The global brake pad market is projected to cross US$ 5.6 Bn by 2030, expanding at a CAGR of ~4% during the forecast period. According to the statistics of World Bank Group, GDP of the global population, measured in terms of purchasing power parity, has tripled in last few decades. This increase in purchasing power of the global population has led to a rise in sales of vehicles across the globe. The increase in sales of vehicles has boosted the demand for automotive spare parts, thus driving the global brake pad market. The increase in awareness about vehicle safety has led to the disc brakes becoming a standard feature in vehicles across most countries. Numerous automakers are mounting disc brakes on all wheels of their vehicle models. This has increased the number of brake pads required per vehicle, thus boosting the brake pad market across the globe.
Expansion of Brake Pad Market
Government authorities of various countries have prohibited the use of certain hazardous raw materials in brake pads, and have made it obligatory to control the brake dust generated. Consequently, manufacturers of brake pads have developed new products made from novel materials that lower the environmental impact. For instance, in 2018, AKEBONO BRAKE INDUSTRY CO., LTD. launched a new friction material consisting of phenol resin with wood powder, which has reduced noise and vibration, and the material has less impact on the environment as compared to that of other products such as asbestos. These new raw materials provide significant opportunity for the global brake pad market.
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Technological advancements in braking systems have fueled the demand for brake pads. The ABS technology increases the wear of brake pads, the wear sensors timely alert the driver of worn-out pads and numerous other such technologies increase the frequency of brake pad replacement, thus boosting the global brake pad market. Based on brake pad material, organic brake pads are gaining high popularity across the globe, owing to the lower cost of these brake pads, lower environmental concerns, and high heat transfer capabilities. These advantages make organic materials highly suitable for general-purpose applications.
Regional Analysis of Brake Pad Market
In terms of region, the global brake pad market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global brake pad market in 2019. It is anticipated to hold a leading market share during the forecast period, due to the high production of vehicles in countries such as China, India, Japan, and South Korea. Furthermore, growing industrialization and trade activities in these countries have increased the miles driven by commercial vehicles, further propelling the demand for brake pads. Europe is the second-largest market for brake pads after Asia Pacific. The presence of major automakers coupled with high purchasing power of the population in the region has boosted the sales and production of vehicles in the region, which, in turn, has fueled the demand for brake pads.
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Brake Pad Market Players
Prominent players operating in the global brake pad market include AISIN SEIKI Co., Ltd., ACDelco, Akebono Brake Corporation, ASIMCO, ASK Automotive Pvt. Ltd., Brake Parts Inc. LLC, Brembo S.p.A., EBC Brakes, Japan Brake Industrial Co., Ltd., MACAS AUTOMOTIVE, Masu Brake, Nisshinbo Brake Inc., Robert Bosch GmbH, Super Circle Auto Limited, Tenneco, TMD FRICTION HOLDINGS GMBH, Toughla Brakelinings, ZF Friedrichshafen AG, AVS BRAKE LININGS Private Limited, and BSK Auto Industries.
Brake Pad Market: Overview
The global brake pad market is anticipated to expand at a CAGR of ~4% during the forecast period, owing to robust expansion witnessed by the automotive industry across the globe. Various initiatives by governments, such as that of India, Saudi Arabia, and several other countries to expand the automotive sector have heightened the demand for spare parts of vehicles, thus fueling the brake pad market.
The ownership of vehicles is anticipated to reduce over the next few years due to changing mobility trend coupled with growing popularity of shared mobility or mobility as a service concepts, thus hampering the demand for brake pads
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Drivers of Brake Pad Market
Rise in GDP of the global population has inflated its disposable income, which, in turn, has driven the sales of vehicles. This rise in sales of vehicles around the globe has boosted the brake pad market.
Increase in awareness about safety among vehicle consumers as well as government authorities has prompted the integration of various technologies, such as ABS and EBD, as a standard feature in most new vehicles. These technologies accelerate the wear of brake pads, thus propelling the global brake pad market.
Growing industrialization across continents has fueled trade activities, thus increasing the miles driven by commercial transport vehicles. The rise in miles driven by transport vehicles results in high wear of brake pads and hence, boosts the brake pad market across the globe.
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