Market Research Report
Global Automotive Brake Pads Market Size Study, by Type (Non-asbestos Organic Brake Pads, Low Metallic Nao Brake Pads, Semi Metallic Brake Pads, Ceramic Brake Pads), by End-use (Passenger Vehicles, Commercial Vehicles) & Regional Forecasts 2019-2026
|Global Automotive Brake Pads Market Size Study, by Type (Non-asbestos Organic Brake Pads, Low Metallic Nao Brake Pads, Semi Metallic Brake Pads, Ceramic Brake Pads), by End-use (Passenger Vehicles, Commercial Vehicles) & Regional Forecasts 2019-2026|
Published: February 20, 2020
Bizwit Research & Consulting LLP
Delivery time: 2-3 business days
Global Automotive brake pads Market is valued approximately USD 3339.4 million in 2018 and is anticipated to grow with a healthy growth rate of more than 5.0% over the forecast period 2019-2026. Brake pads are the most significant component of an automobile braking system. An automotive braking system is known as a group of electronic, mechanical, and hydraulically activated components, which make use of friction/heat to stop a moving vehicle. Increasing need for advanced technology automotive brakes for passenger as well as commercial vehicles, growing demand for high-performance vehicles along with the increase in number of road accidents are some major trends that strengthen the growth of the automotive brake pad market over the forecast period of 2019-2026. Apart from this, increasing awareness regarding passenger safety and vehicle efficiency and growth in automotive sector are some other key forces that are responsible for the wide adoption of automotive brake pads globally over the forecast period of 2019-2026. Increasing demand of electric & hybrid vehicles is one of the major factors that stimulate the demand of brake pads in passenger vehicles across the globe. For instance: The Edison Electric Institute estimated that, global electric vehicles sales totaled about 312,000 in Q1 2018, an increase of 58% compared to Q1 2017, Also, it is estimated that number of electric vehicles on the road in the United States, is about 8,90,000 in 2018, up from number of electric vehicles of approximately 6,00,000 in 2017. As a result, high utility of automotive brake pad is observed in passenger vehicles thereby, supplementing the growth of the market. However, increasing raw material prices and stringent government regulations for pad manufacturing and raw material are some major forces that impede the growth automotive brake pad market over the forecast period of 2019-2026.
The regional analysis of global Automotive brake pads market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the significant region across the world in terms of market share owing to growth of the vehicle manufacturing across the region and rising number of accidents has led the adoption of automotive brake pads across the region. Whereas, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as growth of the vehicle manufacturing across the region and rising number of accidents would create lucrative growth prospects for the Automotive brake pads market across Asia-Pacific region.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Furthermore, years considered for the study are as follows: