Latin America Brakes Aftermarket Market Research Report: Forecast (2021-2026)

Aftermarket is a secondary market of the automotive industry that concerns repairs, replacements, distribution, retailing, installation, and other similar services of all vehicle parts. The Brakes Aftermarkets deals primarily with the brake system of the vehicle. 

The Latin America Brakes Aftermarket Market is likely to grow at a CAGR of around 1.20% during the forecast period, i.e., 2021-26, says MarkNtel Advisors. The most prominent factor supporting the market growth is the shift toward producing lightweight & composite vehicles and installing advanced brakes to ensure the utmost safety.

Additionally, the rising penetration for the adoption of electric vehicles shall also support the dynamics of the brakes aftermarkets in the forecast period. The constant technological advancements to avoid skidding or slipping at sudden braking are other crucial aspects expected to propel the market growth during 2021-26. 

Covid-19 Outbreak Severely Impacted the Latin America Brakes Aftermarket Market

The Covid-19 pandemic affected almost all industries, where the Automotive sector was no exception & observed the worst effect, and directly impacted the Latin America Brakes Aftermarket Market. Due to the sudden imposition of lockdown & strict movement restrictions, the market underwent significant disruptions in manufacturing & shipping procedures. 

In addition, the market also observed issues in transportation & logistics, which produced abrupt changes in consumer purchase behavior. However, with the gradual upliftment of restrictions, the aftermarkets across Latin America are expected to regain their usual pace & liquidity in operations and recover from losses in the coming years.

Independent Aftermarket (IAM) to Lead the Latin America Brakes Aftermarket Market with Largest Share

Based on the Sales Channels, the Latin America Brakes Aftermarket Market segments into Original Equipment Services (OES) and Independent Aftermarket (IAM). Between the two, Independent Aftermarket (IAM) shall reign the market with the largest share in the forecast period. It owes primarily to the increasing number of vehicles older than 2-3 years, which can be brought to an IAM for servicing & brake repairs. The massive customer inclination toward IAM is prominently due to the competitive parts & service pricing.

Additionally, the IAM significantly gains substantial investments & shares from their franchised network as the car ages. The instant & hassle-free service without prior appointments is gaining popularity from the working population having busy schedules. Hence, the segment is likely to dominate the Latin America Brakes Aftermarket Market with the largest share in the forecast period.

Brake Pads to Witness the Fastest Growth in the Latin America Brakes Aftermarket Market

Based on the Product Type, Latin America Brakes Aftermarket Market segments into Brake Pads, Brake Shoes, Brake Rotors, Brake Drums, and Brake Calipers. Of them all, the Brake Pads are more likely to display the fastest market growth in the forecast period. The prime factors supporting the rapid growth include the constant use of brakes due to frequent congestion, propelling better quality brakes & installation services at aftermarkets. Since brake pads are highly responsible for vehicle safety, governments are likely to impose strict regulations to maintain & timely replace their brake pads, resulting in their surging demand across Latin America.

Moreover, the surging trend of adventure sports & racing shall also propel the adoption of Brake Pads and lead them to attain the fastest market growth in the coming years, cites MarkNtel Advisors in their research report, “Latin America Brakes Aftermarket Market Analysis, 2021.”

Market Drivers

The prime factors likely to drive the Latin America Brakes Aftermarket Market in the forecast period include the rapidly increasing demand for improved safety solutions in vehicles and brake replacement through the aftermarkets. Furthermore, the massive investments by market players toward extensive R&D shall further drive the market in the coming years. 

Market Restraints

A few factors that might restrain the market from striving in the forecast period include high installation costs of high-tech braking systems & their production and the reliability concerns for aftermarket owing to its massive fragmentation. 

Country Landscape

Mexico to Dominate with the Largest Share of the Latin America Brakes Aftermarket Market

Based on the Geography, the Latin America Brakes Aftermarket Market expands across countries like Mexico, Brazil, Argentina, Colombia, and Others. Of them all, Mexico is likely to dominate the market with the largest share in the forecast period. It attributes to the increasing need for timely maintenance & installation of upgraded brake systems to enhance the vehicle's performance.

On the other hand, the rising drive miles per vehicle due to the lifestyle changes and mounting needs to travel long distances shall result in frequent wear & tear, thereby propelling the demand for brake aftermarkets in Mexico. 

Furthermore, the rapidly surging internet usage in Mexico is enabling market players to digitize the market and establish a steady pace in the e-commerce sector, thereby propelling the availability & sales of brake systems in the country during the forecast period.

Competitive Landscape

According to MarkNtel Advisors, the leading players in the Latin America Brakes Aftermarket Market are Akebono Brake Industry, Raybestos, Brembo S.p.A., CARDONE Industries, Continental AG, ZF Friedrichshafen AG, Federal-Mogul Motorparts LLC, MAT Holding, Inc., Power Stop LLC., Others.

Key Questions Answered in the Market Research Report:

1. What are the overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of the Latin America Brakes Aftermarket Market?
2. What are the country-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Latin America Brakes Aftermarket Market?
4. Who are the key competitors, their strengths & weaknesses, and how do they perform in the Latin America Brakes Aftermarket Market based on the competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the Latin America Brakes Aftermarket Market study?

Market Outlook, Segmentation, and Statistics

• Impact of COVID-19 on Latin America Brakes Aftermarket Market
• Market Size & Analysis
  • By Revenue
• Market Share & Analysis
  • By Product Type
    • Brake Pads
    • Brake Shoes
    • Brake Rotors
    • Brake Drums
    • Brake Calipers
  • By Vehicle Type
    • Passenger Vehicle
    • Commercial Vehicle
  • By Sales Channel
    • Original Equipment Services (OES)
    • Independent Aftermarket (IAM)
  • By Countries
    • Mexico
    • Brazil
    • Argentina
    • Colombia
    • Others
  • By Competitors
    • Competition Characteristics
    • Market Share & Analysis
    • Competitive Matrix
• Latin America Brakes Aftermarket Market Hotspots & Opportunities
• Latin America Brakes Aftermarket Market Regulations & Policy
• Key Strategic Imperatives for Success and Growth
• Global Competition Outlook
  • Competition Matrix
  • Company Profile