In the changed post COVID-19 business landscape, the global market for Brake Pads estimated at US$2. 5 Billion in the year 2020, is projected to reach a revised size of US$4. 2 Billion by 2027, growing at a CAGR of 7.
New York, Oct. 25, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report”Global Brake Pads Industry” - https://www.reportlinker.com/p06358712/?utm_source=GNW
6% over the analysis period 2020-2027. Non-Asbestos Organic (NAO), one of the segments analyzed in the report, is projected to record a 7.3% CAGR and reach US$1.8 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Low-Metallic NAO segment is readjusted to a revised 7.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $684.2 Million, While China is Forecast to Grow at 11.1% CAGR
The Brake Pads market in the U.S. is estimated at US$684.2 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$879.6 Million by the year 2027 trailing a CAGR of 11.1% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.2% and 6.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 6.1% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$566.9 Million by the year 2027.
Semi Metallic Segment to Record 8.4% CAGR
In the global Semi Metallic segment, USA, Canada, Japan, China and Europe will drive the 8.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$359.3 Million in the year 2020 will reach a projected size of US$616.5 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Latin America will expand at a 9.1% CAGR through the analysis period.
Post time: Nov-03-2022
