Automotive and Transportation

Automotive Brake Pad Market is Expected to Reach USD 52.77 Billion by 2031

Mar 2024

Automotive and Transportation

As per the report published by Kings Research, the global Automotive Brake Pad Market was valued at USD 9.35 billion in 2023 and is projected to reach USD 14.94 billion by 2031, growing at a CAGR of 6.12% from 2024 to 2031.

The global automotive brake pad market is experiencing substantial growth. Increasing concerns regarding road safety have led to increased emphasis on brake performance, prompting vehicle owners and manufacturers to invest in high-quality brake pads. Additionally, rising production and sales of automobiles worldwide are contributing to the expanding market demand for brake pads.

Moreover, technological advancements in brake pad materials and manufacturing processes have enhanced their durability, reliability, and performance, further driving market growth. Additionally, stringent government regulations mandating the use of advanced braking systems to meet safety standards have propelled market expansion.

Key Insights

  • Based on vehicle type, the passenger cars segment held the largest market share of 68.12% in 2023
  • Based on material, the semi-metallic segment generated the highest revenue of USD 3.38 billion in 2023
  • Based on sales channel, the OEMs segment dominated the market in 2023, registering a revenue of USD 6.09 Billion
  • On the basis of region, Asia-Pacific accounted for the largest market share of 40.12% in 2023

ZF Launches TRW Brake Pads and Brake Discs in the Asian Automotive Aftermarket

April 2023: ZF, a leading automotive technology company, introduced TRW brake pads and brake discs. This move aimed to address the growing demand for high-quality replacement parts in the market. With the launch of these products, ZF aimed to offer vehicle owners access to premium components that meet international safety standards. TRW brake pads and discs were known for their durability, reliability, and superior braking performance, ensuring enhanced safety on the roads. The introduction of these products reflected ZF's commitment to providing innovative solutions to meet the evolving needs of the automotive aftermarket, thus contributing to improved vehicle safety and performance.

Rising Demand for Electric and Hybrid Vehicles to Facilitate Global Market Progress

The growing demand for electric and hybrid vehicles (EVs) presents lucrative opportunities for manufacturers in the market. The adoption of EVs and hybrid vehicles is on the rise due to the global shift toward sustainable transportation and stricter emissions regulations. These vehicles require advanced brake systems capable of handling regenerative braking and providing reliable performance under different driving conditions. As a result, there is an opportunity for brake pad manufacturers to develop specialized brake pads tailored to the unique requirements of EVs and hybrid vehicles, such as higher thermal stability and reduced wear. Capturing this niche market segment can lead to substantial growth and profitability for companies in the industry.

Availability of Counterfeit Brake Pads Pose Threat to Global Market Expansion

A significant challenge in the global automotive brake pad market is the escalating competition from counterfeit and low-quality brake pads. This issue is particularly prevalent in the aftermarket segment, where the influx of counterfeit products jeopardizes vehicle safety and performance. Combatting this challenge necessitates implementing stringent quality control measures to distinguish genuine products from counterfeit ones. Additionally, consumer education initiatives are crucial to raising awareness about the risks associated with counterfeit brake pads and the importance of investing in genuine, high-quality replacements.

Asia Pacific to Lead the Market with Highest CAGR of 7.93% Through 2031

Asia Pacific is expected to spearhead market growth in the coming years, with a projected CAGR of 7.93% over the forecast period. The region's burgeoning automotive industry is a key factor driving market development. Robust economic growth and increasing disposable income levels fuel the demand for automotive brake pads. Rapid urbanization across the region leads to higher vehicle ownership, further driving the need for brake pad replacements. Additionally, technological advancements and innovations in brake pad materials and manufacturing processes are fueling product uptake. These advancements improve the performance and durability of brake pads, enhancing their effectiveness in ensuring vehicle safety. With these favorable conditions, Asia Pacific is emerging as a pivotal region driving the growth of the global automotive brake pad market.

Major Industry Players Ink Collaborative Deals to Strengthen Market Foothold

The global automotive brake pad study reveals a fragmented landscape featuring prominent companies including Robert Bosch GmbH, Continental AG, Akebono Brake Industry Co., Ltd., Tenneco Inc., Brembo S.p.A., Nisshinbo Holdings Inc., Delphi Technologies, TBC Corporation, MIBA AG, Aisin Seiki Co., Ltd., and others. Companies are employing a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their global business footprint and enhance their competitive position.

Get the latest!

Get actionable strategies to empower your business and market domination

  • Deliver Revenue Impact
  • Demand Supply Patterns
  • Market Estimation
  • Real-Time Insights
  • Market Intelligence
  • Lucrative Growth Opportunities
  • Micro & Macro Economic Factors
  • Futuristic Market Solutions
  • Revenue-Driven Results
  • Innovative Thought Leadership