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According to a new report, published by KBV research, The Global Automotive Brake Pad Market size is expected to reach $5.1 billion by 2028, rising at a market growth of 5.4% CAGR during the forecast period.
The Semi Metallic segment is showcasing a CAGR of 5.6% during (2022 - 2028). This is because it can give brake systems strong shear and bonding strengths. Additionally, the presence of 30 to 60 percent metallic elements, such as steel and iron, gives braking systems a high degree of thermal stability, which increases consumer demand for the product during the projection period.
The Front & Rear segment is leading the Global Automotive Brake Pad Market by Position in 2021 thereby, achieving a market value of $3.2 billion by 2028. This is due to the forecast period's optimization of vehicle performance with tailored brake pad designs for each vehicle wheel. The segment's growth is anticipated to be accelerated during the projected period by industry participants routinely releasing new products with tailored brake designs for trucks and SUVs.
The OEM segment has shown the growth rate of 6.1% during (2022 - 2028). This is because of features including wear resistance, improved quality assurance, and noise and dust restriction. Additional factors that are anticipated to propel the market growth during the forecast period include factors like individual automotive manufacturers integrating innovative brake pads in their vehicles to improve braking efficiency as well as market players offering a broad range of products that include environmentally friendly brake pad materials.
The Passenger Cars segment is leading the Global Automotive Brake Pad Market by Vehicle Type in 2021 thereby, achieving a market value of $2.7 billion by 2028. This is due to the regular introduction of new passenger car model lines and the abundance of incentives offered by automakers. Additionally, rising investments by premium and luxury automakers in the development of new products with improved features and rising demand for passenger vehicle sales in developed countries are anticipated to fuel the expansion of the automotive brake pads market over the course of the forecast period.
The Asia Pacific market dominated the Global Automotive Brake Pad Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2 billion by 2028. The North America market is exhibiting a CAGR of 5.2% during (2022 - 2028). Additionally, The Europe market would showcase a CAGR of 4.7% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Continental AG, Robert Bosch GmbH, ZF Friedrichshafen AG, Brembo S.p.A., BorgWarner, Inc., ITT, Inc., Tenneco, Inc. (Apollo Funds), Akebono Brake Industry Co., Ltd., ADVICS Co., Ltd. (Aisin Corporation), and Brake Parts, Inc. (First Brands Group).
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