Automotive Brake Shims Market Research Report and Outlook by 2028

The global market for automotive brake shims is projected to increase from US$ 540.78 million in 2021 to US$ 705.11 million by 2028, reflecting a compound annual growth rate (CAGR) of 3.9% during this period.

Several factors are propelling the growth of the automotive brake shims market, including the rising demand for disc brake systems that enhance vehicle safety and improve the driving experience, alongside a growing interest in passenger vehicles. However, challenges such as the high initial and installation costs associated with automotive disc brake systems, increased vehicle prices, and the expenses related to design and testing are hindering market expansion. On a positive note, advancements in automotive brake shim technology and the introduction of noiseless disc brakes in high-end vehicles are contributing to market growth. Overall, the escalating demand for disc brake systems is a significant driver for the automotive brake shims market.

In the Asia-Pacific region, particularly in China and India, approximately 34% of global car production occurs. The demand for luxury and premium vehicles is on the rise, partly due to the growing popularity of active braking systems. Additionally, the expanding motorcycle market in India is boosting the need for brake shims in two-wheeled vehicles. In response to the increasing demand for automotive brake shims in Australia, Bapcor's subsidiary, Protex, has introduced a new product line.

The European automotive sector is anticipated to see a rise in sales in 2022, especially for sports vehicles that utilize disc brakes, which will likely lead to increased sales in both OEM and aftermarket segments of the automotive brake shims market. This trend is expected to significantly enhance the automotive brake shims market in Europe. Furthermore, the European Automobile Manufacturers Association (ACEA) has indicated that passenger vehicle sales are projected to reach 10.5 million units in 2022, presenting substantial opportunities for automakers to implement advanced solutions that can improve productivity across various industrial and urban operations. Countries such as Germany, the UK, Poland, and the Czech Republic are notable for their growing automotive industries, all of which are set to contribute to the expansion of the automotive brake shims market.

In the Middle East, the Gulf nations are economically advanced, while many African countries are still developing. As the automotive sector progresses through various technological stages, rapid growth is expected in the region. In 2021, the UAE automotive market rebounded strongly from the previous year's decline, with sales increasing by 72.1% year-on-year, totaling 55,461 units sold in the second quarter. Events like the Dubai Expo 2021 and government initiatives aimed at enhancing truck durability and longevity are key indicators of growth that will likely boost sales in the automotive aftermarket. With more companies entering the market to produce braking systems for next-generation vehicles and rising sales of both passenger and commercial vehicles, the automotive brake shims market in the MEA region is poised for significant growth in the coming years.

Effects of the COVID-19 Pandemic on the APAC Automotive Brake Shims Market

In 2019, there was a notable increase in demand for automotive brake shims due to heightened vehicle deliveries. However, the automotive sector in the Asia-Pacific region faced substantial challenges in 2020, primarily due to extended lockdowns and reduced production, with China and India being particularly affected. For instance, in August 2020, vehicle sales in Japan fell by 16% year-on-year, totaling over 326,000 units, according to Counterpoint Technology. Similarly, the leading five automakers in South Korea, including Hyundai, Kia, SsangYong Motor, Renault, and General Motors, experienced a decline of about 6%, with new vehicle sales around 112,000 units. Consequently, the demand for automotive brake shims also decreased in 2020 due to the drop in vehicle sales across the APAC region.

In the fiscal year 2021, India produced 22,652,108 passenger vehicles, as reported by the India Brand Equity Foundation (IBEF). Additionally, the total production of passenger vehicles, two-wheelers, three-wheelers, and quadricycles (excluding brands like BMW, Mercedes, Tata Motors, and Volvo Auto) reached 2,214,745 units in October 2021. The increasing output of passenger vehicles in the APAC region is expected to positively influence the automotive brake shims market during the forecast period, particularly as the effects of COVID-19 subside.

The automotive brake shims market is segmented by material type, application, and geography. In terms of material type, the market includes PSA material, rubber-coated, thermoset material, and others, with the others segment leading the market share in 2021. By application, the market is divided into commercial vehicles, passenger vehicles, and two-wheelers, with the passenger vehicle segment holding the largest share in 2021. Geographically, the market is divided into North America, Europe, Asia Pacific (APAC), South America (SAM), and the Middle East & Africa (MEA), with the APAC region holding a significant share of the global automotive brake shims market in 2021.

The size of the automotive brake shims market has been determined through a combination of primary and secondary research methodologies. Initially, extensive secondary research was conducted using both internal and external sources to gather qualitative and quantitative data relevant to the market. This process aimed to provide an overview and forecast of the automotive brake shims market across all segments. Following this, primary interviews were held with industry experts, including VPs, business development managers, market intelligence managers, national sales managers, external consultants, valuation experts, research analysts, and key opinion leaders specializing in the automotive brake shims market. These interviews were essential for validating the data and gaining deeper analytical insights into the subject.

Key players 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.