Burgeoning Adoption of Electric Vehicle, and Growing Government Support by Providing Rebates Propelled the Growth of the Electric Vehicle Brake Pads Market in the Asia Pacific Region!
- Himanshu Patni
- December 30, 2023
- AUTOMOTIVE, NEWS
- Electric Vehicle Brake Pads Market, Electric Vehicle Brake Pads Market Share, Electric Vehicle Brake Pads Market Size, Electric Vehicle Brake Pads Market Trends
- 0 Comments
The Asia Pacific region would exhibit the highest CAGR during 2022-2030 owing to the rapid growth rate in the automotive industry in the last couple of years. The expansion of the electric vehicle (EV) market can be attributed to several key factors. The significant population in India and China, which together account for nearly 36% of the world’s population, is a major contributor to the growth of the EV market. As more and more people in these regions move to urban areas in search of better job opportunities and a higher standard of living, there is a growing demand for personal mobility. This has resulted in increased adoption of EVs, as customers take advantage of government incentives and the lower maintenance costs associated with these vehicles. As the region covers the country including China, India, and Japan, and South Korea which have favorable technological infrastructure, with the leading automotive and industrial machinery companies such as Maruti Suzuki, BYD, and Toyota, Hyundai respectively, which are the essential producers of ICE vehicle and electric vehicles in the region, that to cater the demand for the electrical vehicle brake pads. For instance, according to a report published by the International Energy Agency in September 2022, the market shares of electric vehicles in China showed significant growth. In 2020, the total market share for electric vehicles was reported to be 5%, which then increased to 16% in 2021. Additionally, favorable government policies in China to adopt electric vehicles such as the extended NEV subsidy scheme to the end of 2022 (from a previous 2020 expiry date), although it has started reducing base subsidy amounts by 10%, 20%, and 30% each year (between 2020 and 2022). It further extended a purchase tax exemption for NEVs through the end of 2023. Therefore, the burgeoning adoption of electric vehicles in the region created an extreme demand for electric vehicle brake pads.
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Further, the Asia Pacific Electric Vehicle Brake Pads Market is expected to grow at a strong CAGR during the forecast period (2022-2030). Asia Pacific is anticipated to emerge as the fastest-growing electric vehicle brake pads market primarily owing to the increased adoption of electric vehicles in the region. Furthermore, the rapid development in the logistics and supply chain industry due to the growing e-commerce industry in the countries such as the China, India, and Japan have gained traction for EVs mostly two-wheeler and three-wheeler has brought the demand for electric vehicle brake pads. Additionally, the major automotive manufacturers in the region are taking advantage of several government initiatives that aim to promote the automotive industry has further propelled the demand for electric vehicle brake pads market.
Asia Pacific Electric Vehicle Brake Pads Market Revenue (2021-2030)- USD Mn
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Based on the vehicle type, the market is bifurcated into passenger vehicles and commercial vehicles. The passenger segment led the market and is expected to lead in the forecast period in terms of revenue contribution to the global market. The major factors contributing to the growth of the segments owing to the adoption of passenger vehicles for personal mobility as well as ride-hailing services and the need to replace brake pads over a period of time. Moreover, the persistent government practices to achieve net-zero emission targets of various countries all over the world have catered to the demand to adopt the Evs. Many consumers are now choosing electric vehicles over conventional gasoline-powered vehicles because of their decrease emissions, reduced running expenses, and overall sustainability. Additionally, improvements in battery technology have made electric vehicles more realistic and reliable for ordinary use
On the basis of type, the market is categorized into organic, metallic, and ceramic. Among these, the ceramic segment held a significant share of the market in 2022. This is mainly due to the increasing demand for vehicles from all over the world due to the rising disposable income, and the need for daily commuting purposes. Ceramic materials have unique properties such as high strength, hardness, chemical resistance, and thermal stability. One of the major demands of electric vehicles comes from the ride-sharing industry thus propelling the automotive segment in the electric vehicle brake pads market. For instance, in February 2023, Uber Technologies Inc, a ride-sharing company having a presence worldwide signed a Memorandum of Understanding (MoU) with Tata Motors to bring 25,000 electric vehicles (EVs) onto the Uber platform in India.
On the basis of propulsion type, the market is categorized into battery-electric vehicles, hybrid-electric vehicles, and plug-in hybrid electric vehicles. Among these, the battery-electric vehicle segment held a significant share of the market in 2022. This is mainly due to the increasing demand for battery-electric vehicles from all over the world due to the rising disposable income, and need for daily commuting purposes. A battery electric vehicle, or BEV, is a type of vehicle that runs solely on electric power. BEVs use only an electric motor powered by rechargeable batteries, these batteries are usually made of lithium-ion cells and can be charged by plugging the vehicle into an electric power source. For instance, in February 2023, Toyota Is finally accelerating BEV development specifically, next-generation BEVs for the Lexus
Global Electric Vehicle Brake Pads Market Segmentation
Market Insight, by Vehicle Type
· Passenger Vehicle
· Commercial Vehicle
Market Insights, by Type
· Organic
· Metallic
· Ceramic
Market Insights, by Type
· Battery Electric Vehicles
· Hybrid Electric Vehicles
· Plug-in Hybrid Electric Vehicles
Market Insights, by Sales Channel
· OEM
· Aftermarket
Market Insight, by Region
· North America
o U.S.
o Canada
o Mexico
o Rest of North America
· Europe
o Germany
o UK
o France
o Italy
o Spain
o Rest of Europe
· APAC
o China
o Japan
o India
o South Korea
o Rest of APAC
· Rest of the World
Top Company Profiles
· ZF Friedrichshafen AG (TRW Automotive Aftermarket)
· NRS Brakes
· Shandong Zibo Yihaojia Auto Parts Co. Ltd
· ATE Brakes
· Akebono
· BorgWarner
· Bendix
· Aisin
· Brembo S.p.A
· Robert Bosch GmbH
