The global Automotive Brake Pad Market was valued at around USD 2.6 Billion in 2021, with a projected CAGR of 4.6% for the next ten years.
The market is likely to reach a valuation of nearly USD 4.2 Billion by the end of 2032. Future Market Insights’ analysis reveals that the market for Non-Asbestos Organic Brake Pad will see steady growth and is set to witness a 4.5% CAGR, during the forecast period.
| Attribute | Details |
|---|---|
| Automotive Brake Pad Market Size (2022) | USD 2.7 Billion |
| Projected Market Value (2032) | USD 4.2 Billion |
| Global Market Growth Rate (2022 to 2032) | 4.6% CAGR |
| Share of Top 5 Countries | More than 53% |
| North America Market Share (2021) | ~41.4% |
| United States Growth Rate (2022 to 2032) | ~3.9% |
| Key Countries Profiled | ACDelco, Brembo S.p.A., Akebono Brake Company, Nisshinbo Brake Inc., TMD, Continental Automotive GmbH, Bosch Limited, Federal-Mogul LLC, Delphi Technologies, EBC Brakes |
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In order to make driving more convenient and safe, automotive manufacturers are actively attempting to improve brake pad technology as a result of technological advancements. Apart from the traditional brake pads, manufacturers have developed brake pads into anti-lock braking systems (ABS) and anti-collision items.
Due to the rise of hybrid and electric vehicles, regenerative braking and anti-lock brakes (ABS) have recently dominated the brake pad market in the USA and Europe. In 2020, the market for electric car regenerative braking pads was valued at USD 3.5 billion. These technical improvements, such as regenerative braking and the introduction of a brake-by-wire system, have significant potential in developing countries, indicating a positive automotive brake pad market trend.
Defective brakes are one of the key reasons causing accidents in the UK, according to the Department for Transport Statistics. Innovation in braking technologies, concerns regarding the safety of the driver, and haphazardness on the roads, especially in developing countries are some of the factors which are causing a high demand for high-end automotive brake components.
Awareness about the safety systems and safety regulations under the new car Assessment Programme will induce the demand for advanced electronic brake systems.
The USA Department of Transportation’s National Highway Traffic Safety Administration has put forward the manufacturing of automatic emergency braking systems (AEB). With low-speed AEBs, road crashes will reduce and therefore prevent the exposure of injuries. The Ministry of Road Transport and Highways proposed government of India and mandated anti-lock braking systems for new two-wheelers from April 1, 2018.
These stringent norms will drive the brake pad manufacturers to develop advanced braking pads. From 2020, Ford, Honda, Kia, and Nissan equipped their new passenger vehicles with AEB.
While the use of Asbestos based brake pads is set to see a downfall due to its harmful effects leading to lung cancer and is banned in more than 55 countries including Japan, Australia, and European Union. However, Russia produces a large amount of asbestos with an annual production of approximately 790,000 million metric tonnes in 2020.
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The absolute dollar opportunity growth in the USA is USD 451.3 Million from 2022 to 2032 and is expected to witness a surge of 3.9% CAGR, during the forecast period. The growth is mainly driven by the advancement in technological improvements and an increase in the demand for electric vehicles.
They are largely investing in Research and Development activities and focussing on strengthening the heat dissipation capacity. Moreover, increased trade operations, resulting in traveling longer distances are driving the demand for commercial transport vehicles.
Non-Asbestos Organic Brake Pads remain the key material type from 2017 to 2021, and its market grew at 3.6% CAGR from 2017 to 2021. Asbestos being highly toxic has surged the demand for Non-Asbestos Organic brake pads. It is made up of fiberglass, rubber Kevlar and cellulose.
Owing to its property of being soft and noiseless, it is used in manufacturing day-to-day vehicles. However, the use of Non-Asbestos Organic Brake Pad is limited in high-end vehicles due to increased wear and tear.
