The global automotive brake pad market 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.
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.