EXPECTED TO REACH USD 994 MILLION BY 2032 AUTOMOTIVE BACKING PLATE MARKET GROWS AT 4.9% CAGR

Expected to reach USD 994 Million by 2032 Automotive Backing Plate Market grows at 4.9% CAGR

Expected to reach USD 994 Million by 2032 Automotive Backing Plate Market grows at 4.9% CAGR

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The global Automotive Backing Plate Market is expected to reach a value of USD 994 Million by 2032, with sales growing at an average CAGR of 4.9% from 2022 to 2032. Valued at USD 590.6 Million in 2021, the target market will acquire a value of USD 613.4 Million in 2022. The constant progress in regenerative braking systems and escalating demand for automobiles fosters an environment of growth for the automotive backing plate market during the forecast period.


In general, all braking systems depend on backing plates to function correctly. The main role of backing plates is to hold the other brake system components together. In the absence of backing plates, brakes would have nothing to rely on and cannot function properly. For instance, drum brakes are supported by backing plates. Brake shoes are then installed over the backing plate's wheel cylinder, providing the necessary grip to stop the vehicle from using friction. This wouldn’t have been possible without backing plates.


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Again, out of the two brake types, Disc brakes and Drum brakes, the Disc ones are typically preferred over the Drum ones in the automobile backing plate market. This is because Disc brakes are lighter than drum brakes and has a greater cooling effect owing to their placement where they are directly exposed to air.


Most passenger automobiles use Disc brakes because of their consistent performance at higher speeds and resistance to brake fade. Moreover, these brakes are gradually making their way into the commercial vehicle category, a space formerly dominated by drum brakes, due to their longer service life. As many consumers are increasingly opting for longer service life and higher quality, Disc brake is finding greater application. Thus, expanding the commercial and passenger vehicles industry coupled with rising demand for disc brakes also contributes to the growth of the automotive backing plate market during the forecast period.


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 Million 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 Million by 2032.


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.


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


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 USD 11.9 Million 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.

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