Categories: Market Research

Automotive Brake Pads Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Automotive Brake Pads  by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

Learn More On The Automotive Brake Pads  Market:

https://www.thebusinessresearchcompany.com/report/automotive-brake-pads-global-market-report

According to The Business Research Company’s Automotive Brake Pads , The automotive brake pads market size has grown strongly in recent years. It will grow from $8.18 billion in 2023 to $8.73 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%.  The  growth in the historic period can be attributed to vehicle sales growth, emphasis on vehicle safety, consumer awareness and education, stringent safety regulations, wear and tear considerations..

The automotive brake pads market size is expected to see strong growth in the next few years. It will grow to $11.37 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.  The growth in the forecast period can be attributed to rising global vehicle fleet, evolving automotive design trends, continued emphasis on vehicle safety, rise of electric and hybrid vehicles, maintenance and aftermarket trends.. Major trends in the forecast period include development of low-dust brake pads, use of advanced composite materials, integration of sensors for wear monitoring, focus on noise reduction technologies, increased demand for ceramic brake pads,.

The rising demand for electric vehicles (EVs) is expected to propel the growth of the automotive brake pads market going forward. The electric vehicle is an automotive that is powered by an electric motor that takes electricity from a battery and can be charged from an external source. Automotive brake pads provide safer and more efficient regenerative braking mechanisms for electric vehicles that slow the vehicle down and save the vehicle from accidents. For instance, in September 2022, according to the Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year, reaching a new high of 6.6 million units’ sale. Additionally, the sales of electric cars worldwide in 2021 have a sales share of 4%. Therefore, the rising demand for electric vehicles is driving the automotive brake pads market.

Get A Free Sample Of The Report (Includes Graphs And Tables):

https://www.thebusinessresearchcompany.com/sample.aspx?id=9744&type=smp

The automotive brake pads market covered in this report is segmented –

1) By Material Type: Semi-Metallic, Non-Asbestos Organic (NAO), Low-Metallic, Ceramic

2) By Position Type: Front, Front And Rear

3) By Vehicle: Two Wheelers, Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles

4) By Sales: Original Equipment Manufacturer, Aftermarket

Product innovation is a key trend gaining popularity in the automotive brake pads market. Major companies operating in automotive brake pads are focused on developing innovative solutions to strengthen their position in the market. For instance, in March 2023, Brakes India Pvt Ltd, an Indian-based company, launched ZAP brake pads, which are integrated with advanced friction technology for electric vehicle use. These brakes act as strong stopping forces and are specifically made for battery-electric cars that adhere to environmental safety and sustainability standards.

The automotive brake pads  market report table of contents includes:

 

  1. Executive Summary
  2. Automotive Brake Pads Market Characteristics
  3. Automotive Brake Pads Market Trends And Strategies
  4. Automotive Brake Pads Market – Macro Economic Scenario
  5. Global Automotive Brake Pads Market Size and Growth

.

.

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  1. Global Automotive Brake Pads Market Competitive Benchmarking
  2. Global Automotive Brake Pads Market Competitive Dashboard
  3. Key Mergers And Acquisitions In The Automotive Brake Pads Market
  4. Automotive Brake Pads Market Future Outlook and Potential Analysis
  5. Appendix

Top Major Players:

 

  • ACDelco LLC
  • Akebono Brake Industry Co. Ltd
  • Allied Nippon Limited
  • Brakes India Private Limited
  • Brakewel Automotive Components India Private Limited

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