The rising demand for electric vehicles promises major growth for the automotive brake pads market. According to historic data, electric components contributed to just 1% of vehicle make-ups during 1930. However, today this make-up amounts to more than 30% in all vehicles. Moreover, International Energy Agency estimates that over 9 million people have delayed their demand for vehicle purchase in 2019, and this demand will likely be restored as financial crisis during the covid-19 pandemic promises to settle down with the vaccination drives on the horizon. Furthermore, the advent of technologies like 3D printing, automotive installation, repair, and maintenance promise to get a major boost, along with key cost-effective, and improved efficiency in automotive brake pad manufacturing.
The Limitations of Asbestos-based Manufacturing to Drive Competitive R&D and New Opportunities:
Asbestos, a conventional material for development of brake systems has come under scanner, due to its rising association with cancer. Hence, currently the brake pad manufacturing is witnessing a major investment in R&D to deliver new types of braking mechanism to replace asbestos in production. Despite the challenging nature of the tasks, new research shows that alternatives like waste banana peels promise to improve performance on various benchmarks including wear, friction, density, and hardness tests. Moreover, growing research also promises to reduce disk-braking noise for cars with reduction in braking contact area. The growing investment in R&D will open more opportunities for new players in the automotive brake pads market, as conventional solution promises to make way for new opportunities for growth.
3D Printing Promises to Solve Major Conventional Promises to Drive Growth:
Automotive brake pads, with its small component size remains a complex task for traditional manufacturing which values mass-production. However, new 3D printing or additive manufacturing promises to deliver rapid prototypes with major cost-cutting advantages. Apart from cost-cutting, the technology also promises to reduce heat, which is often cause of failures in braking systems. According to NHTSA, rising advancement in technology has reduced the vehicle stopping time by about 30%. Furthermore, technologies like 3D printing also make way for better braking pads for racing vehicles, and promise niche markets for electric vehicle branding, a competition that will likely heat up as more car manufacturers launch electric vehicles in the market. The 3D printed brake systems also promise to be more lightweight, making way for advanced braking systems to reduce weight, and subsequently, fuel-usage.
Asia Pacific Region Will Drive Robust Opportunities in Luxury Car Market:
The demand for electric vehicles continues to drive growth of the automotive brake pads market in North America. However, the luxury car segment in North America has taken a backseat, as consumer demand prefers functionality over the social standing in matured markets. On the other hand, new markets like Asia Pacific promise a robust growth for automotive systems as features, and luxury remain part of the core appeal for most consumers looking to improve social standing in traditional societies. The rising demand for luxury in Asia Pacific, increased investment in automotive technology in North America, and widespread electric infrastructure, and shifting consumer demand will drive major growth for the automotive brake pads market in the near future.
The key players of this market are Akebono Brake Corporation, Allied Nippon, Brakes India Private Limited, Brakewel Automotive Components India Private Limited, Continental Automotive GmbH, Ford Motor Company, Hindustan Composites Limited, Hitachi Chemical, Hunan Boyun Automobile Brake Material Co Ltd, Nisshinbo Brake Inc, Power Stop LLC, Ranbro Brakes India Limited, Rane Brake Lining Limited, Robert Bosch GmBH, Sangsin Brakes, Tenneco Inc, Wilwood Engineering Inc, ZF Friedrichshafen AG, and others.
Automotive Brake Pads Market Segmentation:
By Sales Channel
The growing investment in R&D will open more opportunities for new players in the automotive brake pads market, as conventional solution promises to make way for new opportunities for growth.
The demand for electric vehicles continues to drive growth of the automotive brake pads market in North America.
The global automotive brake pads market segmented on the basis of Vehicle, Sales Channel, Material, Position and Regions.
Major players operating in the global automotive brake pads market include Continental Automotive GmbH, Ford Motor Company, Hindustan Composites Limited, Hitachi Chemical, Hunan Boyun Automobile Brake Material Co Ltd, Nisshinbo Brake Inc, Power Stop LLC, Ranbro Brakes India Limited, Rane Brake Lining Limited, Robert Bosch GmBH, Sangsin Brakes, Tenneco Inc, Wilwood Engineering Inc, ZF Friedrichshafen AG, and others.
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