SELBYVILLE, Del. - July 30, 2020 - (Newswire.com)
Global Market Insights, Inc. has recently added a new report on the automotive brake pads market, which estimates the market valuation for automotive brake pads will cross US $14.7 billion by 2026. An increase in the expansion of automobile fleets, a rise in automotive sales, and an uninterrupted rise in aftermarket demand are the considerable market drivers for automotive brake pads during the assessment period.
The rising awareness about vehicle safety and the adoption of high-performance brake technology will escalate revenue generation. The manufacturers are developing brake pads designed with advanced characteristics, including thermal heat dissipation with low noise. The automotive brake manufacturers are undergoing strategic contracts with vehicle manufacturers to offer improved safety braking technologies. For instance, in July 2018, WABCO Holdings Inc. announced that the company received a contract from Hyundai Motor Company to supply MAXX single-piston air disc brake technology for commercial vehicles.
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Strict regional lockdowns, due to increasing COVID-19 cases across the world, have imposed restrictions on regional and international travel. Shutdowns of manufacturing plants, rising inventories and disruptions in the supply chain have severely affected the entire market.
The global automotive brake pads market is categorized based on vehicle into PCV, LCV, HCV and Two-wheelers. The heavy commercial vehicles segment accounted for a revenue share of over USD 124 million in 2026 and is expected to witness an upsurge in market share over the projected timeline, owing to proliferating logistics and construction industry. The vehicles operate with heavy loads and require efficient braking system at high speeds to enhance safety. The ongoing expansion of public and private transportation projects in emerging nations will further increase heavy vehicle fleet size. For instance, in March 2019, Meyle launched brake pads for heavy vehicles that improve the braking performance and reduces braking distance of heavy trucks.
Low-metallic NAO brake pads will grow at a decent growth rate of 3.8% of the overall automotive brake pads market size. They comprise high levels of mineral abrasives so as to offer improved stopping power. These brake pads are manufactured from an organic formula mixture with minor amounts of steel or copper added to support better heat transfer and deliver efficient braking.
Stable growth is foreseen in Latin America, and the region will grow at a CAGR of 3.2% of the overall automotive brake pads industry by 2026. Growing demand of advanced brake pads in Latin America is attributed to an increase in R&D expenditure by industry players in order to provide efficient quality of materials to their customers. The rise in sales of automotive brake parts across Brazil and Mexico act as a key driver in the market. In addition, strict regulations on banning asbestos-based products due to health issues and limitations on the use of copper in brake pads are influencing the industry size.
Browse key industry insights spread across 455 pages with 653 market data tables & 12 figures & charts from the report, "Automotive Brake Pads Market Share & Forecast, 2020 - 2026" in detail, along with the table of contents:
Prominent industry players in automotive brake pads market include Wilwood Engineering, ATE, Brembo S.p.A., EBC Brakes, ICER BRAKES SA, Nisshinbo Brake Inc., WAGNER, Hitachi Chemical, HAWK Performance, Double Link, Hunan Boyun Automobile Brake Material Co Ltd, Sangsin Brakes, KFE brakes system, Ranbro Brakes India Limited, Brakewel Automotive Components India , TMD Friction Holding GmbH, GUD HOLDINGS LIMITED, Continental Automotive, GRUPA STEINHOF, Power Stop LLC, APC Automotive Technologies, Ford Motor Company, Allied Nippon, Tenneco Inc., ZF Friedrichshafen AG, etc.
New product development is among the key strategy adopted by companies to gain a market foothold. For instance, TMD Friction Holding GmbH is one of the leaders in brake friction technology. The company manufactures brake friction material products for commercial vehicles and passenger cars. It delivers effective, safe and reliable braking solutions to the OEMs across the globe. The company is the proprietor of multiple brands including Mintex, Texter, Cobreq and Pagid.
Some major findings of the automotive brake pads market report include:
- Asia-Pacific accounted for the highest market share in 2019, since the region is the largest consumer. A rise in the manufacturing of passenger cars and increasing fleet size and is a key driver in the escalating demand for automotive brake pads. Industry participants are investing in R&Ds for providing better services to their customers. For instance, in March 2017, Tata Motors and Volkswagen Group signed a MoU for developing vehicle components and product components.
