North America automotive brake pads market will witness significant growth in the forecast period owing to increasing government directives for disc braking system.
Selbyville, Delaware, May 14, 2019 (GLOBE NEWSWIRE) --
The automotive brake pad market is anticipated to rise from USD 7.5 billion in 2018 to over USD 10 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Increasing production across the globe will drive the market growth over the study timeframe. Rising demand for high performance vehicles offering comfortable driving experience and enhanced braking efficiency are escalating the product installation. Availability of advanced products providing enhanced durability and longer service life will augment the market share.
Growing penetration of advanced friction materials for braking system is significantly contributing towards enhanced braking performance in wider temperature ranges. Shifting consumer inclination towards quieter braking system providing superior friction and minimum maintenance will propel the industry share over the study timeframe. Moreover, increasing awareness regarding passenger safety and vehicle efficiency will boost the automotive brake pad market growth in next six years.
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Rapid technological developments such as smart braking technologies are inducing the demand for critical automotive safety systems including anti-lock braking systems. Integration of smart automotive braking products with electronic sensors provides real time temperature, vibration, noise, torque, and wear data. Rising implementation of these supportive systems will escalate the automotive brake pad market size.
Ceramic holds significant share in the market size owing to higher durability, density and superior performance. The pads provide enhanced stability over wide temperature range and low noise. Rising demand for high performance and racing vehicles is driving product demand as these recover quickly and cause less damage to the rotors.
LCV will witness steady growth in automotive brake pad market share owing to increasing vehicle production and easy financing options. According to OICA, in 2018 LCV sales increased by over 5.5% as compared with 2017. Introduction of advanced products offering additional features such as anti-squeal coatings, longer warranties and easy installations will propel the industry size.
Aftermarket segment will witness over 4% CAGR in automotive brake pad market share owing to its replacement to ensure required braking efficiency. The manufacturers are expanding the distributions network to enhance their presence in aftermarket.
Browse key industry insights spread across 300 pages with 641 market data tables & 11 figures & charts from the report, “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” in detail along with the table of contents:
Front end automotive brake pad market will hold substantial share owing to its adoption in heavy duty trucks and light commercial vehicles. High availability of specialized brake pad compounds for multiple types of vehicles wheels to optimize performance will propel the industry growth. Emergence of mandating air disc braking systems in commercial vehicles will support the product demand.
North America will witness significant growth in the automotive brake pads market size owing to increasing government directives for disc braking system. In November 2016, United Nations Economic Commission introduced ECE R90 for manufacturing braking systems in passenger cars. Increasing regulations pertaining to manufacturing and installation of disc brakes will drive the regional growth. Asia Pacific holds significant share owing to the growing consumer focus on vehicle safety and performance. Technological advancements coupled with increasing vehicle ownership will induce significant potential in the industry landscape.
Key industry participants in the automotive brake pad market includes Sundaram Brake Linings, Makino Auto Industries Pvt. Ltd, Robert Bosch Gmbh, Federal Moghul Corporation Akebono and TMD Friction Holdings Gmph. Industry players are expanding their product portfolio to serve larger consumer base and strengthen their regional presence.
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