Global Electric Vehicle Brake Pads Market to Reach $289.2 Million by 2026
The Electric Vehicle Brake Pads Market is projected to reach $289.2 Million by 2026, reveals the premium market intelligence study by CRI Report. The study also highlights that the market is set to witness a CAGR of 17.75% during the forecast period from 2021 to 2026.
Brake pads are found in electric vehicles and form a part of the braking system of the vehicle. Brake pads are the key component of the braking system as they apply pressure and friction to a vehicle’s brake rotors which then stop the wheel.
According to Ajeya Saxena, Principal Analyst, CRI Report, “Brake pads are among the most crucial components of an electric vehicle and are used in stopping the vehicle when needed. With the evolution of electric vehicles, there has been an increased demand for safety, better performance, and control with respect to braking systems. A number of brake pad manufacturers are introducing brake pads made up of innovative materials such as carbon fibers infused ceramic brake pads for better performance in the market.”
Key companies operating in the market
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.
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.
How can market intelligence on Electric Vehicle Brake Pads Market add value to your organization’s decision-making process?
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.
Market Segmentation of Electric Vehicle Brake Pads
The electric vehicle brake pads market is segmented on the basis of propulsion type, vehicle type, sales channel, product type, and region.
• 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: Original equipment manufacturer (OEM) and Aftermarket
• Product Type: Organic, Metallic, and Ceramic
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 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?
https://www.cri-report.com/product/electric-vehicle-brake-pads-market-a-global-and-regional-market-analysis-focus-on-product-application-and-country-assessment-analysis-and-forecast-2021-2026/