Automotive Brake Pads Market: Current Analysis and Forecast (2022-2028)

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The Global Automotive Brake Pads Market is expected to witness a significant CAGR of around 4% during the forecast period owing to the rising adoption of air disc brakes in commercial vehicles coupled with the rollout of stringent safety regulations and adoption advance braking systems in high-end and luxury cars. Furthermore, major two-wheeler OEMs are integrating new and innovative brake pads and braking systems in their vehicles mainly increasing passenger safety and comfort. For instance, in Feb 2022, Brakes India launched a range of high-performance brake pads specially designed to offer enhanced braking at high speeds and in hilly terrain. The new ‘Elite’ brake pads launched under the TVS Apache are stripe coated with the proprietary ABRACOAT technology.

Some of the major players operating in the market include Robert Bosch GmbH, Tenneco Inc., AISIN SEIKI Co. Ltd., ZF Friedrichshafen AG, ACDelco, Akebono Brake Industry Co. Ltd., ASIMCO Technologies, Brembo S.p.A., Japan Brake Industrial Co. Ltd., and Masu Brakes Private Limited.

Insights Presented in the Report

“Amongst material type, non-asbestos organic category to hold prominent share during the forecast period”

Based on material type, the market is categorized into semi-metallic, non-asbestos organic (NAO), low-metallic NAO, and ceramic. NAO brake pads are generally made from organic materials including fiber, glass, rubber, and Kevlar. Many automotive manufacturers have chosen non- NAO brake pads as their OE vehicle parts. NAO brake pads offer various advantages such as low dust and less noise along with good value for money.

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“Amongst sales channel, aftermarket to witness significant growth during the forecast period”

Based on sales channel, the automotive brake pads market is divided into OEMs and aftermarket. The aftersales segment is expected to witness the highest growth during the forecast period. The rising need for people and independent retailers to access more affordable automotive parts for sale in the aftermarket offers an impetus to the market. Furthermore, traditional automotive retailers are adopting e-commerce sales channels to increase revenue generation coupled with the growing entrance of online-based automotive part suppliers in the ecosystem. For instance, boodmo is an online marketplace of automotive components and products in India. It has 1 million varieties of spare parts by 400 suppliers of over 3,000 Indian as well as international brands available on its e-store.

“APAC to hold a significant share in the market”

APAC grabbed the leading market share of the global automotive brake pads market in 2020, and it is expected to grow with considerable CAGR during the forecast period owing to the growing working population and expanding middle-class population thus creating demand for new-age vehicles. Furthermore, the presence of a large pool of skilled & semi-skilled workforce and cost-effective manufacturing in countries like India and China along with the presence of a vast number of automobile manufacturing businesses and OEMs in the region is further expected to drive the market. In addition, China is considered the largest producer and seller of automotive. Moreover, rising car sales in China paired with the growing demand for comfort, luxury, and safety products and services would help the Chinese market to witness significant growth. For instance, as per the China Passenger Car Association, 2.53 million luxury vehicles were sold in China in 2020, an increase of 14.7% compared to 2019, this represented a 13% market share among total passenger vehicles sold in the country. In 2018 and 2019 luxury vehicle sales experienced growth of 17.6% and 11.7% respectively.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the Automotive Brake Pads Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global automotive brake pads market were the three major steps undertaken to create and analyze the adoption of automotive brake pads in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global automotive brake pads market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the automotive brake pads market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the automotive brake pads market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as material type, vehicle type, and sales channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the automotive brake pads market. Further, we conducted factor analysis using dependent and independent variables such as various type, vehicle type, and sales channel automotive brake pads. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the automotive brake pads market sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global automotive brake pads market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the automotive brake pads market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global automotive brake pads market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Primary research input was consolidated with secondary findings, turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global automotive brake pads market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of vehicle type, material type, and sales channel in the global automotive brake pads market.

The main objective of the Global Automotive brake pads Market Study

The current & future market trends of the global automotive brake pads market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the automotive brake pads market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of vehicle type, material type, and sales channel analysis of the regulatory framework for the automotive brake pads
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the automotive brake pads market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the automotive brake pads market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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