- Passenger Carrying Vehicle (PCV) held a significant revenue share in the base year and is predicted to follow the same trend during the assessment period. Frequent launch of passenger vehicle models coupled with multiple offers provided by vehicle dealers to increase their sales are the main driving factors.
- Non-Asbestos Organic (NAO) material found the maximum utility in automotive brake pads and will contribute over 42% in the product demand worldwide by 2026.
- OEM offers improved quality assurance, wear resistance, and restricts noise and dust. Increasing demand for noiseless brake system in addition to customer preference towards smooth driving experience is supporting the market growth.
- Strategic collaboration are ramping up production appears to be the key strategies for industry participants to increase their foothold.
- COVID-19 has severely disrupted the supply chain, leading to diminishing sales and the import & export of products. High labor costs, processing complexities and stringent regulation related to the quality of raw material will hamper market growth during the period.
Browse the report's complete table of contents at https://www.gminsights.com/toc/detail/automotive-brake-pads-market
Partial chapters of the report's table of contents (TOC):
Chapter 3 Automotive Brake Pads Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2026
3.2.1 COVID-19 impact on industry landscape
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
18.104.22.168 COVID-19 impact on raw material supply, by region
3.3.3 Profit margin analysis
3.3.4 Value chain disruption - COVID-19
3.3.5 Distribution channel analysis
3.3.5 Vendor matrix
3.4 Regulatory landscape
3.4.1 North America
22.214.171.124 National Highway Traffic Safety Administration (NHTSA)
126.96.36.199 EPA and automotive industry group agreement for Copper-Free Brake Pad
188.8.131.52 ECE R90 or Regulation 90
3.4.3 Asia Pacific
184.108.40.206 Brake regulation for motor vehicle in Japan
3.4.4 Latin America
220.127.116.11 LATIN NCP
18.104.22.168.1 Federal Motor Vehicle Safety Standards
22.214.171.124 Saudi standards, metrology and quality organization (SASO)
126.96.36.199 UAE Automotive Spare Parts Regulation
3.5 Technology landscape
3.5.1 Low drag callipers
3.5.2 3D printed callipers
3.5.3 Pricing Analysis
3.5.4 COVID-19 impact on pricing
188.8.131.52 Regional pricing
184.108.40.206.1 North America
220.127.116.11 Asia Pacific
18.104.22.168 Latin America
22.214.171.124 Middle East & Africa
3.5.4 Cost structure analysis
3.6 Innovation and Sustainability
3.6.1 Cool wave brake technology
3.7 Industry impact forces
3.7.1 Growth drivers, by region
126.96.36.199 North America
188.8.131.52.1 High motorization rate and presence of manufacturers
184.108.40.206.1 Increasing brake components and parts import
220.127.116.11 Asia Pacific
18.104.22.168.1 Increasing vehicle production and sales along with rising presence of brake pad manufacturers
22.214.171.124 Latin America
126.96.36.199.1 Updated vehicle safety regulations along with rising commercial vehicle sales
188.8.131.52 Middle East & Africa
184.108.40.206.1 Growing presence of automotive players
3.7.2 Industry pitfalls & challenges
3.8 Growth potential analysis, 2018
3.9 Competitive landscape, 2018
3.9.1 Top player analysis, 2018
3.9.2 Strategy dashboard
3.10 Porter's analysis
3.11 PESTLE analysis
Browse related report:
Automotive Brake Caliper Market Size By Vehicle (Passenger Car, LCV, HCV, Two-Wheelers), By Product (Fixed, Floating/Sliding), By End-user (OEM, Aftermarket), By Piston Material (Aluminum, Steel, Titanium, Phenolics), By Manufacturing Process (High Pressure Die Casting, Gravity Die Casting), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Original Source: Automotive Brake Pads Market to Cross USD 14.7B by 2026; Global Market Insights, Inc.