The global Electric Vehicle (EV) brake pads market size reached USD 115.8 million in 2020 and is expected to register a revenue CAGR of 18.1% during the forecast period, according to latest analysis by Emergen Research. Increasing adoption of ceramic type EV brake pads is projected to continue to support market revenue growth between 2021 and 2028. In addition, rising demand for EVs is expected to drive revenue growth of the global market growth going ahead. Currently, rapid incline in demand for ceramic type brake pads as well as safety, better performance, and control are factors driving adoption of advanced electric vehicle brake pads.
Several factors propel the growth of the EV brake pads market. The increasing adoption of electric vehicles worldwide, driven by environmental concerns and government initiatives promoting clean energy, serves as a primary driver. As the EV market expands, the demand for components specifically optimized for these vehicles, including brake pads, experiences a proportional upsurge. Moreover, heightened consumer awareness regarding the significance of regenerative braking and its impact on extending electric vehicle range contributes to the demand for advanced brake pad solutions.
Restraints:
Despite the market's potential, certain challenges hinder its seamless growth. The unique operational dynamics of electric vehicles, particularly the reliance on regenerative braking, present a hurdle in designing brake pads that effectively complement this system. Additionally, ensuring optimal performance, longevity, and safety standards without compromising environmental sustainability remains a key challenge for manufacturers. Striking a balance between friction material effectiveness and minimizing wear and tear on braking components poses a continuous challenge in this market.
Covid 19 impact analysis :
The economic slowdown and dynamic changes in the demands will further affect the growth of the industry. The report covers the impact analysis of the COVID-19 pandemic on the overall Electric Vehicle (EV) Brake Pads Market industry.The current COVID-19 pandemic is expected to have an effect on the growth of the Electric Vehicle (EV) Brake Pads Market industry majorly attributable to the movement restrictions and impact on the supply and demand due to the lockdowns.
Some major players included in the global Electric Vehicle (EV) Brake Pads Market report are:
TRW Aftermarket Asia Pacific Pte Ltd., ATE Brakes (Continental Aftermarket & Services GmbH), Akebono brake industry co. ltd., BorgWarner Inc., Brembo S.p.A, Aisin Aftermarket Corporation, Bendix Corporation, Tenneco Inc., Robert Bosch GmbH, and EBC Brakes USA Inc.
Radical Highlights of the Electric Vehicle (EV) Brake Pads Market Report:
Impact of the technological developments and R&D advancements on the Electric Vehicle (EV) Brake Pads Market market
Information about profit-making strategies and developmental strategies of major companies and manufacturers
Comprehensive overview of the Electric Vehicle (EV) Brake Pads Market market along with analysis of the changing dynamics of the market
Insightful information for the new entrants willing to enter the market
Details and insights about business expansion strategies, product launches, and other collaborations
The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis
Competitive Landscape:
Furthermore, the report includes an in-depth analysis of the competitive landscape. The segment covers a comprehensive overview of the company profiles along with product profiles, production capacities, products/services, pricing analysis, profit margins, and manufacturing process developments. The report also covers strategic business measures undertaken by the companies to gain substantial market share. The report provides insightful information about recent mergers and acquisitions, product launches, collaborations, joint ventures, partnerships, agreements, and government deals.
Electric Vehicle (EV) Brake Pads Market Segmentation:
Emergen Research has segmented global electric vehicle brake pads market on the basis of type, propulsion type, vehicle type, sales channel, and region:
Type Outlook (Revenue, USD Million; 2018–2028)
Organic
Metallic
Ceramic
Propulsion Type Outlook (Revenue, USD Million; 2018–2028)
Battery Electric Vehicle (BEV)
Plug-in Hybrid Electric Vehicle (PHEV)
Hybrid Electric Vehicle (HEV)
Vehicle Type Outlook (Revenue, USD Million; 2018–2028)
Passenger Cars
Commercial Vehicles
Sales Channel Outlook (Revenue, USD Million; 2018–2028)
Original Equipment Manufacturer (OEM)
Aftermarket
Regional Segmentation;
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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