According to our latest market study on “Automotive Brake Shims Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material Type and Application,” the 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.
Electric vehicle (EV) production is rising continuously. According to the article published by EV-volumes.com, global EV sales accounted for 6.75 million units in 2021, 108% more than in 2020. This volume includes passenger vehicles, light trucks, and light commercial vehicles (LCV). With the rising growth of the EVs industry, the adoption of new braking systems is growing rapidly.
Many electric cars utilize regenerative & mechanical braking systems; these systems help save energy. Regenerative braking technology enhances the life of friction brake systems. In December 2019, Brembo focused on developing advanced brakes suitable for electric vehicles (EVs). Similarly, in August 2021, Continental AG emphasized restructuring disc brakes for EVs. The company created a minimalist brake caliper that removes all extra material to decrease the weight to a bare minimum. Moreover, Continental AG is exploring the possibility of lightweight aluminum brake components with the potential to handle EVs and reduce braking demands with minimal price and weight as compared to other brakes. The rising demand for EVs increased the number of disc brakes manufacturers, boosting the demand for automotive brake shims.
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 market, accounting for the largest share in the market. Based on application, the 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 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.
Impact of COVID-19 Pandemic on Automotive Brake Shims Market
Before the emergence of the COVID-19 pandemic, the demand for automotive brake shims was high due to the growing passenger vehicles sales. According to the article published by the Society of Indian Automobile Manufacturers, 33,77,436 units of domestic passenger vehicles were sold during 2018-2019, surpassing the previous record of 32,88,581 units during 2017-2018. The growth in the sale of passenger vehicles in India was supported by the growth of the automotive brake shims market.
In 2020, the COVID-19 pandemic adversely affected the global automotive industry. The outbreak created significant disruptions in the manufacturing of products, including cars. A sharp decline in manufacturing automobiles impacted the growth of the global automotive brake shims market. Further, the data collected from OICA (Organisation Internationale des Constructeurs d'Automobiles) show a 16% decline in 2020 vehicle production to less than ~78 million vehicles. Moreover, factory shutdowns, travel restrictions, trade bans, and border lockdowns were imposed to combat and contain the outbreak; these restrictions disrupted the manufacturing, supply, and sales of automobile components required to manufacture cars.
In 2021 and 2022, the automotive industry witnessed a significant rise in sales of vehicles. According to the International Energy Agency (IEA) report of December 2021, the growth in global vehicle sales in 2021 was 4% more than in 2020. in November 2021, a few key car markets recorded a significant market share of electric cars, such as Germany (above ~34%), the UK (28%), France (over ~23%), and China (18%), as per the same report.
The COVID-19 pandemic hampered the automotive brake shims market due to decreased production of automobile components in 2020. However, the automotive brake shims market will grow during the forecast period due to increased sales of automotive vehicles.
Bosch Auto Parts, AVERY DENNISON CORPORATION, BREMBO S.P.A., Trelleborg Group, Delphi Technologies, Meneta, Super Circle, NUCAP, Brake Performance, and TEXTAR Brake Technology are a few key players operating in the global automotive brake shims market. Several players have been analyzed to understand the global automotive brake shims market.
