Brake Pad Market Size, Share, Forecast Report 2021-2030
The global Brake Pad market is expected to grow at a CAGR of around 4.5% over the forecast period 2020 to 2030 and expected to reach the market value of around US$ 5.9 Bn by 2030. According to the statistics of World Bank Group, GDP of the global population, measured in terms of purchasing power parity, has tripled in last few decades. This increase in purchasing power of the global population has led to a rise in sales of vehicles across the globe. The increase in sales of vehicles has boosted the demand for automotive spare parts, thus driving the global brake pad market. The increase in awareness about vehicle safety has led to the disc brakes becoming a standard feature in vehicles across most countries. Numerous automakers are mounting disc brakes on all wheels of their vehicle models. This has increased the number of brake pads required per vehicle, thus boosting the brake pad market across the globe.
The global brake pad market is anticipated to expand at a CAGR of 4.5% during the forecast period, owing to robust expansion witnessed by the automotive industry across the globe. Various initiatives by governments, such as that of India, Saudi Arabia, and several other countries to expand the automotive sector have heightened the demand for spare parts of vehicles, thus fueling the brake pad market.
The ownership of vehicles is anticipated to reduce over the next few years due to changing mobility trend coupled with growing popularity of shared mobility or mobility as a service concepts, thus hampering the demand for brake pads
This research report purposes at stressing the most lucrative growth prospects.The aim of the research report is to provide an inclusive valuation of the Brake Pad market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Brake Pad market reportaids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-downimpact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilaracross various industry verticals. The research reportofferspresent short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lastingtactics for recovery and by region.
Brake Pad market report empower readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplish sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share.Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Significant Market Participants Operational in the Brake Pad Market are:
The global brake pad market include AISIN SEIKI Co., Ltd., ACDelco, Akebono Brake Corporation, ASIMCO, ASK Automotive Pvt. Ltd., Brake Parts Inc. LLC, Brembo S.p.A., EBC Brakes, Japan Brake Industrial Co., Ltd., MACAS AUTOMOTIVE, Masu Brake, Nisshinbo Brake Inc., Robert Bosch GmbH, Super Circle Auto Limited, Tenneco, TMD FRICTION HOLDINGS GMBH, Toughla Brakelinings, ZF Friedrichshafen AG, AVS BRAKE LININGS Private Limited, and BSK Auto Industries.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects includingproduct type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2030 and covers subsequent region in its scope:
Global Brake Pad Market: Segmentation
- Brake Pad Market, by Brake Pad Material
- Brake Pad Market, by Sales Channel
- Brake Pad Market, by Vehicle Type
- Two Wheeler Vehicle
- Passenger Vehicle
- Utility Vehicles
- Commercial Vehicle
- Light Duty Vehicles
- Heavy Trucks
- Buses & Coaches
- Off-road Vehicle
- Agriculture Tractors & Equipment
- Construction & Mining Equipment
- Industrial Vehicle (Forklift, AGV, etc.)
By Regional Outlook
- United States
- United Kingdom
- Rest of EU
- Southeast Asia
- Rest of APAC
Central & South America
- Rest of Central & South America
Middle East and Africa
- North Africa
- South Africa