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The Automotive Brake Shoe Market, valued at USD 10.85 Billion in 2023, is expected to reach a staggering USD 19.10 Billion by 2031. This translates to a compelling Compound Annual Growth Rate (CAGR) of 7.55% from 2024 to 2031.
Global Car Market To Rebound After Challenges
After a strong pre-pandemic trajectory aiming for 80 million sales, the Car industry faced a slump in 2020 and 2021 due to a sluggish global economy. The situation worsened in 2022 with COVID-19 and the Russia-Ukraine war causing semiconductor shortages and further supply chain disruptions. Despite these challenges, a remarkable rebound occurred in 2023 with global car sales surpassing pre-pandemic levels, reaching around 75.3 million units. This growth was particularly notable in North America, Eastern Europe, and Asia, despite ongoing challenges like supply shortages and regional economic slowdowns. China, still the world’s largest auto market with roughly 25.8 million units sold in 2023, saw a significant recovery after a sales dip in April 2022 due to shortages and pandemic fears.
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Major Key Players of Automotive Brake Shoe Market
- Continental AG
- Bosch Auto Parts
- Woking
- ACDelco
- BNA Automotive India Pvt Ltd
- Meritor Inc.
- Brake Parts Inc. LLC.
- Tribo
- MAT HOLDINGS INC.
- ASK Automotive Pvt. Ltd.
- L.
- SBS Friction A/S
- Kampol company
- TRW Automotive
Market Poised for Continued Expansion
A confluence of factors is driving the automotive brake shoe market towards significant growth. Global car sales are on an upward trajectory, surpassing pre-pandemic levels in 2023 with roughly 75.3 million units sold. This trend is expected to hold steady. Additionally, technological advancements like lightweight braking systems, spurred by the growing focus on electric vehicles, are propelling the market forward. Furthermore, rising disposable incomes are fueling consumer demand for personal vehicles, which in turn necessitates effective braking systems. In short, a perfect storm of increasing car ownership, technological innovation, and consumer spending power is creating a positive outlook for the automotive brake shoe market.
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The market can be segmented by Type, Vehicle Type, and Sales Channel:
By Type:
- Leading/Trailing
- Twin Leading
- Duo Servo
Leading/trailing brake shoes dominate the market due to their consistent braking force and suitability for various applications.
By Vehicle Type:
- Passenger cars
- LCV
- HCV
Passenger cars hold the largest market share due to rising automobile production. However, heavy commercial vehicles (HCVs) are expected to witness significant growth due to the expanding logistics and construction sectors.
By Sales Channel:
- OEM
- Aftermarket
The aftermarket segment is projected to be the primary driver, driven by factors like easy part accessibility, cost-effectiveness, and readily available service facilities.
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Asia-Pacific Leads the Automotive Brake Shoe Market
This region boasts the largest market share due to the high adoption of brake shoes and burgeoning automobile production. Rising demand for passenger and commercial vehicles further fuels regional growth.
China and India are attracting market players due to their vast populations and ongoing industrial advancements.
Europe Follows Closely
Stringent vehicle safety regulations and a strong preference for passenger vehicles position Europe as the second-largest market.
The market landscape is constantly evolving, with key players making strategic moves:
In May 2022, TMD Friction broadened its product offerings by introducing new brake pads and discs for both commercial and passenger vehicles.
A joint venture between Nexteer Automotive and Continental Automotive (CNXMotion) announced the development of Brake-to-Steer (Bts) technology. This innovation aims to enhance safety and potentially reduce hardware requirements.
Automotive Brake Shoe Market Study Objectives
- We will offer a detailed breakdown of the market structure, including various segments and sub-segments with forecasts for the next seven years.
- Gain valuable insights into the factors impacting the market’s growth potential and market value.
- We will conduct an in-depth industry analysis, including price trends, supply chain dynamics, and other relevant factors.
- Historical and future revenue projections will be provided for key segments and sub-segments across four major regions.
- Gain a comprehensive understanding of the current and future market size for each region.
- We will offer a deep dive into market growth by region, type, sales channel, and vehicle type.
- This study will provide detailed profiles of key players, analyzing their core strengths and mapping out the global market landscape.
- We will track and analyze emerging trends, including new product launches, mergers and acquisitions, strategic partnerships, and ongoing research developments.
Table of Content- Major Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
- Value Chain Analysis
- Porter’s 5 forces model
- PEST Analysis
- Automotive Brake Shoe Market, By Vehicle Type
- Automotive Brake Shoe Market, By Sales Channel
- Automotive Brake Shoe Market, By Display Technology
- Regional Analysis
- Company Profiles
- Competitive Landscape
- Conclusion
Continue….
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