Brake Pad Market Size, Share & Analysis Report, 2021-2027
The global Brake Pad market gathered revenue around USD 4.82 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 4.9% during the prediction period 2021 to 2027.
Growth Factors:
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.
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 report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
Report Coverage
| Report Scope | Details |
| Market Size | USD 4.82 Billion by 2027 |
| Growth Rate | CAGR of 4.9% From 2021 to 2027 |
| Base Year | 2020 |
| Forecast Period | 2021 to 2027 |
| Historic Data | 2017 to 2020 |
| Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
| Segments Covered | Brake Pad Material, Sales Channel, Vehicle Type And Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | 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 |
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact 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 dissimilar across various industry verticals. The research report offers present 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-lasting tactics for recovery and by region.
Brake Pad market Report empowers 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 accomplishes 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.
Expansion of Brake Pad Market
Government authorities of various countries have prohibited the use of certain hazardous raw materials in brake pads, and have made it obligatory to control the brake dust generated. Consequently, manufacturers of brake pads have developed new products made from novel materials that lower the environmental impact. For instance, in 2018, AKEBONO BRAKE INDUSTRY CO., LTD. launched a new friction material consisting of phenol resin with wood powder, which has reduced noise and vibration, and the material has less impact on the environment as compared to that of other products such as asbestos. These new raw materials provide significant opportunity for the global brake pad market.
Technological advancements in braking systems have fueled the demand for brake pads. The ABS technology increases the wear of brake pads, the wear sensors timely alert the driver of worn-out pads and numerous other such technologies increase the frequency of brake pad replacement, thus boosting the global brake pad market. Based on brake pad material, organic brake pads are gaining high popularity across the globe, owing to the lower cost of these brake pads, lower environmental concerns, and high heat transfer capabilities. These advantages make organic materials highly suitable for general-purpose applications.
Segmentation of Brake Pad Market analysis:
The global brake pad market has been segmented based on brake pad material, sales channel, vehicle type, and region
Based on brake pad material, the organic segment is anticipated to gain high market share. Brake pad manufacturers have developed non-asbestos organic brake pads that contain high amount of reinforcement fibers as compared to that in fully organic brake pads, which increases the strength of brake pads. These developments in organic brake pad materials are expected to propel its share in global brake pad market.
Based on vehicle type, the passenger vehicle segment held a significant share of the global brake pad market. Disc brakes are becoming a standard feature in most passenger vehicles available around the globe and the number of brake pads required per vehicle is increasing, thus contributing toward the higher share of the passenger vehicle segment of the brake pad market.
Competitive Rivalry
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.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the 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
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 including product 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 2027 and covers subsequent region in its scope:
Market: Segmentation
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Brake Pad market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Brake Pad market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Brake Pad markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Brake Pad market Study:
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers