The global Automotive Backing Plate Market was valued at US$ 590.6 Mn in 2021 and is expected to reach US$ 613.4 Mn by 2032, finds Future Market Insights (FMI) in a recent market survey. As per the findings, revenue through disc brakes grew at a CAGR of 3.4% during 2017 - 2021. Disc brakes are lighter than drum brakes and possess a greater cooling effect due to their sheer location. They are also paving their way into commercial vehicles due to their consistent performance and high speed.
US to Dominate the Automotive Backing Plate Market throughout The Analysis Period
The automotive backing plate market in the U.S. is valued at US$ 337.4 Mn by 2032. It witnessed a growth rate of 3.6% in 2017-2021 and is expected to achieve 4.2% CAGR during 2022-2032. Growth in automotive parts in the U.S. aftermarket is driving the market for automotive backing plate market. According to S&P Mobility, around 32 Million U.S. cars are more than 12 years old. This factor is expected to drive the market's demand for automotive brake components. The absolute dollar opportunity growth in U.S. is US $114.2 Mn from 2022-2032.
“Corporations are leading the way in guaranteeing the safety and vitality of the automobile aftermarket by being the first to develop new solutions in the backing plate. Manufacturers of automotive backing plates are attempting to make repairs easier for technicians by developing new options for easy installation and improving performance. By launching tens of thousands of replacement goods designed to save money and time, the dependability and convenience of the system will improve.” comments an analyst at Future Market Insights.
Automotive Backing Plate Market: Competition Insights
With the ever-increasing demand for automobiles, manufacturers are concerned with expanding their industries and collaborating in joint ventures. The main focus of the competitive Industries is to thrive in the global market for automotive components by expanding their portfolio and participating in new development projects with the aim of increasing safety in brake components and achieving growth. The key companies operating in the automotive backing plate market include Super Circle NUCAP, MAT Foundry Group Ltd., INDUS Marmara Auto Components Pvt Ltd., Dorman Products, Ridex GMBH, ORTLINGHAUS-WERKE GmbH, Sparex, RSB Tech Solution, ACDelco and Ortlinghaus-Werke GmbH
Some of the recent developments by key providers of Automotive Backing Plate market are as follows:
In March 2022, Dorman announced the launch of 250 new auto parts which included Dorman OE FIX. It features thermal and vibration-tested backing plates for resistance from corrosion and additional reliability in electric components.
In January 2021, Dorman introduced rear brake backing plates, engineered to change original plates that is rusted or failed prematurely, for 1.8 Mn Chevrolet, GMC and Hummer vehicles.
In August 2021, NUCAP and Sumitomo Bakelite CO., Ltd developed a new hybrid brake-backing plate under a joint development agreement to provide auto engineers with solutions to key weight challenges.
In April 2021, Brembo expanded its line of aftermarket with 130 new replacement brake pads and rotors. Out of 83 new parts, 50 were identified as ceramic pads with red backing plates. 33 new pad were low met and was manufactured for aggressive driving.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Automotive Backing Plate Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in the Automotive Backing Plate Market in terms of Brake Types (Disc Brake, Drum Brake), Brake Material Type (Aluminium, Iron, Others), and Vehicle Type (Passenger Cars, Light Commercial Vehicle, Heavy Commercial vehicles), E-readers), across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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About Future Market Insights (FMI)
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.