Automotive Brake Pads Market Regional Analysis:
APAC Market Statistics
APAC region in automotive brake pads market is estimated to dominate revenue share of over 36% by 2035. The market growth in the region is also expected on account of growing technological advancements in the automotive components industry. Also, the growing vehicle production and sales in the automotive sector in the region make it a potential market for brake pads. Moreover, the aftermarket segment plays a substantial role in the APAC automotive brake pad market.
The automotive brake pads market is projected to grow majorly in China. The market growth in the region is impelled by growing vehicle sales. The region maintained its position as the world’s largest automobile seller. As reported by International Trade Administration; By both yearly sales as well as production volume, China is the leading automotive industry in the world, and by 2025, it is predicted that 35 million automobiles will be produced there.
The Japan automotive brake pads market is anticipated to grow at a substantial rate over the forecasted timeframe. As technology advances, automotive brake pad manufacturers will have opportunities to expand their product portfolio and meet the changing needs of consumers in Japan.
The Korean market is anticipated to hold a significant share between 2024 to 2035. Numerous industry participants are investing extensively in the establishment of new manufacturing facilities in the country in order to meet increased demand for local and international markets while also increasing their profitability and market share.
North America Market Analysis
The North America region will also observe huge growth for the automotive brake pads market in the projection period and will hold the second position owing to the increased innovation and full use of the upcoming brake pad technology. Also, the need for commercial vehicles is being driven by an expansion in trade operations that require longer travel lengths, which is fostering market growth in North America.
Increased regulation by the United States’ government agencies such as the EPA to make copper-free brakes is also driving the vehicle brake pad market to reclaim its prominence in the United States. For instance, in 2015, the EPA, states, and the automobile industry reached an agreement to minimize the use of copper and other materials in motor vehicle brake pads. The agreement aims to reduce copper in brake pads to less than 5% by weight in 2021 and 0.5% by 2025.
