Electric Vehicle (EV) Brake Pads Market Size is projected to grow at over 18.1% CAGR to 2028
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. Between 2021 and 2028, market revenue growth is anticipated to be supported by rising EV brake pad deployment. Additionally, future revenue growth of the global market is anticipated to be driven by increasing EV demand. Currently, elements driving adoption of improved electric vehicle brake pads include safety, superior performance, and control, as well as a significant increase in demand for ceramic type brake pads.
Ceramic type brake pads are being quickly adopted by manufacturers in a variety of vehicle classes, including passenger automobiles and commercial vehicles, in new vehicles. Electric car brake pads of the ceramic type are made from a variety of materials that provide a robust structure, extending brake pad life by 30%. Unique characteristics of ceramic brake pads aid in quicker heat dissipation and also lessen the likelihood of rotor warping as a result of excessive heating in braking systems.
Some Key Highlights from the Report
Due to its strong construction that aids in quicker heat dissipation and reduced weight that improves an electric vehicle’s mileage, the ceramic category is anticipated to contribute for the quickest revenue CAGR over the projection period.
Since battery-operated cars have low operating and maintenance expenses, the battery electric vehicle (BEV) market is anticipated to earn a significantly consistent revenue share over the projected period.
Over the course of the forecast period, the global market for brake pads for electric vehicles is anticipated to be dominated by Asia Pacific in terms of revenue share among other regional markets. This is because several companies, including TRW Aftermarket Asia Pacific Pte Ltd., Akebono braking industry Co. ltd., and Aisin Aftermarket Corporation, are present in the region as suppliers of domestic and foreign electric vehicle brake pads.
Some major companies in the market report include 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.
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)
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)
Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/electric-vehicle-brake-pads-market
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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