The trend of urbanization is growing exponentially, leading to a hike in the average disposal income of the urban population, allowing people to enhance their lifestyles. The transformed lifestyles further boost the demand for passenger cars, thus, propelling the manufacturers to uplift their production to optimally cater to their customers. There has been a steady rise in the production of vehicles, including passenger cars and commercial vehicles, across North America in the post-recession era, i.e., since 2010. Lowered interest rates on loans have also favored the growth of the automobile industry. Further, in the past few years, consumer behavior toward intercity and intracity transit has transformed to a new level. With a surge in the disposable income of individuals and the stable economic structure of countries, the production of vehicles has increased exponentially owing to the rising demand for cars, which is creating the requirement for automotive brake shims.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America automotive brake shims market at a substantial CAGR during the forecast period.
North America Automotive Brake Shims Market Segmentation
The North America automotive brake shims market is segmented on the basis of material, application, and country. Based on material, the market is segmented into rubber coated, PSA material, thermoset material, and others. In 2020, the others segment held the largest share of the market, and it is also expected to register the highest CAGR during the forecast period. Based on application, the North America automotive brake shims market is segmented into two wheeler, passenger vehicle, and commercial vehicle. In 2020, the passenger vehicle segment held the largest share of the market in this region; it is also expected to register the highest CAGR during the forecast period. Based on country, the North America automotive brake shims market is segmented into the US, Canada, and Mexico. In 2020, the US held the largest market share, and the market in the US is expected to grow at the fastest CAGR during the forecast period.
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 are among the leading companies in the North America automotive brake shims market.