Automotive Brake Shoe Market To Surpass USD 15 Billion at a 7% CAGR by 2026 – Report by Market Research Future (MRFR)
Growth Boost by Growing Demand for Passenger Vehicles Incorporated with Lightweight Frictional Materials
New York, US, Nov. 17, 2022 (GLOBE NEWSWIRE) — Automotive Brake Shoe Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Automotive Brake Shoe Market Research Report: Information by Type, Sales Channel, Vehicle Type, and Region- Forecast till 2026”, the global market is predicted to flourish substantially during the assessment era from 2020 to 2026 at a robust CAGR of approximately 7% to attain a valuation of around USD 15 billion by the end of 2026.
A brake shoe refers to a curved piece of the metal component of a vehicle’s brake system. The global market for automotive brake shoes has shown massive development in recent times. The growth of the Automotive Brake Shoe market is ascribed to the factors such as a rapid expansion of the automobile sector, rising demand for passenger vehicles, increasing demand for commercialization, growth of the construction industry, rapid industrialization, growing per capita disposable income levels, and launch of the advanced technologies are also likely to catalyze the growth of the Automotive Brake Shoe market over the coming years.
Automotive Brake Shoe Market Competitive Analysis
The catalog for crucial participants across the global market for automotive brake shoes includes companies such as:
- Bosch Auto Parts (Germany)
- TRW Automotive (US)
- Working (Spain)
- BNA Automotive India Pvt Ltd (India)
- Meritor, Inc (US)
- ACDelco (US)
- Brake Parts In7⁷c. LLC (US)
- Tribo (Ukraine)
- ASK Automotive Pvt. Ltd. (India)
- MAT Holdings Inc (US)
- L. (Spain)
- Kampol Company (Poland)
- SBS Friction A/S (Denmark)
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Automotive Brake Shoe Market USP Covered
Automotive Brake Shoe Market Restraints
On the other hand, the rising demand for disk brakes in vehicles is the main parameter limiting the market’s growth. Furthermore, the factors such as stringent government regulations, increasing raw material prices like copper, and overheating of brake shoes are also predicted to hamper the market’s performance over the assessment era.
COVID-19 Impact of Automotive Brake Shoe Market
The world has witnessed several significant challenges and threats given the arrival of the global health crisis in the form of COVID-19, which ended up impacting most industry areas across the globe. Like all the other market areas, the global Automotive Brake Shoe market has also experienced several significant losses and disruptions in operations. The primary disturbance in the supply chain networks for the market caused a significant fall in demand for these brake shoes. On the other hand, with all the industrial and financial activities returning to normal, the global market for automotive brake shoes is anticipated to show massive growth over the coming years.
Automotive Brake Shoe Market Report Scope:
| Report Metrics | Details |
| Market Size | 2026: USD 15 Billion |
| CAGR | 7% |
| Base Year | 2019 |
| Forecast | 2020-2026 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Resistance of braking systems to wear and tear and rising aftermarket sales |
| Key Market Drivers | Increasing per capita disposable income levels of consumers support from the respective governments through standards and regulations adoption of automotive brake shoes |
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Automotive Brake Shoe Market Segment Analysis
Among all the vehicle types, the passenger vehicles segment will likely hold the top position across the global Automotive Brake Shoe market over the review era. The high unit sales of 63.73 Mn are the main factor supporting the segment’s growth. Furthermore, the increased passenger car adoption is another crucial parameter boosting the segment’s growth. Moreover, the factors such as high disposable income, changing way of life, increase in demand for advanced features, increasing industrialization, rise in the standard of living, rise in per capita income of individuals, and increasing purchasing power capacity are also predicted to boost the growth of the segment over the coming years.
Among all the sales channels, the aftermarket segment is anticipated to hold the top position across the global market for automotive brake shoes over the review era. A well-organized aftermarket industry across developing nations is the central aspect supporting the segment’s growth. Furthermore, the high penetration of automobiles with easy accessibility of parts is also likely to boost the segment’s growth over the assessment era. Moreover, factors such as the availability of good service facilities & service stations, expert technical teams, and low cost are also likely to catalyze the growth of the segment over4 the coming years. Given the socio-economic advancement, there is a rising preference for aftermarket goods across emerging and developed nations across the globe, which in turn is anticipated to boost the segment’s growth over the assessment timeframe.
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Automotive Brake Shoe Market Regional Analysis
The global market for automotive brake shoes is analyzed across five critical geographies: Asia-Pacific, the Middle East & Africa, Europe, North America, and Latin America.
According to the research reports by MRFR, the Asia-Pacific region is predicted to secure the top position across the global market for automotive brake shoes over the assessment era. The high implementation of automotive brake shoes is the central aspect supporting the regional market’s growth. Furthermore, elevated automotive production is another crucial parameter boosting the regional market’s growth over the assessment era. Moreover, the rising demand for both passenger and commercial vehicles is also predicted to catalyze the regional market’s growth over the coming years. The growing number of emerging nations across the region is also likely to enhance the performance of the regional market over the assessment timeframe.
The automotive brake shoe market for the European region is likely to secure the second spot across the globe. The main parameter supporting the regional market’s growth is the rising demand for passenger cars. Furthermore, the stringent regulations for the safety of vehicles are also predicted to boost the regional market’s growth over the review era.
The North American regional market for automotive brake shoes is anticipated to grow substantially over the assessment era. The growing focus on the development of electric vehicles is considered the primary parameter is supporting the growth of the regional market.
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The automotive brake shoe market for the Middle East and African and Latin American regions is also likely to record massive development over the coming years. the presence of developing nations such as Mexico and Brazil is likely to boost the growth of the regional markets over the assessment timeframe.
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