In 2021, the Brake Pad Market was estimated to be worth USD 5.25 billion, and by 2029, it is anticipated to be worth USD 12.05 billion, growing at a CAGR of 10.94%. (2022-2029)
Brake Pad Market Overview:
Brake Pad Market Research Report analyzed the current state in the definitions, classifications, applications, and industry chain structure. The analysis provides unbiased professional commentary on the present market scenario, prior market performance, production and consumption rates, demand and supply ratios, and income generation forecasts for the projected period. The Brake Pad market study also gives information on the leading businesses functioning in the Brake Pad industry’s strategic ambitions and company growth strategies. Mergers and acquisitions, government and corporate transactions, partnerships and collaborations, joint ventures, brand promotions, and product launches are among the methods evaluated in the research. To summarise what has been said thus far, the report provides a comprehensive picture of the Brake Pad market in both global and regional markets.
COVID-19 Impact on Brake Pad market:
The COVID-19 pandemic has had a severe influence on the worldwide Brake Pad business. Brake Pad production facilities have been suspended due to global downturn and personnel scarcity. The COVID-19 pandemic has resulted in a severe and prolonged decline in production utilization, and travel bans and facility closures have kept employees away from their facilities, resulting in a slowdown in the growth of the Brake Pad market in 2020. However, the negative impact of COVID-19 on the Brake Pad market is projected to be temporary, and the industry is predicted to rebound rapidly by early 2021, owing to the high demand for smart sensor installation.
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Regional Analysis:
The report’s region section also includes specific market affecting elements and changes in market regulation that affect the market’s present and future developments. Some of the primary indicators utilized to estimate the market scenario for different regions include new sales, replacement sales, national demographics, regulatory acts, and import-export tariffs. In addition, the existence and availability of global brands, as well as the obstacles they face owing to big or scarce competition from local and domestic brands, as well as the influence of sales channels, are taken into account when offering forecast analysis of national data.
Segmentation:
Based on sales channels, OEM dominated the global brake pad market with a revenue share of more than 53.7% in 2021. To enhance braking effectiveness, automakers are equipping their vehicles with cutting-edge and novel brake pads. Eco-friendly brake pad materials with organic fibers and semi-metallic components are among the many items that industry participant’s offer. Greater friction and noise performance are two areas where manufacturers are improving product performance. Aftermarket parts are produced by other companies and might not be as high-quality or compatible as original equipment manufacturer (OEM) parts. Replacement, collision, aesthetically pleasing, and functional parts are produced by the aftermarket. Even though they are only marginally dependable in terms of quality and compatibility, customers choose these aftermarket components since they are sold at a discount. This ensures that 64% of the global car braking sector is covered by the aftermarket.
Key players:
• Robert Bosch GmbH (Germany)
• ATE Brakes (Germany)
• Japan Brake Industrial Co., Ltd. (Japan)
• AISIN SEIKI Co., Ltd. (Japan)
• Akebono Brake Industry (Japan)
• MACAS AUTOMOTIVE (India)
• Masu Brake (India)
• ASK Automotive Pvt. Ltd. (India)
• Brake Parts Inc. (US)
• Tenneco (US)
• SSBC Brake Pad (US)
• WAGNER (US)
• Bendix (US)
• EBC Brakes (UK)
• Centric Parts (US)
• General Motors (US)
• PowerStop (US)
• Hawk Performance (US)
• Wilwood Engineering, Inc (US)
• Muller Brakes (US)
• Hardex (Canada)
The study gives a complete assessment of the presence of the Brake Pad market in various areas and countries. Through a deep geographical assessment of the industry, the research analyst seeks to find hidden development prospects that may be used by companies in various regions of the world. The worldwide Brake Pad Market research gives precise knowledge that prepares market players to compete successfully with their largest competitors based on growth, sales, and other critical factors. Significant market features such as market drivers and barriers are separated from important development prospects and industry trends in the research study.
Global Brake Pad Market research report offers:
- The research contains a wealth of information, including market dynamics, scenarios, and prospects for the projection period.
- Quantitative, qualitative, value (USD Million), and volume (Units Million) statistics are included in segments and sub-segments.
- Data at the regional, sub-regional, and country levels contain demand and supply dynamics, as well as their impact on the market.
- In the year 2020, the competitive landscape has included a share of significant companies, new advances, and tactics.
- These players provide comprehensive goods, important financial information, latest advancements, SWOT analysis, and strategies.
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