The global automotive backing plate market is poised for significant growth, projected to reach USD 994 million by 2032, with a steady compound annual growth rate (CAGR) of 4.9% from 2022 to 2032. Starting from a valuation of USD 590.6 million in 2021, the market is expected to see an increase to USD 613.4 million in 2022. Key drivers for this growth include ongoing advancements in regenerative braking systems and a rising demand for automobiles.
Backing plates are vital components in braking systems, serving as the support structure for various brake elements. Their functionality is critical for ensuring the effective operation of brakes, especially in drum brake systems where they provide essential support for brake shoes. With the automotive industry shifting towards improved braking technology, the preference for disc brakes has been increasing due to their advantages in weight, cooling efficiency, and performance consistency, particularly at higher speeds.
The trend towards the adoption of disc brakes, not only in passenger vehicles but also in the commercial sector, is expected to drive the demand for automotive backing plates significantly. As consumers seek brakes that offer longer service life and enhanced quality, the automotive backing plate market is well-positioned to capitalize on these trends.
Comprehensive Market Insights: Full Report Overview
Key Takeaways
- Brake Type Preference: The disc brake category is anticipated to dominate, with a CAGR of 4.6%.
- Material Demand: Aluminum and titanium-backed plates are expected to generate heightened demand, with aluminum-backed plates projected to record a CAGR of 4.8%.
- Market Opportunities: The automotive backing plate market in China is set to create a growth opportunity of USD 21.5 million during the forecast period.
- U.S. Growth: The U.S. automotive backing plate market is projected to expand at a CAGR of 4.2%, reaching an estimated value of USD 337.4 million 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.
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube