Market Definition
Brake pads, a crucial component of the automotive braking system, which, when pressed against the rotor by a caliper, help slow down or stop the vehicle. The rise in safety concerns among vehicle owners owing to the growing number of road accidents & casualties is leading to rapidly increasing requirements for brake pads with better materials & a higher friction coefficient across Canada.
Market Insights & Analysis: Canada Automotive Brake Pad Market (2023-28)
The Canada Automotive Brake Pad Market is expected to grow at a CAGR of around 3% during the forecast period, i.e., 2023-28. The market growth is influenced directly by Canada's automotive sector, i.e., driven mainly by growing sales of vehicles, especially EVs (Electric Vehicles), across the country on account of improving disposable income of consumers, along with substantial government & private sector investments in the automobile industry.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 3% |
| Region Covered | Northern Territories, Pacific Region, Prairie Provinces, Central Canada, Atlantic Region |
| Key Companies Profiled | Hardex Brakes, Ideal Brake Parts, Areion Brakes, Midas, German Parts. Ca, ABS Friction, Royal Brakes Canada, Wagner, Pertec Brake Pads Ltd., NRS Brakes, Others |
| Unit Denominations | USD Million/Billion |
Consequently, the burgeoning automobile production across the country to suffice the ever-rising consumer requirements is promoting the expansion of the automotive sector and, in turn, the brake pad industry.
Moreover, significant infrastructure developments in Canada owing to rapid industrialization are leading to the increasing demand for commercial vehicles that involve heavy usage of brakes and thus require frequent replacements, thereby augmenting brake pad sales.
Besides, the automotive brake pad market in Canada is also expanding owing to the limited lifetime of brake components that wear down with usage. In addition, with the rising number of road accidents & fatalities, the Canadian government & the related authorities have laid out stringent regulations for passenger safety, i.e., another aspect aiding in the growth of the automotive brake pad market in Canada.
Latest Trends in the Canada Automotive Brake Pad Market
Market Segmentation
Based on Vehicle Type:
Of them all, passenger vehicles will continue dominating the Canada Automotive Brake Pad Market with the largest share throughout 2028. The increasing disposable income of people is leading to growing private vehicle ownerships, i.e., propelling passenger vehicle sales across the country and, in turn, positively influencing the automotive brake pad industry in Canada.
Besides, more and more automobile manufacturers are massively investing in the development of advanced braking systems with better materials & sensor technologies to address the rising number of road accidents by preventing vehicle skidding or slipping. This aspect is also positively influencing the demand for passenger vehicles and, consequently, aiding in the expansion of the Canada Automotive Brake Pad Market.
Based on Material Type:
Here, semi-metallic is the most adopted brake pad in Canada. The primary factors instigating their demand in the country include their exceptional resistance to heat and wear & tear, affordable prices, and overall sturdiness. These brake pads comprise sintered iron-graphite or steel materials that provide excellent breaking even at high temperatures, and thus, they are considered ideal for heavy or high-performance vehicles.
Nonetheless, semi-metallic brake pads have a lower friction coefficient, owing to which more pedal power is required at low temperatures as brakes turn cold. In addition, they are noisier and unravel rotors relatively sooner than other brake pad materials as they have about 65% metal.
As a result, NAO (Non-Asbestos Organic), which has high-temperature resins along with Kevlar & cellulose in the newer ones, is considered a better alternative to semi-metallic brake pads. They go easy on disk rotors as they are considerably quieter & softer than their semi-metallic counterparts. Hence, as more and more automakers are switching to NAO, it is positively impacting the overall automotive brake pad market in Canada.
Market Dynamics
Key Drivers: Rise in Road Safety Concerns and More Frequent Brake Part Replacements
As Canada is witnessing gradually increasing instances of road accidents & fatalities, there are growing safety concerns among consumers. It, in turn, has compelled the Canadian government to impose strict norms for automobile manufacturers to use advanced brake components in their products, i.e., leading to surging sales of brake pads in the country.
Moreover, with rapid industrialization & urbanization, the country is observing an increasing number of trade activities, which is resulting in more miles driven by commercial vehicles entwined with quick wear & tear of brake components. Hence, more frequent replacements of brake parts are creating remunerative prospects for the automotive brake pad market.
Growth Restraint: Significantly High Costs of Maintaining & Repairing Brake Parts
With rapid & notable advancements in the automotive sector, many braking technologies have emerged that deliver superior braking performance, particularly at high speeds. Due to these developments and the expensive research behind them, the maintenance & repair of brake components has become significantly high, i.e., a major growth restraint for the Automotive Brake Pad Industry in Canada during 2023-28.
Gain a Competitive Edge with Our Canada Automotive Brake Pad Market Report
Frequently Asked Questions
A. The Canada Automotive Brake Pad Market is expected to record around 3% CAGR during 2023-28.
A. The increasing automotive production and strict norms for automobile manufacturers to deploy advanced braking systems in their vehicles, owing to rising instances of road accidents & casualties, are projected to drive the Canada Automotive Brake Pad Market during 2023-28. On the other side, the high costs associated with the maintenance & repair of brake components are the major restraints to the growth of the automotive brake pad industry in Canada.
A. With the increasing deployment of disk braking systems, commercial vehicles are very likely to create remunerative prospects for the leading companies in the Canada Automotive Brake Pad Market during 2023-28.
