Authored By: Sarah
23 Aug 2024

Automotive Brake Pad Market Size to grow by USD 5.72 billion between 2023-2027

The Automotive Brake Pad Market is segmented by Type (Organic, Metallic, and Ceramic), Vehicle Type (Passenger car, Commercial vehicle, and Motorcycle), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). As per the Global Forecast research report 2023-2027 published by Technavio, the market size is estimated to grow by USD 5.72 billion, at a CAGR of 7.29% during the forecast period. There are several companies that are contributing to the market as per this report. Increasing mergers and acquisitions (M and A) .

By Type, the Organic segment is projected to dominate the market size in 2024

In the automotive brake pad market, organic pads, also known as resin pads, are gaining significant traction. These high-performance pads are manufactured using a combination of fibers and materials, such as carbon compounds, Kevlar, fiberglass, and rubber, held together by resin. The unique composition enhances braking efficiency and heat dissipation, resulting in superior stopping power and enduring durability. Organic brake pads offer additional benefits, including reduced noise levels, minimal brake dust accumulation, and gentler treatment of brake rotors. Their versatility and desirable features make organic brake pads a popular choice for various vehicle types.

For insights on company offerings- Request a sample report!

Why is APAC forecasted to hold the largest regional market size in 2024?

The APAC region led the global automotive brake pad market in 2021, with significant contributions from China, Japan, and India. These countries, being the largest automotive production hubs in the region, have witnessed a surge in electric vehicle (EV) sales, up 64% in Japan and 87% in China in 2022. This trend is propelling the demand for ceramic brake pads due to their superior performance in EVs. Consequently, the APAC automotive brake pad market is poised for robust growth during the forecast period.

To access the valuable insights - Download the Free Sample Report

Research Analysis Overview

In the automotive industry, the market for high-end braking systems, including brake pads, is experiencing significant growth. The demand for advanced braking technologies, such as brake-by-wire systems and regenerative braking in hybrid vehicles, is driving this trend. However, haphazardness in the use and maintenance of these systems can lead to potential issues, including defective brakes and brake failure. Safety is a top priority in the automotive sector, and automotive safety regulations are becoming increasingly stringent to reduce fatalities and road accidents. Anti-collision items and advanced sensors are being integrated into braking systems to improve vehicle safety. Smaller manufacturers are also entering the market, offering high-quality brake pads to meet the growing demand for reliable and efficient braking solutions. The use of advanced sensors and hybrid vehicles is also contributing to the reduction of emissions. Proactive maintenance and early detection of potential issues are essential to ensure the longevity and effectiveness of braking systems. Pedestrian safety is also a critical consideration, and manufacturers are focusing on developing braking technologies that prioritize pedestrian safety. Overall, the automotive brake pad market is expected to continue growing as the demand for advanced safety features and eco-friendly technologies increases.

Market Research Overview

The automotive brake pad market is a segment of the larger global automotive components and accessories market, encompassing businesses producing parts and accessories for various vehicle types, including passenger cars, electric vehicles, commercial vehicles, heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers (Technavio, 2023). This market's growth is attributed to the escalating integration of electronic components and electronic control units (ECUs) in automobiles, which has seen a substantial increase in the past decade. According to Technavio's market analysis, the global automotive brake pad market is projected to expand moderately, with growth driven by this technological advancement. The market size is determined by the combined revenue generated by automotive components and accessories manufacturers. - The Automotive Brake Pad Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Read News Read Less
Interested in this report?
Get your sample now!
Technavio