The global electric vehicle brake pads market is expected to reach $289.2 million by 2026, with a CAGR of 17.75% during the forecast period 2021-2026. The automotive industry is experiencing rising adoption of electric vehicles due to changing consumer preferences based on various factors, such as rising concerns about driver safety, environmental concerns, and acute government regulations and policies.
Brake pads are being used since the vehicles are there in the market. The electric vehicles market is in a growing phase leading to the growth in the electric vehicle brake pads market. Another important factor about electric vehicle brake pads is that they don’t require frequent replacement, unlike with the brakes in conventional vehicles.
In the past decade, the global electric vehicle (EV) market has made a huge leap forward in terms of EV production and sales. The EV revolution is supported by various prominent factors such as rising concerns regarding the environment, advancement in technology, depleting non-renewable resources, government policies, and high standards of living associated with owning a costlier EV and awareness w.r.t. environment. The preference for EVs globally has thus created a conducive environment where original equipment manufacturers (OEMs) are continually investing in research and development to improve existing technologies such as lithium-ion batteries, light-weighting, and motors, for quicker adoption of EVs. However, the major hurdle which has been haunting OEMs since the inception of EVs is their short range, i.e., the distance they can travel on a single charge.
Market Segmentation:
Electric Vehicle Brake Pads Market by Type:
The electric vehicle brake pads market has been segmented based on type, including organic, metallic, and ceramic. The metallic type segment is estimated to dominate the global electric vehicle brake pads market since they have better braking power in a wide range of temperatures. Since metals are such excellent hot conductors, they can sustain further heat while assisting the braking systems in cooling down faster. Metal brake pads do not also compress as much as biological brakes.
Electric Vehicle Brake Pads Market by Propulsion Type:
The electric vehicle brake pads market has been segmented based on propulsion type, including battery electric vehicle (BEV), plug-in hybrid vehicle (PHEV), and hybrid electric vehicle (HEV). The BEV segment is expected to be the front runner in the global electric vehicle brake pads market by propulsion type. Government incentives, tighter regulations for carbon dioxide emissions, growth of the charging infrastructure, and falling EV battery prices are significant factors for the increasing demand for BEV.
Electric Vehicle Brake Pads Market by Vehicle Type:
The electric vehicle brake pads market has been segmented based on vehicle type, including passenger cars and commercial vehicles. Passenger cars are the leading vehicle type in the global electric vehicle brake pads market. Passenger cars make up a large percentage of electric vehicles globally. The dominant share of passenger cars among the different types of electric vehicles has contributed to the high demand for brake pads from the segment.
Electric Vehicle Brake Pads Market by Region:
The electric vehicle brake pads market has been segmented based on region, including North America, Europe, the U.K., China, Asia-Pacific and Japan, South America, and the Middle East and Africa. China is among the top leading countries in terms of EV production. The country is a hub of numerous electric vehicle manufacturers, which in turn, contribute to the demand for brake pads in the region.
Key Market Players:
Key players operating in the market, include NRS Brakes, TRW Aftermarket, ATE Brakes, Akebono, BorgWarner, Brembo S.p.A., Aisin, Bendix, TENNECO INC., Robert Bosch GmbH, EBC Brakes, Heng Yu Friction Ltd., Shandong Zibo Yihaojia Auto Parts Co., LTD, Nanjing Jiu Long Auto Parts Co., Ltd., and Fujian Huari Automotive Parts Co., Ltd.
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Key questions answered in the Report
• For a new company looking to enter the market, which areas could it focus upon to stay ahead in the competition?
• How do the existing market players function to improve their market positioning?
• Which are the promising companies that have obtained financial support to develop their products and markets?
• How does the supply chain function in the electric vehicle brake pads market?
• Which companies have been actively involved in innovation through patent applications, and which products have witnessed maximum patent applications during the period 2017-2021?
• Which product segment is expected to witness the maximum demand growth in the electric vehicle brake pads market during 2021-2026?
• Which players are catering to the demand for different types of brake pads?
• How should the strategies adopted by market players vary for different product segments based on the size of companies involved in each segment?
• What are the key offerings of the prominent companies in the market for electric vehicle brake pads?
• What are the demand patterns of electric vehicle brake pads across the application areas in different regions and countries during the period 2021-2026?
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