Electric Vehicle Brake Pads Market: Current Analysis and Forecast (2023-2030)
Emphasis on Product Type (Polishing & Waxing, Cleaning & Washing, Sealing Glaze & Coating); Car Type (Hatchback, Sedan, SUVs, Utility Vehicles); Application (Interior, Exterior); Distribution Channel (Online, Offline); and Region/Country
The electric vehicle brake pads market is expected to grow at a strong CAGR of around 21.5% during the forecast period owing to stringent government regulations to achieve net zero-emission and reduce pollution globally. The increasing urbanization population in the region as India and China covers almost 36% of the total world population. Additionally, the countries such as China, India, and Indonesia have a vast working population commuting to offices and factories looking for daily transportation have upsurged the demand for the electric vehicle market in the region. Moreover, governments in the region such as India and China are highly promoting net zero emissions as cities in the region have highly polluted due to the increased number of vehicles on the road. For instance, in March 2022, according to the report published by IQAir, a Swiss firm reported that India is the fifth most polluted country among 117 countries, as per recommendations of WHO the average PM2.5 levels should not be more than 5 micrograms per cubic meter, reached to 58.1 micrograms per cubic meter (µg/m3) in 2021 in India. Moreover, the country has 63 Indian Cities in 100 Most Polluted Places On Earth. Therefore, to control the pollution level government’s approach is to promote the adoption of electric vehicles by providing various incentives and rebates for purchasing EVs. Hence, the demand for Evs has increased rapidly in the last couple of years, therefore the demand for electric vehicle brake pads increased and is expected to grow at the rate of knots in the forecast period.
Some of the major players operating in the market include ZF Friedrichshafen AG (TRW Aftermarket), NRS Brakes, Shandong Zibo Yihaojia Auto Parts Co. Ltd, ATE Brakes, Akebono, BorgWarner, Bendix, Aisin, Brembo S.p.A, Robert Bosch GmbH. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst vehicle types, the passenger vehicle segment held a leading segment of the market in 2022”
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
“Amongst types, the ceramic segment held the significant market share in 2022”
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.
“Amongst propulsion types, the battery-electric vehicle segment held the largest share of market share in 2022”
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 brand by 2026, and in January 2023, Maruti announced to launch of six battery electric vehicles in India by 2030.
“Asia Pacific dominated the electric vehicle brake pads market in 2022”
The Asia Pacific region is projected to be the dominating region in the forecast period as the region has the highest number of automotive manufacturers and production units that caters to the demand for electric vehicle brake pads. The major factors attributed to the market’s growth are the increasing urbanization population in the region as India and China cover almost 36% of the world population. With the paradigm shift of population growth in the cities in the region looking for better work opportunities and living standards, the demand for personal mobility has increased in the past few years, and customers are adopting the EVs due to rebates offered by the governments and lower maintenance cost of EVs contributing to the growth of electric vehicle brake pads. For instance, according to the International Energy Agency (IEA), More vehicles were sold in China in 2021 (3.3 million) than in the entire world in 2020.
Electric Vehicle Brake Pads Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global electric vehicle brake pads market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Electric Vehicle Brake Pads Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global electric vehicle brake pads market were the three major steps undertaken to create and analyze the adoption of electric vehicle brake pads in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global electric vehicle brake pads market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the electric vehicle brake pads market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the electric vehicle brake pads market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as vehicle type, type, propulsion type, and sales channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the electric vehicle brake pads market. Further, we conducted factor analysis using dependent and independent variables such as vehicle type, type, propulsion type, and sales channel of the electric vehicle brake pads market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the electric vehicle brake pads market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global electric vehicle brake pads market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the electric vehicle brake pads market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global electric vehicle brake pads market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global electric vehicle brake pads market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, end-user, and sales channel in the global electric vehicle brake pads market.
The main Objective of the Global Electric Vehicle Brake Pads Market Study
The current & future market trends of the global electric vehicle brake pads market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the electric vehicle brake pads market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the vehicle type, type, propulsion type, sales channel
- Define and analysis of the regulatory framework for the electric vehicle brake pads industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the electric vehicle brake pads market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the electric vehicle brake pads market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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