automotive brake pad Market

The global automotive brake pad market is expected to grow from US$ 2,580.57 million in 2021 to US$ 3,342.58 million by 2028. It is estimated to grow at a CAGR of 3.8% from 2021 to 2028.

The automotive brake pad market is witnessing significant growth due to the increasing demand for passenger cars and the implementation of stricter vehicle safety regulations worldwide. To comply with these regulations, brake pad manufacturers are upgrading their braking systems to reduce stopping distance and include various sensors for pedestrian impact prevention, such as visible light and infrared. This has led to the development of new guidelines, including shorter stopping distances during panic stops, which has affected the overall brake pad market. As a result, manufacturers are focusing on evolving disc brake systems to meet the new stopping distance regulations, which has contributed to the growth of the automotive brake pad market. Major players in the industry are investing heavily in research and development to produce environmentally safe, reliable, and durable braking systems to increase their market shares and ensure sustained growth. For instance, Continental North America, a subsidiary of Continental AG based in the US, invested nearly US$ 40 million in expanding its Morganton auto plant and received a US$ 1.6 million job development incentive grant from North Carolina. The additional production capacity will be used to manufacture MK C1 braking systems.

Impact of COVID-19 Pandemic on Automotive Brake Pad Market

The demand and supply activities of several automotive brake pad manufacturers experienced a significant drop due to the lockdowns imposed by governments worldwide in the first half of 2020. Furthermore, the decrease in vehicle sales resulted in a decline in demand for brake systems and ultimately impacted the sales of automotive brake pads. However, with the beginning of 2021, the automotive brake pad market has started to regain momentum due to increasing demand for passenger vehicles in emerging countries. As the automotive industry continues to grow, brake pad manufacturers are resuming operations at their manufacturing units, which is expected to boost the automotive brake pad market in the coming years.

The COVID-19 pandemic had a significant impact on the automobile parts and components industry in 2020, with disrupted supply chains and consumption due to government lockdowns and trade restrictions. However, the market is expected to experience growth during the forecast period of 2021-2028 due to government incentives, increasing regional demand, and the availability of raw materials. The Indian government's Automobile Mission Plan FAME-II, for instance, prioritizes assistance to the country's automotive and component manufacturing industries. The industry has become highly competitive in recent years, with extensive renovations and advancements in automobile parts and accessories manufacturing businesses.

The market size of the automotive brake pad industry has been determined by utilizing primary and secondary sources. The research process commenced with comprehensive secondary research using both internal and external sources to collect qualitative and quantitative data pertaining to the market. This process also enabled the study to obtain a market forecast and overview of the growth of the industry across all its segments. Furthermore, primary interviews were conducted with industry experts and commentators to authenticate the data and gain further analytical insights into the subject matter. The participants involved in this process included business development managers, VPs, market intelligence managers, national sales managers, external consultants such as valuation experts, research analysts, and key opinion leaders who specialize in the automotive brake pad market. Additionally, an overview and forecast for the market were generated based on the provided segmentation across North America, Europe, Asia Pacific, Middle East & Africa, and South America.

ACDelco; AKEBONO BRAKE INDUSTRY CO., LTD.; Brake Parts Inc. LLC.; Brembo S.p.A.; Hebei Huahua Friction Material CO., Ltd.; Nisshinbo Holdings Inc.; Robert Bosch GmbH; SANGSIN BRAKE; Util Industries S.p.A.; and ZF Friedrichshafen AG are the prominent automotive brake pad market players profiled in the research study.