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. Major original equipment manufacturers (OEMs) are constantly working on making electric vehicles more safe, affordable, and efficient. Over a period of time, the automotive industry is evolving with technological advancement in electric vehicle accessories such as battery systems, cooling systems, braking systems, and other components.
The safety of an electric vehicle (EV) depends upon the braking system, which includes brake pads, brake disc, and brake fluid, etc. The brake pads play an important role in the braking system as the stability and safety of a vehicle depend on them.
Further, the electric vehicle brake pads market has been segmented based on type (organic, metallic, and ceramic), propulsion type (battery electric vehicle (BEV), plug-in hybrid vehicle (PHEV), and hybrid electric vehicle (HEV), vehicle type (passenger cars and commercial vehicles), sales channel (OEM and aftermarket). The regions discussed in this report include North America (U.S., Canada, and Mexico), Europe (France, Germany, Rest-of-Europe), the U.K., China, Asia-Pacific and Japan (Japan, South Korea, and Rest-of-Asia-Pacific and Japan), South America, and the Middle East and Africa.
Dominating Segments:
Metallic Type
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.
Battery Electric Vehicle (BEV)
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.
Passenger Cars
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.
Original Equipment Manufacturer (OEM)
The OEM segment is expected to dominate the market by sales channel. Brake pads used in electric vehicles do not get worn out at a faster rate as compared to conventional vehicles. This is one of the primary benefits of using electric vehicles as well as they require less maintenance. Due to comparatively less wear and tear of brake pads, the demand for electric vehicle brake pads in the aftermarket is very low.
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Key Market Players and Competition Synopsis
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.
The companies that are profiled in the report have been selected post undergoing in-depth interviews with experts and understanding details around companies such as product portfolios, annual revenues, market penetration, research and development initiatives, and domestic and international presence in the electric vehicle brake pads market
How This Report Can Add Value
Product/Innovation Strategy: The product segment helps the readers in understanding the different types of materials used in manufacturing brake pads. Also, the study provides the readers with a detailed understanding of the electric vehicle brake pads market by propulsion type, vehicle type, and sales channel.
Growth/Marketing Strategy: Players operating in the global electric vehicle brake pads market are developing innovative products to enhance the capabilities of their product offerings. Growth/marketing strategies will help the readers in understanding the revenue-generating strategies adopted by the players operating in the global electric vehicle brake pads market. For instance, in January 2021, Brembo S.p.A. completed the acquisition of SBS friction to integrate brake pads in their business segment. Moreover, other strategies adopted by the market players will help the readers in making strategic decisions, such as go-to-market strategies.
Competitive Strategy: Players analyzed and profiled in the study include brake pads manufacturers that capture the maximum share in the global electric vehicle brake pads market. Moreover, a detailed competitive benchmarking of the players operating in the global electric vehicle brake pads market has been done that will help the readers to understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements and collaborations, and mergers and acquisitions are expected to aid the readers in understanding the untapped revenue pockets in the market.
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