Brake Pad Market 2024 Latest Report | Know the Latest COVID19 Impact Analysis, Growth Opportunities, Forecast by 2030

Potential Tax Implications to Dictate Revenue Growth amid Coronavirus Crisis

The COVID-19 crisis has led to disruptions in the automotive supply chains. Countries such as South Korea, China, and Japan have been worst hit due to the pandemic as a significant share of global auto manufacturing resides here. In order to tide over the challenges due to the coronavirus crisis, companies in the brake pad market are taking into account the potential tax and tariff implications of supplier changes to maintain business continuity. They are making considerations about vehicle design and materials to efficiently allocate budgets for production. This is expected to drive the brake pad market.

Request a sample to get extensive insights into the Brake Pad Market

Which is Better: Organic, Ceramic or Metallic Brake Pads?

The brake pad market is predicted to reach the valuation of US$ 5.6 Bn by 2030. Organic brake pads are found to produce less dust than metallic ones. However, heat-absorbing materials in organic brake pads lead to increased wear and tear of the brake pads. Low noise levels of ceramic brake pads are being highly publicized. However, high manufacturing costs of these brake pads are affecting market growth. Metallic brake pads deliver high performance in driving applications. However, they tend to create stress on the braking system. Such pros and cons help to balance out brake pad choices in the auto manufacturing sector, as per purchase decisions and budget of car owners.

To understand how our report can bring difference to your business strategy, Ask for a brochure

Heavy-duty Grade Brake Pads Gain Prominence in Off-road Vehicles

In order to gain a competitive edge in the brake pad market, manufacturers are engineering and testing brake pad materials to suit the driver’s needs. Companies are increasing their output capacities in premium and heavy-duty grade brake pads to cater to niche requirements of OEMs manufacturing off-road vehicles such as tractors and mining vehicles. Friction materials and formulas are becoming deciding factors for innovations in brake pads.

Copper-free Friction Materials Capable of Minimizing Vehicle Emissions in Urban Areas

Companies in the brake pad market are becoming aware about vehicle emissions caused due to wearing out of disc brakes. Thus, manufacturers are increasing their R&D muscle to eliminate copper from brake pads to lower vehicle emissions. They are experimenting with copper-free friction materials to minimize vehicle emissions released in urban areas. This is found to benefit human and environment conditions. Apart from this, manufacturers are taking into consideration matched sets of rotors and brake pads to deliver durable and consistent performance in vehicles.

Stuck in a neck-to-neck competition with other brands? Request a custom report on Brake Pad Market

Brake Pad Market: Overview

  • The global brake pad market is anticipated to expand at a CAGR of ~4% during the forecast period, owing to robust expansion witnessed by the automotive industry across the globe. Various initiatives by governments, such as that of India, Saudi Arabia, and several other countries to expand the automotive sector have heightened the demand for spare parts of vehicles, thus fueling the brake pad market.
  • The ownership of vehicles is anticipated to reduce over the next few years due to changing mobility trend coupled with growing popularity of shared mobility or mobility as a service concepts, thus hampering the demand for brake pads

Drivers of Brake Pad Market

  • Rise in GDP of the global population has inflated its disposable income, which, in turn, has driven the sales of vehicles. This rise in sales of vehicles around the globe has boosted the brake pad market.
  • Increase in awareness about safety among vehicle consumers as well as government authorities has prompted the integration of various technologies, such as ABS and EBD, as a standard feature in most new vehicles. These technologies accelerate the wear of brake pads, thus propelling the global brake pad market.
  • Growing industrialization across continents has fueled trade activities, thus increasing the miles driven by commercial transport vehicles. The rise in miles driven by transport vehicles results in high wear of brake pads and hence, boosts the brake pad market across the globe.

Challenges for Brake Pad Market

  • The recent outbreak of COVID-19 pandemic hampered majority of businesses across the globe, owing to forced shutdown of production and manufacturing activities. This caused the global economy to contract to its lowest growth rate. Disruption in supply chains of the automotive sector hampered the production of vehicles. Moreover, the demand for new vehicles has reduced, as people are restraining themselves from spending money on non-essential products and services.
  • Rise in popularity of electric vehicles equipped with regenerative braking systems reduce the usage of friction brakes, thus decreasing the wear of brake pads and subsequently lowering demand in the aftermarket

Read TMR Research Methodology @:

https://www.transparencymarketresearch.com/methodology.html

Segmentation of Brake Pad Market

  • The global brake pad market has been segmented based on brake pad material, sales channel, vehicle type, and region
  • Based on brake pad material, the organic segment is anticipated to gain high market share. Brake pad manufacturers have developed non-asbestos organic brake pads that contain high amount of reinforcement fibers as compared to that in fully organic brake pads, which increases the strength of brake pads. These developments in organic brake pad materials are expected to propel its share in global brake pad market.
  • Based on vehicle type, the passenger vehicle segment held a significant share of the global brake pad market. Disc brakes are becoming a standard feature in most passenger vehicles available around the globe and the number of brake pads required per vehicle is increasing, thus contributing toward the higher share of the passenger vehicle segment of the brake pad market.

Brake Pad Market: Regional Analysis

  • Based on region, the global brake pad market has been segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
  • Asia Pacific and Europe are projected to be highly lucrative markets during the forecast period. Countries in Asia Pacific such as China, India, Japan, and South Korea contribute for more than 40% of the total automobile production worldwide, thus creating high demand for brake pads. Presence of major automakers in Europe is contributing toward the notable share held by the region in the global brake pad market.

Brake Pad Market: Competition Landscape

  • Key players operating in the global brake pad market include
    • AISIN SEIKI Co., Ltd.
    • ACDelco
    • Akebono Brake Corporation
    • ASIMCO
    • ASK Automotive Pvt. Ltd.
    • Brake Parts Inc. LLC
    • Brembo S.p.A.
    • EBC Brakes
    • Japan Brake Industrial Co., Ltd.
    • MACAS AUTOMOTIVE
    • Masu Brake
    • Nisshinbo Brake Inc.
    • Robert Bosch GmbH
    • Super Circle Auto Limited
    • Tenneco
    • TMD FRICTION HOLDINGS GMBH
    • Toughla Brakelinings
    • ZF Friedrichshafen AG
    • AVS BRAKE LININGS Private Limited
    • BSK Auto Industries
  • Key players operating at the global level are expanding their presence by engaging in mergers and acquisitions with several players in the industry. In October 2018, Tenneco Inc. completed the acquisition of Federal-Mogul LLC, a major supplier of brake pads and linings to automakers and aftermarket players. Similarly, other market players, including AISIN SEIKI Co., Ltd. and Brake Parts Inc. LLC. have also recently undertaken merger & acquisition activities to expand their global presence.

Read Our Latest Press Release:

https://www.prnewswire.co.uk/news-releases/binge-watching-during-covid-19-underscores-growth-in-video-on-demand-vod-services-tmr-843517403.html

https://www.prnewswire.co.uk/news-releases/covid-19-outbreak-to-influence-growth-prospects-of-personal-protective-equipment-ppe-market-tmr-888885156.html

About Us

Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.

Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad-hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.

Contact

Transparency Market Research State Tower,

90 State Street,

Suite 700,

Albany NY – 12207

United States

USA – Canada Toll Free: 866-552-3453

Email: [email protected]

Website: https://www.transparencymarketresearch.com