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Brake Pad Market Growth, Global Survey, Analysis, Share, Company Profiles and Forecast By 2021-2027

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According to recent market study published by Nova One Advisor  Market reports titled, “Global Brake Pad Market Brake Pad Material, Sales Channel, Vehicle Type And Region : Size, Share, Trends and Opportunity Analysis, 2021-2027”, The global Brake Pad market gathered revenue around USD 4.82 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 4.9% during the prediction period 2021 to 2027.

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Growth Factors:

According to the statistics of World Bank Group, GDP of the global population, measured in terms of purchasing power parity, has tripled in last few decades. This increase in purchasing power of the global population has led to a rise in sales of vehicles across the globe. The increase in sales of vehicles has boosted the demand for automotive spare parts, thus driving the global brake pad market. The increase in awareness about vehicle safety has led to the disc brakes becoming a standard feature in vehicles across most countries. Numerous automakers are mounting disc brakes on all wheels of their vehicle models. This has increased the number of brake pads required per vehicle, thus boosting the brake pad market across the globe.

Expansion of Brake Pad Market

Government authorities of various countries have prohibited the use of certain hazardous raw materials in brake pads, and have made it obligatory to control the brake dust generated. Consequently, manufacturers of brake pads have developed new products made from novel materials that lower the environmental impact. For instance, in 2018, AKEBONO BRAKE INDUSTRY CO., LTD. launched a new friction material consisting of phenol resin with wood powder, which has reduced noise and vibration, and the material has less impact on the environment as compared to that of other products such as asbestos. These new raw materials provide significant opportunity for the global brake pad market.

Technological advancements in braking systems have fueled the demand for brake pads. The ABS technology increases the wear of brake pads, the wear sensors timely alert the driver of worn-out pads and numerous other such technologies increase the frequency of brake pad replacement, thus boosting the global brake pad market. Based on brake pad material, organic brake pads are gaining high popularity across the globe, owing to the lower cost of these brake pads, lower environmental concerns, and high heat transfer capabilities. These advantages make organic materials highly suitable for general-purpose applications.

Segmentation of Brake Pad Market analysis:

The global brake pad market has been segmented based on brake pad material, sales channel, vehicle type, and region

Based on brake pad material, the organic segment is anticipated to gain high market share. Brake pad manufacturers have developed non-asbestos organic brake pads that contain high amount of reinforcement fibers as compared to that in fully organic brake pads, which increases the strength of brake pads. These developments in organic brake pad materials are expected to propel its share in global brake pad market.

Based on vehicle type, the passenger vehicle segment held a significant share of the global brake pad market. Disc brakes are becoming a standard feature in most passenger vehicles available around the globe and the number of brake pads required per vehicle is increasing, thus contributing toward the higher share of the passenger vehicle segment of the brake pad market.

Regional Analysis of Brake Pad Market

In terms of region, the global brake pad market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global brake pad market in 2019. It is anticipated to hold a leading market share during the forecast period, due to the high production of vehicles in countries such as China, India, Japan, and South Korea. Furthermore, growing industrialization and trade activities in these countries have increased the miles driven by commercial vehicles, further propelling the demand for brake pads. Europe is the second-largest market for brake pads after Asia Pacific. The presence of major automakers coupled with high purchasing power of the population in the region has boosted the sales and production of vehicles in the region, which, in turn, has fueled the demand for brake pads.

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Recent report on the Brake Pad market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Brake Pad market analyzes the scenario for the period of 2017 to 2027, wherein, 2021 is the base year and 2020 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Brake Pad market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.

The report analyzes the historical and present-day scenario of the global Brake Pad market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.

The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the Brake Pad market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.

The report delves into the competition landscape of the global Brake Pad market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Brake Pad market that are profiled in this report.

Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The Brake Pad market is analyzed at both regional and country levels.

Some of the prominent players in the Brake Pad Market include:  AISIN SEIKI Co., Ltd., ACDelco, Akebono Brake Corporation, ASIMCO, ASK Automotive Pvt. Ltd., Brake Parts Inc. LLC, Brembo S.p.A., EBC Brakes, Japan Brake Industrial Co., Ltd., MACAS AUTOMOTIVE, Masu Brake, Nisshinbo Brake Inc., Robert Bosch GmbH, Super Circle Auto Limited, Tenneco, TMD FRICTION HOLDINGS GMBH, Toughla Brakelinings, ZF Friedrichshafen AG, AVS BRAKE LININGS Private Limited

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

Market: Segmentation

  • Brake Pad Market, by Brake Pad Material
    • Metallic
    • Ceramic
    • Organic
  • Brake Pad Market, by Sales Channel
    • OEM
    • Aftermarket
  • Brake Pad Market, by Vehicle Type
    • Two Wheeler Vehicle
    • Passenger Vehicle
      • Hatchback
      • Sedan
      • Utility Vehicles
    • Commercial Vehicle
      • Light Duty Vehicles
      • Heavy Trucks
      • Buses & Coaches
    • Off-road Vehicle
      • Agriculture Tractors & Equipment
      • Construction & Mining Equipment
      • Industrial Vehicle (Forklift, AGV, etc.)

Research Methodology

A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global Brake Pad market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.

These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Brake Pad market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.

Key Questions are

  • What are the key factors influencing the Brake Pad market in each region?
  • How much value will the global market generate by the end of the forecast period?
  • What will be the CAGR of the global market between 2021 and 2027?
  • What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
  • What is the future scope and current trends in technologies of the global market?
  • What is the revenue of the global market based on segments?
  • Which key strategies are used by top players of the global market?
  • Which are the leading companies in the global market?
  • What are the essential strategies by key stakeholders in the market to expand their geographic presence?
  • What are the major advancements witnessed in the global market?

Why Buy this Report?

The purpose of Nova one advisor’s Brake Pad market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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