The global automotive brake pads market is expected to grow at CAGR 7.3% during the forecast period, 2019-2026.
The increasing vehicle sales throughout the globe are expected to drive the global automotive brake pads market during the forecast period 2019-2026. The other factors such as increasing demand for fuel efficiency, growing demand for electronic systems in vehicles, and high penetration of air conditioning systems may propel the growth of the automotive brake pads market. Therefore, growing demand for electronic systems in modern vehicles is likely to fuel the growth of the automotive brake pads market. Additionally, increasing number of electric vehicles in developing countries is likely to boost the global automotive brake pads market.
The market research study on “Automotive Brake Pads Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers a detailed outlook, strategic recommendations, and insightful viewpoints on the global Automotive Brake Pads market. The report also analyzes the key players operating in Automotive Brake Pads market and identifies the key strategies deployed by them along with the market share of leading players.
The global Automotive Brake Pads market is segmented as below:
Automotive Brake Pads Market By Vehicle
Automotive Brake Pads Market By Material
Automotive Brake Pads Market By Sales Channel
Automotive Brake Pads Market By Position
Automotive Brake Pads Market by Geography
The global automotive brake pads market is segmented on the basis of vehicle, material, sales channel and position. On the basis of vehicles the market is segmented into PCV, LCV, HCV, and Others. On the basis of material, the global automotive brake pads market is segmented into semi-metallic, Non-Asbestos Organic (NAO), Low-Metallic NAO, Ceramic, and others. On the basis of sales channel automotive brake pads market is bifurcated into OEM, and Aftermarket. Based on position the market is segmented into front, and front & rear.
Geographically, the global automotive brake pads market is segmented into North America, Europe, Asia Pacific, Latin America and The Middle East & Africa (LAMEA).
North America is expected to account for significant share of the global automotive brake pads market owing to the high adoption of the automotive vehicles in the region. Additionally, high disposable income and rising awareness regarding vehicle driving are some of the other factors which are expected to support the automotive brake pads market growth further. Extreme climatic conditions in Canada, and rising demand for automotive vehicles in the region are some of the other factors which are anticipated to escalate the automotive brake pads market growth during the forecast period. The Europe automotive brake pads market is the second leading market for automotive brake pads. Germany is the hub for automotive technological advancements which is driving the market for automotive brake pads in Europe owing to increased sale of vehicles in the last few years. The U.K is the significant contributor to the Europe automotive brake pads market owing to the high adoption of rear, and front automotive brake pads. Europe automotive camera market is anticipated to account for significant share of the market. The Asia Pacific automotive brake pads are the fastest growing region for the market. Constantly growing population in China is demanding for increased number of vehicle production which in turn has increased the demand for automotive brake pads in the OEM as well as aftermarket segment. Additionally, high production and high consumption nature of the region has escalated the China automotive brake pads market growth further. Increasing awareness regarding the automotive brake pads and rising number of incidences of accidents in the region has supported the market growth during the forecast period 2019–2026. LAMEA holds the least share in the global automotive brake pads market owing to the presence of the poor economy especially in Africa region. The Brazil automotive brake pads is forecasted to account for low to medium share of the market owing to the lack of awareness regarding the automotive brake pads. Additionally, lack of major players in the region and no government support are some of the factors which has led the automotive brake pads market to sluggish growth. However, this scenario is likely to change in the next few years due to rapid industrialization and growing automotive sector in the region coupled with untapped potential opportunities.
Several types of marketing channels are used for to distribute and sell the product. Some of the basic channels of marketing which includes: direct selling, selling through intermediaries, dual distribution, and reverse channels. In the automotive brake pads market three channels are most widely used direct selling, selling through intermediaries, and dual distribution along with e-commerce distribution. Direct selling involves selling the product directly to the potential buyers. It is the most effective and profitable channel as it already minis the intermediate person. For the market, the automotive brake pads directly sells their product to the customers which include the application industries. Direct marketing is one of the widely used types of marketing to establish and gain the major automotive brake pads market. It involves the advertising to the direct communication of the manufacturers to the buyers. In this process, direct marketing channel is used. This process involves the communication of the customers with the buyers via email, call, text messaging and others effective sources. It is more effective way used to target and gain the new customers. Indirect marketing majorly focus on retaining the buyers. It is another way to retain existing consumer base and attract new consumers through influencing them indirectly. It involves the advertising through the catalogs, advertising on T.V., & newspapers which are used to increase customer’s loyalty, retain customer, and expand the business
Some of the major players analyzed and profiles in this market include Allied-Nippon Limited, Akebono Brake Company, Robert Bosch Gmbh, Hitachi Chemical Co. Ltd., and Nisshinbo Holdings Inc.
Many players are engaged in new product launches to gain competitive edge and serve larger consumer base. For instance, in
February 2019, Akebono Brake Corporation introduced new Pro-ACT and EURO disc braking kits with electronic sensors to monitor system performance, this product introduction will help in expanding their product portfolio and help in withstand the competition.