029?
Expectations point towards a robust expansion in the automotive brake pads market over the coming years. It's projected to swell to a value of $11.66 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 6.7%. This anticipated surge during the forecast period is linked to an expanding global vehicle pool, shifting automotive design trends, ongoing focus on automotive safety, the emergence of electric and hybrid vehicles and trends in maintenance and aftermarket. High points in the forecast period encompass the emergence of low-dust brake pads, utilization of sophisticated composite materials, inclusion of wear-monitoring sensors, concentration on noise-reducing technologies and the rising demand for ceramic brake pads.
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What Are the Growth Drivers and Opportunities in the Automotive Brake Pads Market?
The growing popularity of electric vehicles (EVs) is anticipated to trigger the expansion of the automotive brake pads market. An electric vehicle functions by utilizing an electric motor that draws electricity from a battery and can be recharged using an external source. Automotive brake pads offer more efficient and safer regenerative braking systems for electric vehicles, helping to decelerate the vehicle and prevent accidents. For example, data from Sustainable Bus, an Italian media organization specializing in green buses and sustainability, showed a 53% increase in registrations of electric buses in Europe in 2023 compared to 2022. As such, the escalating demand for electric vehicles is a driving force for the automotive brake pads market.
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What Are the Primary Segments Covered in the Global Automotive Brake Pads Market Report?
The automotive brake pads market covered in this report is segmented -
1) By Material Type: Semi-Metallic, Non-Asbestos Organic (NAO), Low-Metallic, Ceramic
2) By Position Type: Front, Front And Rear
3) By Vehicle: Two Wheelers, Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
4) By Sales: Original Equipment Manufacturer, After market
Subsegments:
1) By Semi-Metallic: Copper-Based, Steel Fiber-Based, Iron-Based
2) By Non-Asbestos Organic (NAO): Rubber-Based, Fiber-Based
3) By Low-Metallic: Low-Metallic NAO, Semi-Metallic With Reduced Metal Content
4) By Ceramic: Premium Ceramic, Standard Ceramic
What Are the Top Growth Trends in the Automotive Brake Pads Market?
Innovating new products is becoming a popular trend in the automotive brake pads industry. Major businesses in this market prioritize crafting unique solutions to solidify their market positions. A clear example of this occurred in March 2023 when Brakes India Pvt Ltd., a company based in India, introduced ZAP brake pads. These pads, equipped with cutting-edge friction technology, are designed specifically for electric vehicles. They offer potent stopping power and are specifically engineered for battery-powered cars that conform to environmental safety and sustainability protocols.
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Which Companies Are Shaping the Future of the Automotive Brake Pads Market?
Major companies operating in the automotive brake pads market include 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.
Which Region Holds the Largest Market Share in the Automotive Brake Pads Industry?
North America was the largest region in the automotive brake pads market in 2024. Asia-Pacific is expected to be the fastest-growing region in the automotive brake pads market during the forecast period. The regions covered in the automotive brake pads market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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