Brake Pad Market: Overview
Brake pads are an integral part of the disc braking system. When the brake pedal is pressed, the brake pads press against the running disc in order to stop its motion and brake the vehicle. The brake pads are essentially made of a material that possesses high co-efficient of friction. Increase in demand for efficient braking during high speeds has led to the expansion of brake pad market.
Brake Pad Market: Drivers and Restraints
Brake pads are a wear and tear product owing to their working condition and brakes pads that have a longer life are witnessing an increase in demand. Rising trend of people to prefer a comfortable and smoother ride has led to the development of low noise brake-pads that do not make noise while turning and sudden braking. Demand for increased safety has led to the usage of materials such as fibers and ceramic in brake pads in order to allow effective and sudden braking. Ceramic brake pads are witnessing a high demand in the brake pad industry, as they are highly efficient. Ceramic brake pads contain a mesh of fine copper wires in order to increase friction and heat conductivity. Ceramic brake pads run very quietly, as compared to organic pads, and generate less dust particles during working; and thus, have a longer service life. Ceramic pads are considered to be highly reliable as they wear out slowly and are considered a good choice for commercial vehicles that run longer miles.
Ceramic pads are an expensive type of brake pad, thus restraining their demand; however, developments in technology and the rise in production are likely to reduce their price and increase their rate of adoption across the market.
Brake Pad Market: Key Segments
The global brake pad market can be segmented based on type of material used, vehicle, sales channel, and geography. Based on type, the brake pad can be classified into three types. The metallic brake pads consist of 30% to 70% metal such as iron, copper, or steel. Metallic brake pads are highly versatile brake pads; and hence, they are utilized in various vehicles ranging from passenger cars to two-wheelers and motorsport vehicles. Performance driving is best supported by metallic brake pads, as they offer improved braking in wide range of temperatures and conditions. Metal brake pads don’t shrink while braking, unlike the other brake pads, and thus less pressure on the pedal is required for braking. The automotive industry has witnessed significant increase in adoption of metallic brake pads owing to the rise in demand for performance vehicles. Metallic brake pads are most widely used in two –wheelers and passenger cars.
In terms of vehicle, the automotive brake pad market can be segregated into two-wheelers, passenger vehicles, and commercial vehicles. The rise in number of two-wheelers in developing countries, due to being a cheaper mode of transport, has boosted the brake pad market. The rise in production of passenger cars and increase of fleet services is likely to fuel the demand for brake pads.
Based on sales channel, the brake pad market can be divided into OEM and aftermarket. The aftermarket segment holds a major share in the brake pad market, as the brake pad is a service part and needs periodic replacement.
In terms of geography, the global automotive brake pad market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a potential hub for the brake pad market due to the significant penetration of vehicles in this region, which in turn is boosting the aftermarket segment. Following Asia Pacific is Europe and North America due to the higher concentration of OEMs in these regions.
Brake Pad Market: Key Players
Key players operating in the automotive brake pad market include Federal-Mogul LLC, Robert Bosch GmbH, Nisshinbo Brake Inc., Brembo S.p.A., ITT INC. Continental Automotive GmbH, TMD FRICTION HOLDINGS GMBH, and MAT Holdings, Inc.
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