The automotive brake pad market is expected to grow from US$ 2,580.57 million in 2021 to US$ 3,342.58 million by 2028. It is estimated to grow at a CAGR of 3.8% during the period of 2021 to 2028.
Brake pads create friction between the caliper and disc, which helps stop the car when pressed against the brake disc. The absence of brake pads extends the braking distance, and heat from the friction won't disperse correctly, which could cause the whole braking system to overheat and lead to complete brake failure. Thus, brake pads are one of the crucial components among the disc braking system in automotive parts. Therefore, many brake pad manufacturers are entering this lucrative business. Car manufacturers are increasingly demanding brake pads that last the car's lifetime.
Key Player -
- AKEBONO BRAKE INDUSTRY CO., LTD.
- Brake Parts Inc. LLC.
- Brembo S.p.A.
- Hebei Huahua Friction Material CO., Ltd.
- Nisshinbo Holdings Inc.
- Robert Bosch GmbH
- SANGSIN BRAKE
- Util Industries S.p.A
- ZF Friedrichshafen AG
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Automotive Brake Pad Market Insights
Growing Uptake of Electric Vehicles Fuels Brake Pad Usage, Creates Lucrative Opportunity for Automotive Brake Pad Market
The growing demand for low emission vehicles and supportive government regulations, such as subsidies & tax rebates for adopting zero-emission vehicles, is a potential trend, driving the automotive brake pad market. As per the IEA data, in 2020, the global electric car stock peaked the 10 million vehicles sales, a 43% increase from 2019.
Automotive Brake Pad Market – by Material Type
Based on material type, the global automotive brake pad market is segmented into the metallic brake pad, semi-metallic brake pad, ceramic brake pad, asbestos brake pad, and non-asbestos organic brake pad. The non-asbestos organic brake pad segment accounted for the largest share of the market in 2020. Moreover, the semi-metallic brake pad segment is projected to grow at a faster pace during the forecast period.
Automotive Brake Pad Market – by Vehicle Type
The automotive brake pad market is segmented into commercial vehicles and passenger vehicles based on vehicle type. The passenger vehicle segment accounted for the largest share in 2020.
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