Global Automotive Brake Pad Market Outlook (2020 to 2027) – Featuring Allied Nippon, Ford Motor and Hitachi Chemical Among Others – ResearchAndMarkets.com
The “Automotive Brake Pad – Global Market Outlook (2019-2027)” report has been added to ResearchAndMarkets.com’s offering.
According to this report the Global Automotive Brake Pad market accounted for $11.00 billion in 2019 and is expected to reach $22.90 billion by 2027 growing at a CAGR of 9.6% during the forecast period.
Growing presence of automotive players and increasing brake components and parts import are the major factors driving the market growth. However, a stringent government regulation for raw materials is restraining the market growth.
Brake pads are an integral part of the disc braking system for automotives. When the brake pedal is engaged, the brake pads press against the running disc in order to stop its motion and halt the vehicle. Brake pads are essentially made of materials that possess a high co-efficient of friction.
Based on vehicle, the passenger carrying vehicle (PCV) segment is likely to have a huge demand. The frequent launch of passenger vehicle models coupled with multiple offers provided by vehicle manufacturers to increase their sales are main driving factors for the segment. By geography, Asia Pacific is going to have a lucrative growth during the forecast period due to rising vehicle sales along with growing disposable income of people from emerging economies such as China and India.