The global brake pad market is projected to cross US$ 5.6 Bn by 2030, expanding at a CAGR of ~4% during the forecast period. 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.
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.
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Regional Analysis of Brake Pad Market
In terms of region, the global brake pad market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global brake pad market in 2019. It is anticipated to hold a leading market share during the forecast period, due to the high production of vehicles in countries such as China, India, Japan, and South Korea. Furthermore, growing industrialization and trade activities in these countries have increased the miles driven by commercial vehicles, further propelling the demand for brake pads. Europe is the second-largest market for brake pads after Asia Pacific. The presence of major automakers coupled with high purchasing power of the population in the region has boosted the sales and production of vehicles in the region, which, in turn, has fueled the demand for brake pads.
This report answers these questions and more about the brake pad market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
This TMR report on the brake pad market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the brake pad market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by key players, researchers of the brake pad market arrive at predictions and estimations, and calculate the forecast for the market.
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This report uses an analytical triangulation method to estimate the numbers and figures of the brake pad market, with both a bottom-up and top-down approach.
This detailed assessment of the brake pad market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the brake pad market is estimated to expand are based on carefully vetted primary and secondary sources.
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