According to a new report published by UnivDatos Markets Insights, The Electric Vehicle Brake Pads Market was valued at USD 170.9 million in 2022 & is expected to grow at a CAGR of 21.5% from 2023-2030. The analysis has been segmented into Vehicle Type (Passenger Vehicles and Commercial Vehicles), Type (Organic, Metallic, and Ceramic), Propulsion Type (Battery-Electric Vehicles, Hybrid-Electric Vehicles, and Plug-in Hybrid Electric Vehicles), Sales Channel (OEM and Aftermarket), Region/Country.
The electric vehicle brake pads market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the electric vehicle brake pads market. The electric vehicle brake pads market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the electric vehicle brake pads vehicle market at the global and regional levels.
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Key Market Opportunities
3D printing or Additive manufacturing is the key opportunity in the electric vehicle brake pads market. 3D printing or additive manufacturing is the process of making three-dimensional objects from a digital file. By using 3D printing and additive manufacturing, electric vehicle brake pads manufacturers are economically and efficiently able to make a variety of electric vehicle brake pads that are not possible to make from traditional machines. Moreover, with the traditional method creating single electric vehicle brake pads can take time and require much more material but with 3D printing and additive manufacturing, it is more efficient cost-savings. Advanced 3D printing techniques and materials can enhance the performance and durability of electric vehicle brake pads, resulting in stronger and more wear-resistant components.
COVID-19 Impact
The Covid-19 pandemic has had a negative impact on the electric vehicle brake pads market. The pandemic has disrupted supply chains all over the world which has made it difficult for companies to sell their products through any medium. Moreover, the pandemic has put lockdowns all over the world due to there is a complete shutdown of vehicle production which stops the demand for electric vehicle brake pads. With the closure of physical stores and dealerships during lockdowns, the automotive industry has seen a significant shift towards online sales and contactless services. This transition has affected the demand and supply of brake pads, as well as other vehicle parts, including those for electric vehicles. Moreover, due to the lockdown all economic activity has been stopped, and supply chain disruptions that too hamper the electric vehicle brake pads market.
Segmentation Details:
· By vehicle type, the market is bifurcated into passenger vehicles and commercial vehicles. The passenger segment led the market in 2022.
· By type, the market is categorized into organic, metallic, and ceramic. Among these, the ceramic segment held a significant share of the market in 2022.
· By 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.
· By sales channel, the market is categorized into OEM and aftermarket. Among them, the OEM become the focal point of the electric vehicle brake pads market and led the market in 2022.
Electric Vehicle Brake Pads Market Geographical Segmentation Includes:
· North America (U.S., Canada, Mexico, and the Rest of North America)
· Europe (Germany, UK, Spain, France, Italy, and Rest of Europe)
· Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific)
· Rest of the World
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. As the region covers the country such as China, India, and Japan, and South Korea that have favorable technological infrastructure, with the leading automotive and industrial machinery companies such as Maruti Suzuki, BYD, and Toyota, Hyundai respectively, which are the major manufacturers of ICE vehicle and electric vehicles in the region, that to cater the demand for the electric vehicle brake pads. For instance, in September 2022, according to the report published by International Energy Association have reported, in China the total market share for electric vehicles was 5% in 2020, which 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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Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the electric vehicle brake pads market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis for getting insight views on global competition.
Recent Developments:
· In March 2023, Brakes India, an automotive component manufacturer, launched a new range of brake pads specifically designed for electric vehicles (EVs). The brake pads are aimed at enhancing the safety and performance of EVs by addressing the unique requirements of regenerative braking systems used in these vehicles.
· In August 2021, NRS Brakes was awarded for the second consecutive year by AutoGuide’s Editor’s Choice Award. NRS Brake pads use patented galvanized brake technology that prevents corrosion and rust in electric vehicles.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the electric vehicle brake pads market?
• Which factors are influencing the electric vehicle brake pads market over the forecast period?
• What are the global challenges, threats, and risks in the electric vehicle brake pads market?
• Which factors are propelling and restraining the electric vehicle brake pads market?
• What are the demanding global regions of the electric vehicle brake pads market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
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