Global Automotive Brake Pad Markets, 2021-2022 & 2028: Increasing Technological Advancements for Lightweight and Environment Friendly Braking System – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Automotive Brake Pad Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Material Type and Vehicle Type” report has been added to ResearchAndMarkets.com’s offering.
The global automotive brake pad market is expected to grow from US$ 2,580.57 million in 2021 to US$ 3,342.58 million by 2028. It is estimated to grow at a CAGR of 3.8% from 2020 to 2028.
The rising demand for passenger cars and stricter vehicle safety norms is driving the automotive brake pad market significantly. Manufacturers are improving brake pads and disc systems due to the enforcement of stringent policies by various governments worldwide.
They are improving the braking system to reduce stopping distance and incorporating various sensors for pedestrian impact prevention, such as visible light and infrared. Guidelines, such as panic stop braking with a shorter stopping distance, have been announced, affecting the brake pad business in general.
As a result, brake pad producers are focusing on disc brake evolution to fulfill the new rules on stopping distance. Consequently, the rising demand for brake pads is propelling the automotive brake pad market. The companies are primarily concerned with producing environmentally safe, dependable, and durable braking systems.
Major players have made significant investments in research and development to enhance their market shares and assure healthy growth. Continental North America, for instance, a subsidiary of Continental AG based in the US, invested almost US$ 40 million to expand the Morganton auto plant. North Carolina has also given the corporation a US$ 1.6 million job development incentive grant. The additional production capacity would be used to produce MK C1 braking systems.
Impact of COVID-19 Pandemic on Automotive Brake Pad Market
As governments across the world have imposed lockdowns in first half of 2020, several automotive brake pad manufacturers’ demand and supply activities experienced significant drop. Also, significant drop in the vehicle sales hampered the brake system demand, and ultimately lowered the sale of automotive brake pads.
From the beginning of the 2021, the automotive brake pad market started to regain its momentum and with significant space due to increasing demand of passenger vehicles from emerging countries. With growing automotive industry the brake pad manufacturers is regaining its pace with the resumption of operations at manufacturing units, which would boost the automotive brake pad market in the coming years.
Overall, In 2020, the COVID-19 outbreak acted as a significant limitation on the automobile parts and components business, as trade restrictions and consumption disrupted supply chains fell due to government lockdowns around the world. However, during the projected period of 2021-2028, government incentives, expanding regional demand, and the easy availability of raw materials are expected to boost the market’s expansion.
For instance, India’s Automobile Mission Plan FAME-II prioritizes government assistance to the country’s burgeoning automotive and component manufacturing industries. Automobile parts and accessories manufacturing businesses have undergone extensive renovation in recent years, resulting in the emergence of a highly competitive industry.
ACDelco; AKEBONO BRAKE INDUSTRY CO., LTD.; Brake Parts Inc. LLC.; Brembo S.p.A.; Hebei Huahua Friction Material CO., Ltd.; Nisshinbo Holdings Inc.; Robert Bosch GmbH; SANGSIN BRAKE; Util Industries S.p.A.; and ZF Friedrichshafen AG are the prominent automotive brake pad market players profiled in the research study.
Market Dynamics
Key Market Drivers
- Increasing Production and Sales of Automotive Vehicles
- Rising Investments by Brake Pads Manufacturers in Expanding Production Capacity and Geographical Reach
Market Restraints
- High Cost of Raw Materials
Market Opportunities
- Increasing Technological Advancements for Lightweight and Environment Friendly Braking System
Trends
- Growing Adoption of Electric Vehicles Propels The Usage Of Brake Pads
Company Profiles
- ACDelco
- AKEBONO BRAKE INDUSTRY CO. LTD.
- Brake Parts Inc. LLC.
- Brembo S.p.A.
- Hebei Huahua Friction Material CO. Ltd.
- Nisshinbo Holdings Inc.
- Robert Bosch GmbH
- SANGSIN BRAKE
- Util Industries S.p.A
- ZF Friedrichshafen AG
For more information about this report visit https://www.researchandmarkets.com/r/2ten4u
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