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, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
The global automotive brake pads market is expected to chart out a positive growth trajectory over the course of the next few years. The reason for the same can be attributed to the rising number of road accidents and subsequently mounting safety concerns. The automotive industry worldwide is expanding at a prodigious pace, replete with numerous technological advancements.
Rising demand for technologically advanced components and increasing concerns regarding consumer safety as well as environmental concerns subject to carbon emissions have led to the development of innovative and eco-friendly brake pads, bolstering industry outlook.
The global automotive brake pads market has been bifurcated into the vehicle, material, sales channel, position, and regional segments.
With respect to the vehicle type, automotive brake pads industry is segmented into LCVs, PCVs, HCVs, and two-wheelers. Of these, the two-wheelers segment is anticipated to depict appreciable growth. These vehicles are being increasingly adopted in various geographies across the globe, especially in developing nations, on account of enhanced economic scenarios, increasing disposable incomes, and rising affordability. Estimates claim automotive brake pads market size from two-wheelers to depict 3.8% CAGR through 2026.
In terms of the material type, for most parts, semi-metallic, ceramic, non-asbestos organic (NAO), and low-metallic NAO are used to manufacture automotive brake pads. Of these, the most prominent material type is deemed to be the non-asbestos organic (NAO) material. This is on account of the fact that the material possesses excellent heat withstanding properties. In addition, the ownership costs for these materials are rather low.
High wear and tear of these NAO materials however, have come to reduce their deployment in automotive brake pads of HCVs and other high performance vehicles. Nonetheless, a major factor that will continue to augment the growth of NAO segment is that asbestos is considered carcinogenic and is known to causes health risks, making NAO the material of choice for most manufacturers. Estimates claim that NAO segment is likely to register 3.4% CAGR through 2026.
With regards to the sales channels, automotive brake pads industry is divided into OEMs and aftermarkets. While aftermarket may gain traction due to lesser costs, OEMs are expected to depict considerable traction on account of the fact that they are touted to provide high quality, excellent performance, and warranty of parts.
In terms of the position, the market is segmented into front and front and rear. The front position segment is expected to depict a CAGR of 3.7% through the analysis timeframe, since front brake pads are known to be universally more effective, and usually deliver a huge percentage of the stopping power, especially in two-wheelers.
With respect to the geographical landscape, automotive brake pads market enjoys considerable popularity across North America, Middle East and Africa, Europe, Asia Pacific, and Latin America. As per estimates, North America market share is expected to record a CAGR of 3.4% through 2026. This can be credited to the numerous product innovations brought about by prominent manufacturers in the continent.
For example, last year in February 2019, Nucap Industries had introduced galvanized brake pads so as to enhance user safety and satisfaction. Not to mention industry vendors in North America are also working to launch eco-friendly brake pads in the light of the carbon emission overload and environmental concerns in the region.
Another region where automotive brake pads market is likely to gain momentum is the Middle East and Africa. The regional industry size is forecast to exhibit a CAGR of 3.6% over the forecast timeframe, driven by the changing consumer preferences alongside the innumerable technological developments in the MEA countries.
In recent times, customers across MEA have been increasingly focusing on safety and reducing the prevalence of accidents, which has led to the adoption of advanced braking systems. In addition, the rising production of smart vehicles will also provide an impetus to MEA automotive brake pads market over the projected time span.
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