The global automotive brake pad market is expected to expand at a CAGR of ~5% between 2020 and 2027. Automotive disc brakes are slowly replacing drum brakes among passenger and commercial vehicles, owing to high braking efficiency and better lifespan offered by disc brakes as compared to that offered by drum brakes. Change in regulatory norms for integration of advanced automotive braking systems is propelling the market for automotive disc brakes, which in turn is boosting the demand for automotive brake pads.
Drivers of Automotive Brake Pad Market
Rising concerns about safety is fueling the adoption of disc brakes over drum brakes, which comprises the brake pads as an integral component. Moreover, high reliability on disc brakes and comparatively lower required maintenance are further propelling the market for brake pads significantly.
Rising road fatalities have prompted manufacturers to integrate advanced braking system technologies such as ant-lock braking system and emergency braking assist system into their vehicles. Total number of fatalities due to road accidents is increasing rapidly. The primary reasons include the driver’s fault, unorganized infrastructure, and failure of vehicles’ systems.
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As per a study conducted in 2015, nearly 1.3 million people die in road crashes each year, an average of 3,287 deaths a day. An additional 20 to 50 million are injured or disabled. Road traffic crashes rank as the ninth-leading cause of death and account for 2.2% of all deaths globally.
As per the Association for Safe International Road Travel, in the U. S., more than 37,000 people die in road crashes each year, an average of 3,000 deaths per day. An additional 2.35 million people are injured or disabled.
Technology is rapidly advancing and the safety of passengers is being enhanced through the usage of advanced technology and the advanced driver assistant system (ADAS). Among all the technologies, disc brakes are the highly preferred brake type, which is boosting the market for automotive brake pad.
Passenger vehicles and commercial vehicles have been witnessing a consistent increase in demand for automotive safety solutions in the last few years. High demand for safety products and concern toward replacement of worn out parts are likely to propel the demand for automotive brake pad during the forecast period.
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Segmentation
Based on OEM, the market has been classified into commercial vehicle and passenger vehicle. The passenger vehicle segment dominated the global automotive brake pads market in 2019. Among all the passenger vehicles, SUV segment is anticipated to be the leading segment of the market, owing to rising production and high preference among consumers for utility vehicles. Entry level vehicles, i.e. minicompact, supercompact, and compact vehicles, are anticipated to be the prominent segment of the market, as penetration of the disc brakes is rising consistently among entry level vehicles.
Based on aftermarket, passenger vehicle has been the dominant segment of the market; however, the replacement rate of brake pads in commercial vehicle is higher than that in passenger vehicles. Moreover, demand for brake pads in the aftermarket is being witnessed in utility vehicles. Replacement of brake pads majorly depends on driving behavior. In most cases, entry level vehicles are fitted with organic brake pads that wear out at a rapid pace, as compared to that of ceramic and metallic brake pads. Therefore, the demand for replacement of brake pad is comparatively higher in entry level vehicles.
Automotive Brake Pad Market: Regional Analysis
In terms of region, Asia Pacific held a significant share of the global automotive brake pad/ block market in 2019, owing to high production of vehicles in the region and rising demand for premium and luxury vehicles among developing countries of the region. Availability of major component manufacturers and presence of major OEMs in the region are key factors attributed to the notable market share held by Asia Pacific.
Consistent rise in penetration of advance braking systems across several countries, including China and India, is a prominent factor driving the global automotive brake pad/ block market. Asia Pacific is witnessing a robust increase in penetration of disc brakes. Furthermore, the demand for electric vehicles is expected to rise during the forecast period, which in turn is likely to boost the automotive brake pad/ block market.
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Automotive Brake Pad Market: Competition Landscape
Key players operating in the global automotive brake pad market include
ACDelco
Robert Bosch GmbH
Delphi Technologies
Federal-Mogul LLC
Akebono Brake Corporation
ASK Automotive Pvt. Ltd.
Brembo S.p.A.
Delphi Technologies
Fras-le
Nisshinbo Brake Inc.
Super Circle Auto Limited.
ZF Friedrichshafen AG
Masu Brake
Federal-Mogul LLC
EBC Brakes
MACAS AUTOMOTIVE
Japan Brake Industrial Co., Ltd.
Brake Parts Inc. LLC.
Toughla Brakelinings
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