Electric Vehicle Brake Pads Market is expected to Register a Considerable Growth by 2026

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The automotive industry is experiencing rising adoption of electric vehicles due to changing consumer preferences based on various factors, such as rising concerns with regard to driver safety, environmental concerns, and acute government regulations and policies. Major 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.

This research study focuses on current and future development and trends in the brake pad industry. There are market players who solely focus on the manufacturing of EV brake pads. There is potential growth in the brake pad industry as governments across the world are rigorously supporting electric vehicles by implementing new regulations and policies.

Read Report Overview: Electric Vehicle Brake Pads Market

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.

Metal Segment to Dominate the Market

The metal brake pads are preferred for performance drivers since they have better braking power in a wide range of temperatures. Due to the fact that metals are such an excellent hot conductor, they can sustain further heat while assisting the brake systems in cooling down faster. They do not also compress as much as biological brakes.

BEVs to Dominate the Market

Government incentives, tighter regulations for carbon dioxide emissions, growth of the charging infrastructure, and falling EV battery prices are some of the significant factors for the increasing demand for BEV. Battery electric vehicle also witnessed increased production in 2020 during the pandemic outbreak thus highlighting the demand for the electric vehicle globally.

OEM Segment to Dominate the Market

Brake pads used in electric vehicle does not get worn out at a faster rate as compared to that of conventional vehicles. This is one of the primary benefits of using electric vehicle 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.

China to Dominate the Market

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.

Competitive Landscape

The competitive landscape of the electric vehicle brake pads market consists of different strategies undertaken by major players across the entire value chain to gain market presence. Some of the strategies adopted by electric vehicle brake pads manufacturers are product launches, mergers and acquisitions, partnerships, and collaborations. Among all the strategies adopted, product launches have dominated the competitive landscape. NRS Brakes, TENNECO INC., and Brembo S.p.A. are some of the leading players in the electric vehicle brake pads market.

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Most of the electric vehicle brake pads manufacturers are of similar financial capability, and the industry landscape is quite competitive because of the large number of players in the market. Therefore, innovation and development have been the key factors for the large-scale growth in this market. Electric vehicle brake pads manufacturers are expanding their businesses and are also entering strategic partnerships to target a greater audience and increase their overall footprint.