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Automotive Brake Pads Market Size

Report ID: GMI1367
Published Date: Mar 2024
Report Format: PDF

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Automotive Brake Pads Market Size

Automotive Brake Pads Market size was valued at USD 4 billion in 2023 and is anticipated to register a CAGR of over 4.3% between 2024 and 2032. The primary factor driving this growth is the increasing demand for vehicles across the globe. With rising disposable incomes and urbanization, there has been a significant increase in the number of people purchasing cars, leading to a surge in the demand for brake pads. Additionally, stringent government regulations regarding vehicle safety and emissions have also played a crucial role in the growth of this market.

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With the rise in number of road accidents and fatalities government around the world implemented stringent. These regulations have been put in place to ensure the safety of both drivers and pedestrians, as well as to reduce the negative impact of vehicles on the environment. This factor also opened up opportunities for new players to enter the market. With the increasing demand for high-quality brake pads, smaller manufacturers have been able to compete with larger, established brands by offering innovative and cost-effective solutions. This has led to a more diverse and competitive market, benefitting both consumers and the overall industry.

Automotive Brake Pads Market Report Attributes
Report Attribute	Details
Base Year:	2023
Automotive Brake Pads Market Size in 2023:	USD 4 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	4.3%
2032 Value Projection:	USD 7 Billion
Historical Data for:	2018 – 2023
No. of Pages:	180
Tables, Charts & Figures:	177
Segments covered:	Material Type, Vehicle Type, and Region
Growth Drivers:	Increasing demand for vehicles across the globe Implementation of stringent regulations by governments
Pitfalls & Challenges:	Use of regenerative braking systems in hybrid and full-electric vehicles can be a hindrance to the market. Growing trend of ridesharing and car-sharing services is posing a threat to the automotive market.

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Regenerative braking is a mechanism found on most hybrid and full-electric vehicles. These systems can recover energy and recharge batteries, reducing the need for frequent braking and ultimately reducing the wear and tear on brake pads. This could potentially lead to a decrease in demand for replacement brake pads in the long run. As these vehicles have regenerative braking systems, the traditional brake pads are not suitable for use. Additionally, the automotive brake pads market also facing the challenges from ridesharing and car-sharing services. The rise of ridesharing and car-sharing services disrupted the traditional automotive industry.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of automotive brake pads reached USD 4 billion in 2023 and is set to expand at over 4.3% CAGR between 2024 and 2032, led by the surging demand for vehicles across the globe.

The ceramic segment recorded more than USD 2 billion in 2023 and is poised to reach USD 4.02 billion by 2032, owing to their ability to withstand high temperatures, durability, improved performance, low dust production, and eco-friendliness.

Asia Pacific market is set to exhibit robust growth at a notable CAGR from 2024-2032, attributed to the booming automotive manufacturing sector across major APAC countries such as China, and India.

Some of the top companies engaged in the market are Akebono Brake Corporation, Delphi Technologies, DRiV Automotive Inc., Dynamic Friction Company, EBC Brakes, HELLA GmbH & Co. KGaA, Hitachi Astemo, Ltd., Maruti Suzuki India Limited, Masu Brakes, Robert Bosch LLC, SKF, TOMEX Brakes sp. z o.o. sp.k., TSF Group, Webb Wheel Products, Inc, and ZF Friedrichshafen AG.