The global automotive brake pad market is projected to reach USD 4.2 billion by 2032, up from an estimated USD 2.7 billion in 2022, growing at a steady CAGR of 4.6% from 2022 to 2032. This growth is fueled by rising safety concerns and technological advancements in brake pad design.
Manufacturers are enhancing traditional brake pads by integrating them into advanced safety systems like anti-lock braking (ABS) and anti-collision technologies, making driving safer and more convenient. The increasing popularity of hybrid and electric vehicles, along with the adoption of regenerative braking, is driving demand, especially in the U.S. and European markets. With defective brakes as a major accident factor worldwide, demand for high-quality brake pads is strong, especially in developing regions. The shift away from asbestos-based brake pads, due to their health risks, is also influencing market dynamics, favoring non-asbestos and ceramic alternatives.
Comprehensive Market Insights: Full Report Overview
Key Takeaways:
- North America is anticipated to account for 41.4% of the global automotive brake pad market by 2032.
- The U.S. market, driven by electric vehicle demand, is projected to reach USD 451.3 million by 2032.
- China’s automotive brake pad market is set to expand at a CAGR of 3.6%, reaching USD 84.3 million by 2032.
- Non-asbestos organic brake pads are expected to see high demand due to the health risks of asbestos.
- The surge in electric vehicle sales is likely to boost the market for ceramic brake pads.
“High demand for safe, secure, and convenient driving experience and growing popularity of electric and hybrid vehicles will supplement the global growth of the automotive brake pad market over the forecast period,” – says an FMI analyst.
Competitive Landscape
Key market participants are entering new markets and establishing manufacturing facilities, as well as increasing investments in R&D activities. These players are also keen on product innovation and the development of brake pads that will have a greater shelf life. Joint ventures and strategic alliances are also employed to gain the upper hand in the competitive market.
Brembo S.p.A, Akebono Brake Company, Nisshinbo Brake Inc, Continental, Automotive GmbH, Bosch Limited, Tenneco Inc., Brakewel Automotive Components India Pvt. Ltd., among others, are some of the major players in the automotive brake pad market profiled in the full version of the report.
More Insights into Automotive Brake Pad Market Report
In its latest report, FMI offers an unbiased analysis of the global automotive brake pad market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of material type, vehicle type, and region.
The non-asbestos organic brake pad and ceramic brake pads are anticipated to observe high demand during 2022-2032. Since asbestos, as a material, is quite toxic, more and more manufacturers are opting for non-asbestos organic brake pads. Increasing use of ceramic brake pads in hybrid and electric vehicles will fuel the growth of this segment during 2022-2032.
Based on region, the North American automotive brake pad market will dominate the global marketplace with 41.4% of the overall market share. The growth of the regional market is mainly due to the presence of growth-inducing factors in the U.S. The technological advancements and an upsurge in the demand for electric vehicles will push the U.S. automotive brake pad market to grow at a CAGR of 3.9% during 2022-2032. China’s automotive brake pad market, too, will expand at a CAGR of 3.6% and reach a value of USD 282.2 Million by 2032.
Key Segmentations
Automotive Brake Pad Market by Material type:
- Metallic Brake Pad
- Semi-Metallic Brake Pad,
- Ceramic Brake Pad
- Asbestos Brake Pad
- Non-Asbestos Organic Brake Pad
Automotive Brake Pad Market by Vehicle type:
- Commercial Vehicle
- Passenger Vehicle
Automotive Brake Pad Market by Region:
- North America Automotive Brake Pad Market
- Latin America Automotive Brake Pad Market
- Europe Automotive Brake Pad Market
- South Asia Automotive Brake Pad Market
- East Asia Automotive Brake Pad Market
- Oceania Automotive Brake Pad Market
- Middle East & Africa Automotive Brake Pad Market
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