The global automotive brake pads market is estimated to foresee immense growth over the coming years due to an upsurge in automobile fleets, consistent rise in aftermarket product demand, and the steadily increasing automotive sales. Frequent launch of new passenger vehicle models, which are being launched with multiple attractive promotional offers by automotive dealers to boost sales would further compliment industry outlook. Considering these factors, Global Market Insights Inc., estimates, automotive brake pads market would likely surpass a momentous $14.7 billion valuation by 2026.
In fact, the aforementioned strategy has proven to be highly effective in bringing in results and augmenting revenue growth. According to the Invest India, in FY2018-19 passenger vehicle sales grew by more than 2.70%. Additionally, during April-March 2019, overall automobile exports witnessed a significant growth of 14.50% and the overall commercial vehicle segment witnessed a growth of about 17.55% during the same period.
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With respect to material, the low metallic NAO segment is projected to expand at a healthy growth rate of about 3.8% over the coming years. These brake pads are comprised of a heavy concentration of mineral abrasives in order to provide enhanced stopping power. The product is manufactured through an organic formula mix with a small amount of copper or steel added to the formulation to help support a better level of heat transfer and provide efficient braking.
In terms of vehicle, the heavy commercial vehicles (HCV) segment held a significant revenue share of more than $124 million in 2019 with industry estimates anticipating it to register remunerative growth owing to the rapidly growing construction and logistics sector. These vehicles frequently work with immense loads and thus need an efficient braking system to improve safety. In addition, the ongoing expansion of private and public transportation industries across developing countries should further propel the segment share over the coming years. Taking March 2019 for instance, Meyle unveiled new brake pads designed for heavy vehicles that decrease braking distance and enhance the braking performance of HCVs.
Geographically, an upsurge in R&D investments by market players to offer optimum quality products is expected to majorly propel the Latin America automotive brake pads market share through the forecast timeframe. In fact, the regional market share is projected to expand at a decent CAGR of approximately 3.2% through the analysis period. Furthermore, Brazil and Mexico are likely to lead the regional product demand owing to increasing sales of automotive brake pads across these nations. Stringent norms that focus on banning the use of asbestos-based products owing to health issues would further augmenting the regional market share.
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Major market players in the automotive brake pads industry are establishing new plants across new locations in order to strengthen their regional footprints and boost revenues. Citing an instance, in 2019, Sangsin Technology America, the U.S. arm of South Korean brake manufacturer, reportedly announced its plan to build a $20 million factory in McDonough, Georgia. The company would manufacture aftermarket brake pads, as well as other friction products.
The competitive landscape of the global automotive brake pads market is inclusive of players such as Brakewel Automotive Components India, Ranbro Brakes India Limited, KFE brakes system, Sangsin Brakes, Hunan Boyun Automobile Brake Material Co Ltd, Double Link, HAWK Performance, Hitachi Chemical, WAGNER, Nisshinbo Brake Inc., and ICER BRAKES among others.
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