Albany, NY -- (SBWIRE) -- 12/17/2018 -- Key players operating in the automotive brake pad market include Federal-Mogul LLC, Robert Bosch GmbH, Nisshinbo Brake Inc., Brembo S.p.A., ITT INC. Continental Automotive GmbH, TMD FRICTION HOLDINGS GMBH, and MAT Holdings, Inc.
Brake pads are an integral part of the disc braking system. When the brake pedal is pressed, the brake pads press against the running disc in order to stop its motion and brake the vehicle. The brake pads are essentially made of a material that possesses high co-efficient of friction. Increase in demand for efficient braking during high speeds has led to the expansion of brake pad market.
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Brake pads are a wear and tear product owing to their working condition and brakes pads that have a longer life are witnessing an increase in demand. Rising trend of people to prefer a comfortable and smoother ride has led to the development of low noise brake-pads that do not make noise while turning and sudden braking. Demand for increased safety has led to the usage of materials such as fibers and ceramic in brake pads in order to allow effective and sudden braking.
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Ceramic brake pads are witnessing a high demand in the brake pad industry, as they are highly efficient. Ceramic brake pads contain a mesh of fine copper wires in order to increase friction and heat conductivity. Ceramic brake pads run very quietly, as compared to organic pads, and generate less dust particles during working; and thus, have a longer service life. Ceramic pads are considered to be highly reliable as they wear out slowly and are considered a good choice for commercial vehicles that run longer miles.
Ceramic pads are an expensive type of brake pad, thus restraining their demand; however, developments in technology and the rise in production are likely to reduce their price and increase their rate of adoption across the market.
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Based on sales channel, the brake pad market can be divided into OEM and aftermarket. The aftermarket segment holds a major share in the brake pad market, as the brake pad is a service part and needs periodic replacement.
In terms of geography, the global automotive brake pad market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a potential hub for the brake pad market due to the significant penetration of vehicles in this region, which in turn is boosting the aftermarket segment. Following Asia Pacific is Europe and North America due to the higher concentration of OEMs in these regions.