According to study, “World Brake Pads Market Research Report 2024(Covering USA, EU, China, South East Asia, Japan and etc)” the key companies operating in the world brake pads market are Federal Mogul, Bosch, AKEBONO Group, TRW Automotive, ACDelco, Nisshinbo Holdings, MK Kashiyama, MAT Holdings Inc., TMD Group, Delphi Automotive PLC, FBK, ATE, Hitachi Chemical, Sumitomo, ICER, Sangsin Brake, ADVICS, BREMBO, Nan Hoang Traffic Instrument, Hawk Performance, Util Group, EBC Brakes, Fras-le, ABS Friction, Brake Parts Inc., Meritor, Metek GmbH, Shandong Gold Phoenix Group, ITT Corporation, Shangdongxinyi Automobile Parts manufacture, Double Link, Hunan BoYun Automobile Brake Materials, Hangzhou FeiyingAutoparts, Hubei Sal-fer, Huahua Friction Materials, Zhongshan Safety, Ningbo Allways Auto Parts, RizhaoZhongwei Automobile Part, Hubei Feilong Friction & Sealing Materials, HangzhouHangcheng Friction Material. Key manufacturers are engaged in developing products through advanced friction material for superior vehicle control.
Brake pad is a component of braking system which takes the brunt of frictional force necessary to stop the mechanical or vehicle equipment. It is generally composed of bonding & preventing heat layer, steel plate, and friction block. The bonding layer is made of insulation material, on purpose of preventing heat. Friction block is composed of bonding material and friction material, which produces friction squeezed on brake rotor. Brake pad converts kinetic energy of the vehicle to thermal energy through friction. It is used in automobile, subway, train, airplane, industry and etc.
Based on product type, brake pads market is segmented into drum brake, disc brake pads and others. Based on vehicle type, market is segmented into passenger vehicles, commercial vehicles and two-wheelers. Based on material, market is segmented into low metallic NAO brake pads, non-asbestos organic brake pads, ceramic brake pads and semi metallic brake pads.Based on position type, market is segmented into front & rear and front. Based on sales channel, market is segmented into vehicle aftermarket industry and vehicle OEM industry. In addition, based on application, market is segmented into railway brake pads, automotive brake pads and others.
The brake pads market is driven by rise in installation of disc brakes in automobiles for superior braking efficiency, followed by increase in vehicle production, rise in demand for low noise brake system, technological up-gradation for development of lightweight & environment friendly braking system, increase in awareness regarding personal safety and growth in government initiatives. However, increase in raw material prices and lack of operating temperature range may impact the market. Moreover, growth in development of organic fibers to meet emission regulations and continuous advancements in braking systems are key opportunities for market.
Based on geography, USA country holds major share in brake pads market owing to rise in government directives for disc braking system and growth in regulations pertaining to manufacturing & installation of disc brakes in the country. China country is expected to witness higher growth rate due to growth in consumer focus on vehicle safety & performance and increase in vehicle ownership over the forecast period. It is projected that future of the market will be bright on account of rise in technological advancements during the forecast period. The worldwide market is estimated to grow at a CAGR of approximately 1.5% over the next five years, will reach US $11300 million in 2024, from US $10500 million in 2019.
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Ankur Gupta, Head Marketing & Communications