Rising passenger and commercial vehicle sales are projected to drive the automotive brake pads market size through the upcoming timespan. In addition, a substantial growth in aftermarket product demand, owing to the increasing maintenance and repair activities, would further complement the overall market growth. Moreover, the frequent launch of new passenger vehicle models, along with favorable promotional offers, by automotive firms is likely to propel the product sales throughout the forecast timeframe.
In fact, the practice of frequent vehicle launches with innovative promotional offers have proven to be greatly effective in bolstering vehicle sales and ultimately the brake pads demand. According to Invest India reports, passenger vehicle sales grew by more than 2.70% in the financial year 2018-19. Furthermore, during April-March 2019, overall automobile exports were up by a tremendous 14.50% while the commercial vehicle sector witnessed a momentous rise of 17.55%.
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A new Global Market Insights Inc., report estimates, the automotive brake pads market would likely exceed a total valuation of $14.7 billion by 2026.
The low metallic NAO segment is slated to grow at a significant expansion rate of 3.8% through the forthcoming timespan. These brake pads contain a high concentration of mineral abrasives which helps them offer a better stopping power than their counterparts. The brake pads are built using an organic formula mix that includes small amounts of copper or steel. The copper or steel is added to the formulation in order to support a greater level of heat transfer and consequently provide more efficient braking as well as.
In 2019, heavy commercial vehicles (HCV) held a momentous revenue share of more than $124 million with projections anticipating it to experience immense growth over the coming future. This growth is ascribed to the rapidly expanding construction and logistics industries. HCVs are frequently involved in work that revolves around hauling hefty loads, which is why they create a high demand for effective braking system to enhance safety.
The ongoing growth of both private and public transportation sectors throughout developing economies is expected to impel the segment share over the coming years. Taking March 2019 for instance, Meyle launched new brake pads that are specifically developed for HCVs to provide them a reduced braking distance and enhance braking performance.
On the regional front, growing R&D investments by key market players to offer the best product quality to their consumers is likely to push the Latin America automotive brake pads industry outlook. In fact, the regional market is likely to grow at a CAGR of approximately 3.2% throughout the forthcoming timeframe.
Brazil and Mexico are estimated to lead the regional industry share owing to the surging sales of automotive brake pads across these economies. Moreover, stringent regulatory reforms that are banning the use of asbestos-based products due to health issues would further propel the LATAM market size over the projected timeframe.
Meanwhile, major market players are also investing towards establishing new manufacturing plants in order to expand their regional footprints as well as grow their customer base. Citing an instance, in 2019, Sangsin Technology America, the American arm of South Korean brake pads producer, Sangsin Technology, reportedly announced its plan to build a $20 million factory in McDonough, Georgia. The company would manufacture aftermarket brake pads as well as other friction products for the automotive sector in this production facility.
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The competitive landscape of the Automotive Brake Pads Market is inclusive of players like Ranbro Brakes India Limited, KFE Brakes System, Brakewel Automotive Components India, Hunan Boyun Automobile Brake Material Co Ltd, Sangsin Brakes, HAWK Performance, ICER BRAKES, Double Link, WAGNER, Nisshinbo Brake Inc., and Hitachi Chemical among others.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Research methodology
1.1.1 Initial data exploration
1.1.2 Statistical model and forecast
1.1.3 Industry insights and validation
1.1.3 Industry insights and validation
1.1.4 Definitions & forecast parameters
1.1.5 Base estimates & working
188.8.131.52 Forecast parameters & considerations
184.108.40.206 COVID-19 impact calculations on industry forecast
1.1.5 Data Sources
220.127.116.11 Paid sources
18.104.22.168 Secondary Sources
Chapter 2 Automotive Brake Pads Market Summary
2.1 Automotive brake pads industry 3600 synopsis, 2016 – 2026
2.1.1 Business trends
2.1.2 Vehicle trends
2.1.3 Material trends
2.1.4 Sales channels trends
2.1.5 Position trends
2.1.6 Region trends
Chapter 3 Automotive Brake Pads Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2026
3.2.1 COVID-19 impact on industry landscape
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
22.214.171.124 COVID-19 impact on raw material supply, by region
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