The global automotive brake pad market share is predicted to reach a valuation of US$ 4.2 Billion by 2032 as opposed to an estimated US$ 2.7 Billion in 2022. The target market is set to expand at an average CAGR of 4.6% from 2022 to 2032. Factors such as increasing concern regarding vehicular safety and technological progress are anticipated to spearhead the growth for the automotive brake pad market during the forecast period.
The automotive brake pad industry is witnessing substantial growth as several manufacturers are seeking to make driving more convenient and safe and enhance brake pad technology with the help of technological advancements. Departing from the conventional brake pads, manufacturers have integrated brake pads into anti-lock braking systems (ABS) and anti-collision items. This will help create a safe and secure driving experience. Again, heightened demand for hybrid and electric vehicles, regenerative braking, and anti-lock brakes (ABS) have been dominating the brake pad market in the United States and Europe for the past few years.
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Furthermore, defective brakes are one of the key reasons causing accidents in countries across the world. Thus, factors like innovation in braking technologies, concern regarding the safety of the driver, and the haphazardness on the roads, particularly in developing countries, spur the demand for high-end automotive brake components. Additionally, though Asbestos based brake pads will witness a sharp fall in growth rates owing to their harmful effects leading to lung cancer, the popularity of other segments will substantially contribute to the overall market growth of automotive brake pads during the forecast period.
“High demand for safe, secure, and convenient driving experience and growing popularity of electric and hybrid vehicles will supplement the global growth of the automotive brake pad market over the forecast period,” says an FMI analyst.
Key Takeaways:
- The North American automotive brake pad market will account for 41.4% of the global market share by 2032.
- The automotive brake pad market in the United States is expected to reach a value of US$ 451.3 Mn by 2032 due to the high demand for electric vehicles.
- China’s automotive brake pad market will expand at a CAGR of 3.6% and reach a value of US$ 84.3 Mn by 2032.
- By material type, the non-asbestos organic brake pad will generate high demand due to high toxicity of asbestos.
- The elevated demand for electric vehicles will propel the growth of the ceramic brake pads segment.
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Competitive Landscape
Key market participants are entering new markets and establishing manufacturing facilities, as well as increasing investments in R&D activities. These players are also keen on product innovation and the development of brake pads that will have a greater shelf life. Joint ventures and strategic alliances are also employed to gain the upper hand in the competitive market.
Brembo S.p.A, Akebono Brake Company, Nisshinbo Brake Inc, Continental, Automotive GmbH, Bosch Limited, Tenneco Inc., Brakewel Automotive Components India Pvt. Ltd., among others, are some of the major players in the automotive brake pad market profiled in the full version of the report.
More Insights into Automotive Brake Pad Market Report
In its latest report, FMI offers an unbiased analysis of the global automotive brake pad market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of material type, vehicle type, and region.
The non-asbestos organic brake pad and ceramic brake pads are anticipated to observe high demand during 2022-2032. Since asbestos, as a material, is quite toxic, more and more manufacturers are opting for non-asbestos organic brake pads. Increasing use of ceramic brake pads in hybrid and electric vehicles will fuel the growth of this segment during 2022-2032.
Based on region, the North American automotive brake pad market will dominate the global marketplace with 41.4% of the overall market share. The growth of the regional market is mainly due to the presence of growth-inducing factors in the U.S. The technological advancements and an upsurge in the demand for electric vehicles will push the U.S. automotive brake pad market to grow at a CAGR of 3.9% during 2022-2032. China’s automotive brake pad market, too, will expand at a CAGR of 3.6% and reach a value of US$ 282.2 Million by 2032.
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Key Segments Covered in Automotive Brake Pads Industry Survey
Automotive Brake Pad Market by Material type:
- Metallic Brake Pad
- Semi-Metallic Brake Pad,
- Ceramic Brake Pad
- Asbestos Brake Pad
- Non-Asbestos Organic Brake Pad
Automotive Brake Pad Market by Vehicle type:
- Commercial Vehicle
- Passenger Vehicle
Automotive Brake Pad Market by Region:
- North America Automotive Brake Pad Market
- Latin America Automotive Brake Pad Market
- Europe Automotive Brake Pad Market
- South Asia Automotive Brake Pad Market
- East Asia Automotive Brake Pad Market
- Oceania Automotive Brake Pad Market
- Middle East & Africa Automotive Brake Pad Market
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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