DUBLIN--(BUSINESS WIRE)--The "Global Automotive Brake Shims Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Material Type and Application" report has been added to ResearchAndMarkets.com's offering.
The global automotive brake shims market is expected to grow from US$ 540.78 million in 2021 to US$ 705.11 million by 2028; it is estimated to grow at a CAGR of 3.9% from 2021 to 2028
Factors such as the rising need for disc brake systems for improving safety & driving experience and increasing demand for passenger vehicles are influencing the market growth. However, the high initial & installation cost of automotive disc brake systems in automobiles, rise in prices of vehicles, and high costs incurred in design and testing are restraining automotive brake shims market growth.
Moreover, the new advancements in automotive brake shims and the implementation of noiseless disc brakes in the premium segment vehicles are among the other factors contributing to the market growth. Thus, the increase in the demand for disc brake systems drives the automotive brake shims market.
In APAC, Nations like China and India, together accounted for around 34% of global car manufacturing. Active braking systems are becoming more popular, which is helping luxury and premium car sales. In addition, India's growing demand for motorbikes is driving the need for brake shims in a two-wheeler. Protex, a Bapcor subsidiary, has introduced a new product line to meet the market's growing need for automobile brake shims in Australia.
In Europe, Europe-based automakers, automobile sales are expected to increase in 2022. As the demand for sports vehicles grows, so does the need for disc brakes, resulting in increased OEM and aftermarket sales in the automotive brake shims market. This aspect will propel the automotive brake shims market forward.
Moreover, ACEA reported the rise of passenger vehicles up to 10.5 million units in 2022. As a result, the automakers have a lot of flexibility in adopting cutting-edge solutions that will boost the productivity of various industrial and urban operations. Germany, the UK, Poland, and the Czech Republic are significant countries with growing automobile industries. All the factors mentioned above will help in boosting the automotive brake shims market growth
In Middle East, The Gulf nations are economically developed, but African countries are still catching up to these countries' economic situations. The automobile sector is predicted to expand faster as it progresses through the stages of technical development. In 2021, the UAE automotive market bounced back from the previous year's catastrophe.
With 55,461 units sold in the second quarter of 2021, sales increased by 72.1% compared to the previous year. Government projects aimed at making trucks more robust and increasing their life cycle, such as the Dubai Expo 2021, are important growth indicators to boost the automotive aftermarket industry's sales.
The automotive brake shims market in the MEA region is expected to expand as sales of both passenger and commercial cars and the number of companies producing braking systems for next-generation vehicles increase.
Impact of COVID-19 Pandemic on APAC Automotive Brake Shims Market
In 2019, the demand for automotive brake shims was high because of the growing vehicle deliveries to customers. In January 2020, Volkswagen grew deliveries by 0.8%, with 3,312,500 vehicles in 2019 compared to 3,287,100 vehicles in 2018.
The prolonged lockdown periods resulted in a considerable decline in the automotive industry in APAC in 2020 due to the decline in automotive production. China and India are among the leading automotive industries and the most affected countries by COVID-19 in APAC.
According to the article published by Counterpoint Technology in September 2020, vehicles sales in August 2020 crossed 326,000 units in Japan, declining 16% on a Y-o-Y basis. Similarly, in South Korea, the new vehicles sales in the country from the top 5 automakers, such as Hyundai, Kia, SsangYong Motor, Renault, and General Motors, declined close to 6%, reaching around 112,000 units, according to the article published by the Counterpoint Technology in September 2020. Thus, with the declining vehicle sales in APAC, the demand for automotive brake shims decreased in 2020.
Further, in India, in the fiscal year 2021, total passenger vehicles production reached 22,652,108, according to the India Brand Equity Foundation (IBEF) report 2021. Also, in October 2021, the total production volume of passenger vehicles (except for BMW, Mercedes, Tata Motors, and Volvo Auto), three-wheelers, two-wheelers, and quadricycles reached 2,214,745 units, according to the India Brand Equity Foundation (IBEF) report 2021. The growing number of passenger vehicles production in APAC could be attributed to the positive impact of COVID-19 impact on APAC's automotive brake shims market during the forecast period.
Based on material type, the automotive brake shims market is segmented into rubber coated, PSA material, thermoset material, and others. In 2021, the others segment led the automotive brake shims market, accounting for the largest share in the market. Based on application, the automotive brake shims market is segmented into two wheeler, passenger vehicle, and commercial vehicle. In 2021, the passenger vehicle segment accounted for the largest market share.
By geography, the automotive brake shims market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, APAC accounted for a significant share in the global automotive brake shims market.
The key companies operating in the automotive brake shims market include Avery Dennison Corporation, Brembo S.p.A., BOSCH Auto Parts, Trelleborg Group, Meneta, Super Circle, NUCAP, Brake Performance, Delphi Technologies Plc, and TEXTAR Brake Technology.
Key Industry Dynamics
- Booming Production of Automotive Vehicles
- Growing Norms for Reducing Fatalities Caused by Vehicle Accidents
- Limiting Copper in Brake Pad Development
- Rising Adoption of Electric Vehicles
- Advancements in Automotive Brake Technology
- Avery Dennison Corporation
- Brembo S.p.A.
- BOSCH Auto Parts
- Trelleborg Group
- Meneta Automotive Components Pvt. Ltd
- Super Circle
- Nucap Industries Inc.
- Brake Performance
- Delphi Technologies Plc
- TEXTAR Brake Technology
For more information about this report visit https://www.researchandmarkets.com/r/i6o2sb
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900