Brake Shims Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019–2029
Brake Shims Market: Overview
Brake shims are thin rubber adhesive or metal pads which are fitted between the brake caliper and the brake pad to correct slight differences that sometimes lead to noise. In majority of the newer automotive, the brake shims are primarily used to keep any rattles to a minimum and to control the excess noise, caused by disc for stopping movement of wheel hub.
Brake shims are used in disc brake systems in all vehicles including two wheelers, passenger cars and commercial vehicles. Installation of brake shims can be done on front side or rear side both in a wheel hub. Brake pads are also available in the market that come with adhesive brake pad shims in which brake shims are required to stick on the backing plate and doesn’t require use of lubrication. Furthermore, there are also titanium brake shims which perform as an improved thermal barrier. These reflect more heat than regular shims hence are used only for track use.
The increasing demand for disc braking systems for improved safety and enhanced driving experience is expected to ascend the demand for brake shims during the forecast period.
Brake Shims Market: Dynamics
Rising demand for passenger cars along with increasing awareness for safety are the primary driving factors expected to accelerate the implementation of disc brakes in automotive. Subsequently, expected to bolster the growth of brake shims market.
Increasing adoption of disc brakes with noiseless operation in premium vehicles coupled with advent of innovative technologies in the automotive designs are expected to fuel the growth in demand for brake shims. In addition, higher sensitivity of brake shims for instant response is likely to propel the growth for brake shims market.
Government authorities across the globe are making numerous efforts for vehicle safety through implying regulations or through publicity and promotions. These activities are expected to drive customer focus for implementing robust safety systems. Which, in turn, is creating positive prospects for the brake shims market growth during the forecast period.
High initial and installation cost of disc brake systems is the factor expected to hamper the growth in demand for brake shims. Furthermore, increased prices of vehicles along with higher costs required in design and testing are also anticipated to restrain the brake shims market growth.
Impact of COVID-19 Crisis on Brake shims market:
The ongoing COVID-19 crisis has severely affected the global economy. According to the International Monetary Fund, the global economy is expected to fall below -3% subsequently effecting all the international trades. With the economic activities in the globe coming to an almost standstill, the pandemic has affected the business, demand, trade and supply chains of many industries. The production activities for almost all the industries, including automotive, have been halted which has resulted in the reduction in demand for brake shims. However, as the economic activity resumes, the brake shims market is expected to recover with a moderate rate over the coming years.
Brake Shims Market: Segmentation
The global brake shims market is segmented by material type, vehicle type, and sales channel.
On the basis of material type, the global brake shims market can be segmented into:
On the basis of vehicle type, the global brake shims market can be segmented into:
On the basis of sales channel, the global brake shims market can be segmented into:
Brake Shims Market: Regional Outlook
North America is expected to have dominance in terms of volume and value share in the global brake shims market on the grounds of significant increase in the demand for luxury vehicles in the U.S. and Canada.
Asia Pacific is also expected to account for substantial share in the global brake shims market owing to prevalence of large number of automotive manufacturers in the countries from the region such as China, India, Japan, etc. Asia Pacific is also expected to witness highest growth rate on the back growing implantation of disc brakes in economic segment vehicles.
The demand for automotive in Latin America and Middle East & Africa is projected witness remarkable growth on account of economic growth and increasing urbanization. Furthermore, increasing number of premium segment vehicle sales is expected to bolster the growth for brake shims market.
Brake Shims Market: Key Market Participants
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