Ceramic-based automotive brake pad market to register significant gains over 2019-2025, Europe to be a prime regional contributor
Publisher : Fractovia | Published Date : 2019-05-24Request Sample
The surging deployment of advanced braking systems and increased focus on vehicle safety are expected to propel automotive brake pad market growth over 2019-2025. Renowned for their superior braking capability, disk brakes have found increased application in today’s high speed, high-performance vehicles. The product, compared to traditional drum brakes, generates less amount of heat and offers improved stopping ability, especially in wetter environments. Moreover, with the emergence of smart braking technologies and adoption of advanced friction material, the automotive brake pad market is likely to generate significant proceeds over the coming years.
U.S. Automotive Brake Pads Market, By Material, 2018 & 2025, (USD Million)
Carbon ceramic brakes to immensely enhance braking capabilities in modern vehicles
Primarily used in high-performance aircrafts, carbon ceramic brake pads have found prolonged application in today’s commercial sports and luxury vehicles. The product, being more effective in heat dissipation, can handle extremely high temperatures while being less susceptible to corrosion from exposure to water and salt. That apart, increased consumer spending and surging sales of high-performance vehicles and brakes will also supplement carbon ceramic automotive brake pad market size.
According to reports from the India Brand Equity Foundation (IBEF), the luxury car segment in India has witnessed immense growth, and depicted a CAGR of about 37% between FY07-15. Furthermore, the India luxury car market is anticipated to grow at a CAGR of 25% by 2020, with auto giants like BMW Group India and Mercedes-Benz India dominating the sector. As the demand and supply graph for such vehicles observes a consistent incline, the growth map of ceramic automotive brake pad industry is bound to remain exponential.
Impact of the freight and logistics industry on automotive brake pad market trends
The proliferation in construction and logistics sectors has propelled the deployment of heavy commercial vehicles (HCV) in the past few decades. This trend is mainly witnessed in the U.S. trucking industry – indeed, trucks are slated to transport roughly 71.5% of the nation's freight by weight, according to ATA. Nevertheless, to operate with such heavy load at high speeds, HCVs will require adoption of efficient braking system like ABS and disc brakes that ensure longer service life and low-cost maintenance. Also, efforts to reduce vehicle stopping distance by means of smart braking systems will foster automotive brake pad industry growth.
For instance, recently Volvo Trucks Global introduced a new collision warning and early braking system that could automatically assist drivers and stop a semi-truck with loads of up to 40 tons. Such advancements that will significantly help mitigate road accidents and in turn augment automotive brake pad industry growth.
The global automotive brake pad market has continued to register exceptional growth on account of increased number of vehicles sales and 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.
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.
Additionally, with stringent government regulations introduced in EU to reduce road accidents and increase passenger safety, the regional automotive brake pad market will witness substantial growth in the years to come. For instance, according to the new EU legislation, it is mandatory for all new motorcycles, above 125cc, to have antilock braking system (ABS).
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.
