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Automotive Brake Pads Market to witness phenomenal growth by 2025

Author : Rahul Varpe | Published Date : 2019-08-06 

The global automotive brake pad market has continued to register exceptional growth on account of increased number of vehicles sales and automotive brake pad market growing imports of vehicle brake components worldwide. According to reports from JATO, the global car sales, from 57 markets, totaled to about 44 million units in 2018, up by 3.6% compared to 2017 trends.


Growing number of vehicles and stringent government norms will drive the global automotive brake pad market. Advancements in braking technology and adoption of high-performance materials will also supplement market growth. As per estimates, automotive brake pad market size to surpass USD 10 billion milestone by 2025.


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The demand for brake pads and demand for automobiles go hand in hand. Hence, the factors which boost automotive production will also favor the expansion of automotive brake pads market share. The numerous developments in battery electric vehicles market are also projected to fuel automotive brake pads industry size over the coming years.

The increasing demand for clean and green energy and elevating global air pollution levels have pushed several automakers to launch their own electric vehicles. Japanese automaker Toyota is currently working on six new EVs with plans to roll out the new range by 2025, across the U.S, China, and Europe. Besides the passenger vehicles, the carmaker is also planning to introduce microcars and a smart-car like hatchback. General Motors is also planning to launch a clean version of Hummer. Production of newly launched models will boost the demand for compatible brake systems, thereby fueling automotive brake pad market size.

Regionally speaking, Europe is anticipated to be the net exporter of brakes and brake linings in the coming years. With the presence of renowned automotive giants like Volkswagen, BMW, Audi, Mercedes-Benz, Porsche and more, Germany would emerge as the largest importer of brakes in the EU, which is evident from the fact that imports were recorded at €3.1 billion in 2015 followed by France at €1.2 billion and the U.K. at €1.1 billion.


Brake pads impact the overall braking performance, and hence are a vital safety component in automobiles. They deal with challenges such as braking noises, high wear tear, and heat dissipation. Due to the frequent friction applied against metal disk or drum, brake pads wear down over a period of time, generating the need for replacement. Hence, replacement of brake pads will continue to foster automotive brake pad market trends in the coming years.


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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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