Automotive Brake Pads Market Analysis | 2023-2028

“The Automotive Brake Pads Market was estimated at US$ 3.03 billion in 2022 and is expected to grow at a CAGR of 4.2% during 2023-2028 to reach US$ 3.91 billion by 2028.” 

Wish to get a free sample? Register Here

Market Dynamics

Introduction

Automotive brake pads can be defined as components of the brake assembly in a car with the intended purpose of generating friction on the brake rotor discs or drums to arrest the motion of a car. Semi-metallic, ceramic, or organic compounds are used to create brake pads; they are installed in the brake caliper. When the brake pedal is pressed hydraulic fluid pushes the caliper to squeeze the brake pads over rotating discs to slow down the vehicle through conversion of kinetic energy to heat energy. A lot of emphasis needs to be placed on brake pads and their upkeep, as well as replacement when they have become worn out.

Market Drivers

These factors are expected to fuel the growth of the brake pad market during the forecast period.

•  Development of new brake pad material compounds offering high friction and fade resistance for performance vehicles.

• Increasing vehicle sales combined with the availability of lightweight and advanced friction materials.

• The updated vehicle safety regulations.

• The growing presence of automotive players.

Segments Analysis

Want to get more details about the segmentations? Register Here

By Vehicle Type

“PCV dominates the market during the forecast period.”

The market is segmented into PCV, LCV, HCV, and two-wheelers. PCV is expected to witness a significant growth rate in the market during the forecast period owing to the frequent launch of passenger car vehicle models and multiple offers provided by vehicle manufacturers.

In addition, increasing investments by the premium and luxury car manufacturers to manufacture new products with enhanced features, and growing demand for passenger car sales in developed nations are further expected to drive the automotive brake pads market growth during the forecast period.  

By Material Type

“Semi-metallic material type dominates the market during the forecast period.”

The market is segmented as semi-metallic, non-asbestos organic, low-metallic NAO, and ceramic. Semi-metallic material type is anticipated to register a high growth rate in the market owing to its capability to provide high shear and bonding strength in brake systems. Also, the presence of 30 to 60 percent of metallic materials including steel and iron offers high thermal stability to the brake systems, boosting the product demand in the market during the forecast period.

By Sales Channel Type

“OEM sales channel accounted for the major share during the forecast period.”

The market is segmented as OEM and aftermarket. OEM sales channel is estimated to account for the major share of the market during the forecast period on account of features, such as enhanced quality assurance, wear resistance, and restriction of noise and dust. Factors such as individual vehicle manufacturers incorporating innovative brake pads in their vehicles to improve braking efficiency and industry players offering a wide range of products that include environmentally friendly brake pad materials are further expected to drive market growth during the forecast period.

By Position Type

“The front & rear segment dominates the market during the forecast period.”

The market is segmented as front and front & rear. The front & rear segment is estimated to be the leading position type in the market owing to the optimization of vehicle performance with specialized brake pad design for every vehicle wheel during the forecast period. Further, industry players frequently launching new products with customized braking designs for trucks and SUVs is expected to accelerate the segment’s growth during the forecast period.

Regional Analysis

“Asia-Pacific is estimated to be the leading region in the market during the forecast period.”

Increasing vehicle sales coupled with increasing disposable income of consumers across emerging economies during the forecast period. China and India are the growth engines of the region contributing to the growing demand for the product during the forecast period. Factors such as the establishment of new industry players in the region increasing manufacturing of passenger cars and fleet size are further expected to fuel the market growth over the forecast period.

Europe and North America are also expected to offer substantial growth opportunities during the forecast period.

Want to know which region offers the best growth opportunities? Register Here

Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.  

The following are the key players in the automotive brake pads market (arranged alphabetically).

• Brembo S.p.A.
• EBC Brakes
• HAWK Performance
• Hunan Boyun Automobile Brake Material Co., Ltd.
• Icer Brakes S.A.
• KFE Brake Systems
• Nisshinbo Brake Inc.
• Ranbro Brakes India Limited
• Sangsin Brakes America Inc.
• Wilwood Engineering Inc

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.