Brake pads are the most crucial components of the automotive braking system present in the brake caliper, which, when brakes are applied, pushes them against the rotor to slow the wheel's rotation and stop the vehicle. With the growing passenger safety concerns and the mounting need for efficient braking at high speeds, brake pads with a higher coefficient of friction are witnessing an increasing demand across the US.
The US Automotive Brake Pad Market is expected to grow at a CAGR of around 4% during the forecast period, i.e., 2022-27. The growth of the market is in direct proportion to the automotive sector & is driven mainly by mounting vehicle sales across the US due to the high purchase power of consumers, coupled with massive investments by both the government & private firms in the automotive industry. It, in turn, is leading to rapidly surging automobile manufacturing across the country to cater to the growing end-user requirements and thus driving the demand for automotive brake pads.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Region Covered||North East, Mid-West, West, South|
|Key Companies Profiled||Brake Parts Inc LLC., MAT Holdings Inc., Bosch, ACDelco, Wagner, Ferodo, Muller Brakes, Brembo, Akebono Brake Industry Co. Ltd., EBC Brakes, Others|
|Unit Denominations||USD Million/Billion|
The rapid urbanization, soaring population levels, and significant infrastructure developments in the US are augmenting the production & sales of passenger & commercial vehicles that involve rigorous usage of brakes and, in turn, require frequent replacements of brake pads.
Different automobile manufacturers are actively working on bringing new features & technologies into their product offerings in order to attain a larger consumer base and expand their business footprints, i.e., another prominent aspect contributing to the growth of the automotive brake pad market in the US.
Since the life run of different brake system components is limited to specific miles, brake pad replacements are surging in the US. More and more commercial vehicles are being deployed with disc brakes, and there are growing instances of road collisions leading to high fatality counts. As a result, the strict norms for passenger safety imposed by the US government & concerned authorities are further propelling the growth of the brake pad industry.
In line with this, companies like Audi, BMW, Hyundai, Mercedes-Benz, Tesla, Toyota, Volkswagen, & Volvo had already equipped almost all new passenger vehicles with Abs in 2020. On the other hand, in the same year, Ford, Honda, Kia, & Nissan had installed AEB in more than 75% of their passenger vehicles.