Automotive Brake Pads Market: Current Analysis and Forecast (2022-2028)

Automotive Brake Pads Market: Current Analysis and Forecast (2022-2028)

The Global Automotive Brake Pads Market is expected to witness a significant CAGR of around 4% during the forecast period owing to the rising adoption of air disc brakes in commercial vehicles coupled with the rollout of stringent safety regulations and adoption advance braking systems in high-end and luxury cars. Furthermore, major two-wheeler OEMs are integrating new and innovative brake pads and braking systems in their vehicles mainly increasing passenger safety and comfort. For instance, in Feb 2022, Brakes India launched a range of high-performance brake pads specially designed to offer enhanced braking at high speeds and in hilly terrain. The new ‘Elite’ brake pads launched under the TVS Apache are stripe coated with the proprietary ABRACOAT technology.

Some of the major players operating in the market include Robert Bosch GmbH, Tenneco Inc., AISIN SEIKI Co. Ltd., ZF Friedrichshafen AG, ACDelco, Akebono Brake Industry Co. Ltd., ASIMCO Technologies, Brembo S.p.A., Japan Brake Industrial Co. Ltd., and Masu Brakes Private Limited.

Insights Presented in the Report
"Amongst material type, non-asbestos organic category to hold prominent share during the forecast period”

Based on material type, the market is categorized into semi-metallic, non-asbestos organic (NAO), low-metallic NAO, and ceramic. NAO brake pads are generally made from organic materials including fiber, glass, rubber, and Kevlar. Many automotive manufacturers have chosen non- NAO brake pads as their OE vehicle parts. NAO brake pads offer various advantages such as low dust and less noise along with good value for money.
"Amongst sales channel, aftermarket to witness significant growth during the forecast period”

Based on sales channel, the automotive brake pads market is divided into OEMs and aftermarket. The aftersales segment is expected to witness the highest growth during the forecast period. The rising need for people and independent retailers to access more affordable automotive parts for sale in the aftermarket offers an impetus to the market. Furthermore, traditional automotive retailers are adopting e-commerce sales channels to increase revenue generation coupled with the growing entrance of online-based automotive part suppliers in the ecosystem. For instance, boodmo is an online marketplace of automotive components and products in India. It has 1 million varieties of spare parts by 400 suppliers of over 3,000 Indian as well as international brands available on its e-store.
"APAC to hold a significant share in the market”

APAC grabbed the leading market share of the global automotive chips market in 2020, and it is expected to grow with considerable CAGR during the forecast period owing to the growing working population and expanding middle-class population thus creating demand for new-age vehicles. Furthermore, the presence of a large pool of skilled & semi-skilled workforce and cost-effective manufacturing in countries like India and China along with the presence of a vast number of automobile manufacturing businesses and OEMs in the region is further expected to drive the market. In addition, China is considered the largest producer and seller of automotive. Moreover, rising car sales in China paired with the growing demand for comfort, luxury, and safety products and services would help the Chinese market to witness significant growth. For instance, as per the China Passenger Car Association, 2.53 million luxury vehicles were sold in China in 2020, an increase of 14.7% compared to 2019, this represented a 13% market share among total passenger vehicles sold in the country. In 2018 and 2019 luxury vehicle sales experienced growth of 17.6% and 11.7% respectively.

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