Global Automotive Brake Pad Markets, 2021-2022 & 2028: Growing Technological Advancements for Lightweight and Environmentally Friendly Brake System – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Automotive Brake Pads Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Material Type and Vehicle Type” report has been added to from ResearchAndMarkets.com offer.
Global Automotive Brake Pads Market is expected to grow from USD 2,580.57 Million in 2021 to USD 3,342.58 Million by 2028. It is expected to grow at a CAGR of 3.8% from 2020 to 2028 .
Rising demand for passenger cars and stricter vehicle safety standards are driving the automotive brake pad market significantly. Manufacturers are improving brake pads and disc systems due to the enforcement of strict policies by various governments around the world.
They improve the braking system to reduce the stopping distance and integrate various sensors for the prevention of pedestrian impacts, such as visible light and infrared. Guidelines, such as emergency braking with a shorter stopping distance, were announced, affecting brake pad activity in general.
As a result, brake pad manufacturers are focusing on evolving disc brakes to meet new stopping distance rules. Hence, the growing demand for brake pads is propelling the automotive brake pad market. Companies are primarily concerned with producing environmentally friendly, reliable and durable braking systems.
The major players have made significant investments in research and development to increase their market shares and ensure healthy growth. Continental North America, for example, a US-based subsidiary of Continental AG, invested nearly US$40 million to expand the Morganton auto plant. North Carolina also provided the company with a US$1.6 million Employment Development Incentive Grant. The additional production capacity would be used to produce MK C1 brake systems.
Impact of the COVID-19 pandemic on the automotive brake pads market
As governments around the world imposed lockdowns in the first half of 2020, the demand and supply activities of several automotive brake pad manufacturers saw a significant decline. Additionally, a significant drop in vehicle sales hampered the demand for brake systems and ultimately drove down the sale of automotive brake pads.
Since the start of 2021, the automotive brake pad market has started to gain momentum and with significant space due to the growing demand for passenger vehicles from emerging countries. With the growth of the automotive industry, brake pad manufacturers are picking up their pace with the resumption of operations in manufacturing units, which would drive the automotive brake pad market in the coming years.
Overall, in 2020, the COVID-19 outbreak significantly constrained the auto parts and components sector as trade and consumption restrictions disrupted supply chains due to government lockdowns around the world. However, during the projected period of 2021 to 2028, government incentives, expanding regional demand, and easy availability of raw materials are expected to drive the expansion of the market.
For example, India’s FAME-II automotive mission plan prioritizes government assistance to the country’s nascent automotive and component manufacturing industries. Automotive parts and accessories manufacturing companies have undergone major renovations in recent years, resulting in the emergence of a highly competitive industry.
ACDelco; AKEBONO BRAKE INDUSTRY CO., LTD. ; Brake Parts Inc. LLC. ; Brembo SpA; Friction Material Hebei Huahua CO., Ltd. ; Nisshinbo Holdings Inc.; Robert Bosch GmbH; BLOOD BRAKE; Util Industries SpA; and ZF Friedrichshafen AG are the key Automotive Brake Pad Market players profiled in the research study.
Key Market Drivers
Increase in motor vehicle production and sales
Increasing Investments by Brake Pad Manufacturers in Expanding Production Capacity and Geographical Reach
High cost of raw materials
Increase in technological advancements for a lightweight and environmentally friendly braking system
Growing adoption of electric vehicles propels the use of brake pads
AKEBONO BRAKE INDUSTRY CO. LTD.
Brake Parts Inc. LLC.
Hebei Huahua Friction Material Co.Ltd.
Nisshinbo Holdings Inc.
Robert Bosch GmbH
Util Industries SpA
ZF Friedrichshafen AG
For more information on this report, visit https://www.researchandmarkets.com/r/2ten4u