NEW YORK , Sept. 26, 2023 /PRNewswire/ -- The automotive brake pad market is estimated to grow by USD 5.72 billion from 2022 to 2027, growing at a CAGR of 7.29%. The automotive brake pad market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer automotive brake pad market are AISIN CORP., Akebono Brake Industry Co. Ltd., Allied Nippon Pvt. Ltd., BorgWarner Inc., Brembo Spa, Continental AG, First Brands Group, Freeman Automotive UK Ltd., General Motors Co., GUD Holdings Ltd., Hindustan Composites Ltd., PowerStop LLC., Robert Bosch GmbH, SANGSIN BRAKE Co., Stanley Black and Decker Inc., STEINHOF GROUP LIMITED LIABILITY COMPANY, Tenneco Inc., and ZF Friedrichshafen AG. The report provides a full list of key companies, their strategies, and the latest developments. Download FREE Sample before buying
Akebono Brake Industry Co. Ltd. - The company offers automotive brake pads such as opposed piston-type disc brakes floating-type disc brakes, and friction materials. Brake Pad Viva
AISIN CORP. - The company offers automotive brake pad that provides well-balanced products globally, that has characteristics that usually conflict with requirements, such as brake effectiveness, fade, wear, squeal, vibration, and noise.
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By Geography, the market is classified as APAC, Europe , North America , South America , and Middle East and Africa . APAC will have the largest share of the market.
APAC is estimated to contribute 51% to the growth of the global market during the forecast period. The key markets in the region are China , Japan , and India due to the presence of many reputable automobile manufacturers in these countries. In addition, there is an increased demand for ceramic brake pads in Japan and China as a result of the growing EV sales between 2022 and 2021 by 64% and 87% respectively. In addition, demand for automotive brake pads is being driven by the growing incomes of consumers in India , China , South Korea , and Japan as well as rising car sales. There is also an increase in government initiatives to support technologies that help ensure safety and reduce traffic accidents as well as strict regulations. For example, in Japan , under the Japanese Industrial Standard (JIS) C-4501, suppliers must follow industry standards on parameters such as friction performance and wear resistance when manufacturing brake pad material products. Hence, these factors are expected to drive market growth in the region during the forecast period.
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Impactful driver- Rising number of product launches
Key Trend - Increasing mergers and acquisitions (M&A)
Major Challenges - High cost of the development of brake pads
By Type, the market is classified into organic, metallic, and ceramic. The organic segment is estimated to witness significant growth during the forecast period.
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How do the major trends impact the market?
How do the key drivers and challenges impact the market?
The automotive intelligent rearview mirror market size is estimated to grow at a CAGR of 15.47% between 2022 and 2027. The market size is forecast to increase by USD 959.46 million . This automotive intelligent rearview mirror market report extensively covers market segmentation by application (passenger car and commercial vehicle), channel (OEM and aftermarket), and geography (APAC, North America , Europe , Middle East and Africa , and South America ). The growing popularity of luxury vehicles is the key factor driving the growth of the market.
The automotive junction box market size is estimated to grow at a CAGR of 8.3% between 2022 and 2027. The market size is forecast to increase by USD 3,182.81 million . This automotive junction box market report extensively covers market segmentation by vehicle type (passenger cars and commercial vehicles), technology (smart junction box and passive junction box), and geography (APAC, North America , Europe , South America , and the Middle East and Africa ). One of the key factors driving the automotive junction box market growth is the penetration of hybrid and electric powertrains.
7 Market Segmentation by Vehicle Type
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