The rising passenger and commercial vehicle sales are fostering the automotive brake shims market growth. As the demand for vehicles increases, the interest of regulatory bodies in rolling out necessary regulatory mandates for ensuring vehicle safety is also rising. Moreover, fatalities caused due to vehicle accidents are encouraging government bodies to introduce new norms for vehicles and road safety. As a poor braking system is one of the key causes of road accidents, establishing proper norms for using friction materials and braking systems is necessary. As per an article in of January 2021by the LEGISLATIVE COUNSEL'S DIGEST, friction materials containing over 0.5% copper will be prohibited from application in new vehicles commencing by the year 2025. Thus, Akebono and other companies have already begun following these laws. Departments of these companies are engaged in producing and distributing friction materials and collaboratively working on ensuring the compliance with the new laws. Akobono has already developed friction materials described by the new law. Such laws for friction materials and disc brakes support the growth of the automotive brake shims market in South America.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the South America automotive brake shims market at a substantial CAGR during the forecast period.
South America Automotive Brake Shims Market Segmentation
The South 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 a larger the largest share of the market,; and it is also expected to register a higher the highest CAGR during the forecast period. Based on application, the South America automotive brake shims market is segmented into two wheeler, passenger vehicle, and commercial vehicle. In 2020, the passenger vehicle segment held the largest market share of the market in this region; and it is also expected to register the highest CAGR in the market during the forecast period. Based on country, the South America automotive brake shims market is segmented into Brazil, Argentina, and Rest of SAM. In 2020, Brazil held the largest market share; and is further 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, Delphi Technologies Plc., and TEXTAR Brake Technology are among the leading companies in the South America automotive brake shims market.