Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "India Brake Pads Market Size, Share & Trends Analysis Report By Vehicle Type (Two-wheeler, Three-wheeler), By Position Type, By Sales Channel, By Material, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The India brake pads market is poised for substantial growth, driven by an ascending trajectory of technological advances and policy measures designed to boost the automotive industry. A newly published analysis report delineates market expansion with a forecasted compound annual growth rate (CAGR) of 6.1% from 2023 to 2030, indicating a burgeon to USD 2.25 billion.
Noteworthy factors fueling this growth encompass the increasing utilization of innovative materials such as semi-metallic and ceramic components in brake pad manufacturing. Coupled with this is a growing cognizance regarding driver safety and an uptick in the electric vehicle movement, which collectively spur the market forward.
Advancements in vehicle safety features are another dynamic propelling market growth. Initiatives and mandates by the government to integrate features such as antilock brakes and electronic stability control are encouraging manufacturers to develop cutting-edge brake pads with embedded sensors. These sensors are designed to prompt rapid emergency braking responses, an element pivotal to reducing on-road mishaps and associated casualties.
Market Segment Developments
- The three-wheeler sector is anticipated to experience substantial growth, owing to its cost-effectiveness and burgeoning use in electric three-wheelers for last-mile delivery purposes. This trend necessitates the development of specialized brake pads for this vehicle category.
- In the positional context, the rear brake pad segment is expected to thrive, attributed to factors such as the maintenance of vehicular stability and the prevention of rollovers.
Non-asbestos Organic (NAO) brake pads are becoming increasingly desirable. As environmental concerns mount alongside the need for more sustainable products, manufacturers are pivoting towards alternative materials that promise enhanced longevity and higher performance.
Furthermore, the aftermarket sales channel is predicted to flourish. As manufacturers expand their reach by launching products tailored to aftermarket requirements and OEMs join forces with suppliers and part sellers, the Indian brake pads market is adapting to meet the demands of a diverse and growing automotive landscape.
Key Market Highlights:
Sectoral and Material Innovations Spearheading Growth
- An uptick in electric and three-wheeler vehicles is inducing demand for specialized brake pads.
- Manufacturers are focusing on eco-friendly solutions, including the elimination of asbestos usage in favor of non-toxic alternatives.
Interestingly, efforts to innovate with natural materials like bamboo fiber, coconut fiber, and various sustainable composites portend a new wave of growth for environmentally benign vehicle components. This trend is bolstered by a suite of policy initiatives that favor domestic manufacturer partnerships and the fortification of India's automotive component supply chain.
The report underscores the market's steady progression and puts a spotlight on the technical developmental endeavors of manufacturers. With a comprehensive outlook on industry trends, the India brake pads market is set on a confident march towards a greener and more technologically advanced future.
Companies Mentioned
- Allied Nippon Private Limited
- ASK Automotive Pvt. Ltd.
- Brakes India Private Limited
- Brembo Brake India Pvt. Ltd.
- Ceratech Friction Composites
- Endurance Technologies Limited
- Makino Auto Industries Pvt. Ltd.
- Masu Brake Pads Pvt.Ltd
- Rane Holdings Limited
- Sagestics BRAKES
For more information about this report visit https://www.researchandmarkets.com/r/vfbbby
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