The global automotive backing plate market is projected to reach a value of USD 994 million by 2032, with sales growing at a steady compound annual growth rate (CAGR) of 4.9% from 2022 to 2032. The market, valued at USD 590.6 million in 2021, is expected to reach USD 613.4 million in 2022. The ongoing advancements in regenerative braking systems and the rising demand for automobiles are key factors driving the growth of the automotive backing plate market during the forecast period.
Backing plates are essential components in all braking systems, serving a critical role in holding the various brake system elements together. Without backing plates, brakes would lack the necessary support and would be unable to function correctly. For example, in drum brakes, the backing plate supports the system, with brake shoes installed over the wheel cylinder of the backing plate to provide the friction needed to stop the vehicle. This crucial function would not be possible without the backing plate.
Among the two main types of brakes, disc brakes and drum brakes, disc brakes are generally preferred in the automotive backing plate market. Disc brakes are lighter than drum brakes and benefit from greater cooling efficiency due to their exposure to air, making them more effective.
Most passenger vehicles are equipped with disc brakes because they offer consistent performance at higher speeds and are less susceptible to brake fade. Additionally, disc brakes are increasingly being adopted in the commercial vehicle sector, which was traditionally dominated by drum brakes, due to their longer service life. As consumers increasingly seek brakes with longer service life and higher quality, the application of disc brakes is expanding. This, coupled with the growth of the commercial and passenger vehicle industries, is expected to further drive the demand for automotive backing plates during the forecast period.
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Key Takeaways:
- By brake type, the disc brake category will register high preference and grow at a CAGR of 4.6%.
- On the basis of material type, aluminum or titanium-backed plates will generate greater demand.
- The aluminum-backed plates will record a CAGR of 4.8% and account for a significant revenue portion.
- The automotive backing plate market in China will create a growth opportunity of USD 21.5 Mn during the forecast period.
- The U.S. automotive backing plate market will expand at a CAGR of 4.2% and reach a value of USD 337.4 Mn by 2032.
“Increasing popularity of Disc brakes along with advancing brakes technology will likely supplement the global growth of the automotive backing plate market over the forecast period,” -says an FMI analyst.
Competitive Landscape
Super Circle, NUCAP Industries Inc, MAT Foundry Group Ltd., INDUS Marmara Auto, Components Pvt Ltd., Dorman Products, Ridex GmbH, Ortlinghaus-Werke GmbH, Sparex, RSB Tech Solution, and ACDelco among others are some of the major players in the automotive backing plate market profiled in the full version of the report.
In a competitive environment, leading market players are focusing on expanding their business across the globe. Market participants are keen on increasing their product portfolio, taking part in new development projects, and collaborating in joint ventures. New product releases, strategic partnerships, and agreements are also employed by these organizations.
More Insights into Automotive Backing Plate Market Report
In its latest report, FMI offers an unbiased analysis of the global automotive backing plate market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of brake type, material type, vehicle type, and region.
According to the latest FMI reports, based on segmentation, the aluminum material type will contribute considerably to the overall market growth. This segment will grow from a CAGR of 3.5% registered in 2021 to a CAGR of 4.8% during 2022-2032. Corrosion-resistant, lightweight, and compact properties as well as easy replacement propel the growth of this segment.
Based on region, the automotive backing plate market in Europe will perform quite well with a 3.6% CAGR and a value of USD11.9 Mn by 2032. In terms of country, the United States and China will demonstrate notable growth during 2022-2032. The U.S. automotive backing plate market will exhibit a CAGR of 4.2% owing to a strong presence of e-commerce while China’s automotive backing plate market will grow at a CAGR of 4%. Overall, a surge in demand for automobiles, vehicular safety, and growing advancements in brake technology is driving the growth of the automotive backing plate market during the assessment period.
Extensive Market Research: Complete Report and Findings
Key Segments Covered in Automotive Backing Plate Industry Survey
Automotive Backing Plate Market Brake types:
- Disc Brake
- Drum Brake
Automotive Backing Plate Market by Brake Material type:
- Aluminium
- Iron
- Others
Automotive Backing Plate Market by Vehicle type:
- Passenger Cars
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Automotive Backing Plate Market by Region:
- North America Automotive Backing Plate Market
- Latin America Automotive Backing Plate Market
- Europe Automotive Backing Plate Market
- South Asia Automotive Backing Plate Market
- East Asia Automotive Backing Plate Market
- Oceania Automotive Backing Plate Market
- Middle East & Africa Automotive Backing Plate Market
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