Automotive Brake Linings Market with Impact of COVID-19 Highlights (2020-2024) | Easy Availability of Low-cost Brake Linings to Boost Market Growth | Technavio

LONDON--(BUSINESS WIRE)--The automotive brake linings market is expected to grow by USD 167.06 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.

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Automotive brake linings are inexpensive and cost-effective. Besides, the availability of numerous local and global brake lining manufacturers has intensified the competition in the market and resulted in price wars. Moreover, brake lining manufacturers are increasing the availability of their products in both online and offline distribution channels, which has further increased the availability of low-cost automotive brake lining products to end-users. These factors are fueling the growth of the global automotive brake linings market.

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As per Technavio, the increase in the production of passenger and commercial vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Automotive Brake Linings Market: Increase in Production of Passenger and Commercial Vehicles

The automotive industry has witnessed a significant increase in the production of vehicles over the years. For instance, in 2018, the market witnessed the production of almost 78 million passenger vehicles, registering a growth of about 4% compared to that of 2017. Similarly, the medium and heavy commercial vehicles segment witnessed the production of about 4.99 million units, registering a growth of about 4.1% compared to 2017. Therefore, the increase in the production of automobiles will have a positive impact on the growth of the global automotive brake linings market during the forecast period.

“Stringent regulations on automotive braking system and the development and penetration of technologically advanced brake linings will further boost market growth during the forecast period,” says a senior analyst at Technavio.

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Automotive Brake Linings Market: Segmentation Analysis

This market research report segments the automotive brake linings market by Application (passenger vehicles and commercial vehicles) and Geography (APAC, Europe, North America, South America, and MEA).

The APAC region led the automotive brake linings market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increased demand for heavy-duty trucks in developed automotive markets such as Japan, South Korea, and Australia.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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