Brake Pads are a component of disc brakes used in Automotive and other applications. Brake pads are composed of Steel Backing Plates with friction material bound to the surface that faces the Disc Brake Rotors.
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The Production Process for Brake Pads is based on some basic phases: mixing, molding, and curing.
Rise in GDP of the Global Population has inflated its disposable income, which, in turn, has driven the sales of vehicles. This rise in Sales of Vehicles around the globe has boosted the Brake Pad Market.
The Global Brake Pad Market has been segmented based on:-
- Brake pad material,
- Sales channel,
- Vehicle type, and
- Region
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Regional Growth & Market Scope:
The Global Automotive Brake Pad Market accounted for $11.00 billion in 2019 and is expected to reach $22.90 billion by 2027 growing at a CAGR of 9.6% during the forecast period. Growing Presence of Automotive Players and increasing Brake Components and parts import are the major factors driving the Market Growth.
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Companies in the Brake Pad Market are becoming aware about Vehicle Emissions caused due to wearing out of disc brakes. Thus, Manufacturers are increasing their R&D Muscle to eliminate copper from brake pads to Lower Vehicle Emissions. They are experimenting with copper-free friction materials to minimize Vehicle Emissions released in Urban Areas.
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According to the Brake Pad Market Report, the Global Brake Pad Market is anticipated to expand at a CAGR of ~4% during the forecast period, owing to robust expansion witnessed by the Automotive Industry across the Globe. Various initiatives by governments, such as that of India, Saudi Arabia, and several other countries to expand the Automotive Sector have heightened the Demand for Spare Parts of Vehicles, thus fueling the Brake Pad Market.
The Ownership of Vehicles is anticipated to reduce over the next few years due to changing Mobility Trend coupled with growing Popularity of Shared Mobility or mobility as service concepts, thus hampering the demand for brake pads.
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The Global Brake Pad Market has been Segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.
Asia Pacific and Europe are projected to be Highly Lucrative Markets during the forecast period. Countries in Asia Pacific such as China, India, Japan, and South Korea contribute for more than 40% of the Total Automobile Production Worldwide, thus creating High Demand for Brake Pads. Also, the presence of Major Automakers in Europe is contributing toward the notable share held by the region in the global brake pad market.
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Global Brake Pad Market Key Players:
Key Players Operating In The Global Brake Pad Market include; AISIN SEIKI Co., Ltd., ACDelco, Akebono Brake Corporation, ASIMCO, ASK Automotive Pvt. Ltd., Brake Parts Inc. LLC, Brembo S.p.A., EBC Brakes, Japan Brake Industrial Co., Ltd., MACAS AUTOMOTIVE, Masu Brake, Nisshinbo Brake Inc., Robert Bosch GmbH, Super Circle Auto Limited, Tenneco, TMD FRICTION HOLDINGS GMBH, Toughla Brakelinings, ZF Friedrichshafen AG, AVS BRAKE LININGS Private Limited and BSK Auto Industries.
Reasons of Growth:
- Rise in GDP of the Global Population has inflated its disposable income, which, in turn, has driven the Sales of Vehicles. This rise in sales of vehicles around the globe has boosted the brake pad market
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- Increase in Awareness about Safety among Vehicle Consumers as well as Government Authorities have prompted the integration of various Technologies That Accelerate the Wear of Brake Pads, thus propelling the Global Brake Pad Market.
- The rise in miles driven by Transport Vehicles results in high wear of brake pads and hence, boosts the Brake Pad Market across the Globe.
Conclusion:
Brake Pads Production Business's involve a much greater degree of movement than other lines of work and there will always be demand for new features, products and services for your business. Niir Project Consultancy Services (NPCS) provide detailed project reports, Business Ideas for Entrepreneurs, etc. You will also get the detailed project report on “Brake Pad Manufacture” based on reliable data and analysis, confirming availability of various necessities such as plant & machinery, raw materials to forecasting the financial requirements.
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