February 12, 2020
According to the research report titled, ‘Automotive Brake Pads Market Size By Vehicle (PCV, LCV, HCV, Two-wheelers), By Material (Semi-Metallic, Non-Asbestos Organic (NAO), Low-Metallic NAO, Ceramic), By Sales Channel (OEM, Aftermarket), By Position (Front, Front & Rear) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, Netherlands, China, India, Japan, Australia, South Korea, Thailand, Indonesia, Brazil, Mexico, Argentina, Chile, Saudi Arabia, UAE, Iran, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025, available with Market Study Report LLC, the global automotive brake pads market is expected to register substantial growth by the year 2025.
According to the report, increasing sales of automobiles along with availability of advanced and lightweight friction materials are major factors driving the automotive brake pads market growth. Significant advancements in smart brake technology allow OEMs to improve critical automotive safety devices such as anti-lock braking systems. This factor along with increasing awareness pertaining to vehicle safety is fostering the demand for automotive brake pads across the globe.
Lightweight brake pads facilitate in minimizing possible wears, reduces brake squeal, and improve brake performance. Thus, rising R&D activities in order to develop lightweight products are further aiding the market expansion. Strict government regulations regarding the use of brake pads made from asbestos, heavy metals, and copper which may harm the environment has compelled manufacturers to develop brake pads using organic materials. This factor along with favorable regulations regarding product approval are stimulating the industry outlook.
As per vehicle type, the report states that LCV brake pads market segment is presumed to expand significantly during the estimated timeframe. Increasing sales of LCV, development of new models, and convenient financing plans are fueling the segmental growth.
In terms of material, the demand for brake pads made using NAO (Non-Asbestos Organic) will witness considerable growth in the forthcoming years. This type of brake pad offers eco-friendly, affordability, and low manufacturing costs properties, thereby favoring the market outlook.
Citing sales channel, the report cites that aftermarket segment is poised to acquire substantial gains in the subsequent years. Surging need for cost-effective products and frequent replacement of brake pads are facilitating the business scenario.
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Considering the geographical landscape, Asia-Pacific automotive brake pads industry is set to acquire commendable gains during the forecast period, primarily driven by high automobile sales in India and China. Also, rising per capita income in emerging economies such as Indonesia and Thailand have led to increasing sales of automobiles, which is positively impacting the demand for automotive brake pads.
TRW Automotive Holdings Corp., TMD, Tenneco Inc., Sundaram Brake Linings, STEINHOF, Rane Brake Lining Ltd., Ranbro Brake Lining Ltd., Nisshinbo Group Co., MAT Holdings, Makino Auto Industries Pvt. Ltd., Hindustan Composites Ltd., G.U.D Holdings, Brakewel Automotive Components India Pvt. Ltd., Brakes India Pvt. Ltd., Bosc, ATE, Allied-Nippon Ltd., Akebono Brake Corporation, and ACDelco are the prominent companies operating in the automotive brake pads market.
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