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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.
New York, June 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Brake Pad Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material Type and Vehicle Type" - https://www.reportlinker.com/p06279420/?utm_source=GNW
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.
The overall automotive brake pad market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the automotive brake pad market with respect to all the segments.It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. Participants in this process include industry experts, such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the automotive brake pad market.
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.
Read the full report: https://www.reportlinker.com/p06279420/?utm_source=GNW
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