Ceramic brake pads are being highly utilized in hybrid and electric vehicles due to their sturdy feature that helps to retain high thermal resistance while following environmental protocols. Ceramic material type is anticipated to lead in revenue generation terms to the global electric vehicle market during the forecasted period. Ceramic Brake pads require less replacement and produce less dust than organic brake pads.
Because of its structure, it wears down at a slower rate. Although the cost of manufacturing is higher, however, owing to the properties of noise it is preferred by most automotive brake manufacturers.
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North America is expected to account for 41.4% of the market share in the automotive brake pad market by 2032. The growth is attributed to the increased innovation and full utilization of upcoming brake pad technology.
Increased regulation by the USA government agencies such as EPA to manufacture copper-free brakes is also driving the automotive brake pad market to regain its influence in the USA The absolute dollar opportunity growth of the USA in the automotive brake pad market is USD 451.3 Million from 2022 to 2032.
The absolute dollar opportunity growth of the market in China, in the automotive brake pad market, is expected to reach USD 84.3 million by 2032.
The market in China is expected to grow at a 3.6% CAGR during the forecast period. The growth can be attributed to improved knowledge among car makers and research in upgraded brake components. China’s anticipated market size will be USD 282.2 Million by 2032 in the automotive brake pad market.
Automotive brake pad manufacturers are largely aiming at setting up manufacturing facilities, investing in Research and Development, innovating their products, and focusing on the development of brake pads that will prove to be optimal and have a longer shelf life.
The key companies operating in the automotive brake pad market are Brembo S.p.A, Akebono Brake Company, Nisshinbo Brake Inc, Continental, Automotive GmbH, Bosch Limited, Tenneco Inc., Brakewel Automotive Components India Pvt. Ltd., Ranbro, Makino Auto Industries Pvt. Ltd, Japan Brake Industrial Co., Ltd. ZF Friedrichshafen AG and Hebei Huahua Friction Material CO., Ltd.
Some of the recent developments by key providers of the automotive brake pad market are as follows:
Similarly, recent developments related to companies manufacturing automotive brake pads Market have been tracked by the team at Future Market Insights, which is available in the full report.
The global Automotive Brake Pad Market was valued at USD 2.7 Billion in 2022 and is expected to grow at a 4.6% CAGR, during the forecast period of 2022 to 2032
The market for Non-Asbestos Organic Brake Pad is projected to grow at 4.5% CAGR, from 2022 to 2032.
Brembo S.p.A,Akebono Brake Company, Nisshinbo Brake Inc, Continental, Automotive GmbH, Bosch Limited, Tenneco Inc., Brakewel Automotive Components India Pvt. Ltd., Ranbro, Makino Auto Industries Pvt. Ltd, Japan Brake Industrial Co., Ltd,. ZF Friedrichshafen AG and Hebei Huahua Friction Material CO., Ltd. are some of the key players in the Automotive Brake Pad Market
Commercial Vehicle is driving the demand for the Automotive Brake Pad Market and is expected to reach 4.5% CAGR during the forecasted period of 2022 to 2032.
United Kingdom, United States of America, China, Japan, and South Korea are expected to drive the most sales growth of automotive brake pad market
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Material Type 5.1. Metallic Brake Pad 5.2. Semi-Metallic Brake Pad 5.3. Ceramic Brake Pad 5.4. Asbestos Brake Pad 5.5. Non-Asbestos Organic Brake Pad 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Vehicle Type 6.1. Commercial Vehicle 6.2. Passenger Cars 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. Middle East and Africa 8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. ACDelco 15.2. AKEBONO BRAKE CORPORATION 15.3. Brake Parts Inc. LLC. 15.4. Brembo S.p.A. 15.5. Hebei Huahua Friction Material CO., Ltd. 15.6. Nisshinbo Holdings Inc. 15.7. Robert Bosch GmbH 15.8. SANGSIN BRAKE 15.9. ZF Friedrichshafen AG 15.10. Util Industries S.p.A. 16. Assumptions & Acronyms Used 17. Research Methodology
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Automotive Brake Pad Market
