Electric Vehicle Brake Pads

Electric Vehicle Brake Pads

Electric vehicle (EV) brake pads are components used within the braking system of electric vehicles. Similar to traditional vehicles, brake pads in EVs are accountable for creating friction against the braking rotors or discs, which helps in slowing down or stopping the car. One implication of electrical vehicle brake pads is their improved durability as compared to those used in conventional combustion engine vehicles. EVs have regenerative braking systems that use the electric motor to slow down the car and recharge the battery.

The Electric Vehicle Brake Pads Market is expected to grow at a steady rate of around 21.5% owing to the burgeoning adoption of electric vehicles over the world. The emergence of new technology and the continuous effort made by various governments such as the U.S., China, and India to adopt electric vehicles aims to reduce pollution, and carbon emissions programs by 2050. Automotive manufacturers are working to support government initiatives and bind to follow government policies and thus, electric vehicle brake pads play crucial roles in electric vehicles for stopping the vehicles by creating friction against the rotors. however, the braking system in electric vehicles operates in a different way due to the regenerative braking function. Electric vehicles utilize regenerative braking technology, which allows the vehicle to recover some of the power usually lost during braking. whilst the driver applies the brakes in an EV, the electric motor functions as a generator, converting the kinetic energy of the moving vehicle into electrical energy. This energy is then stored inside the vehicle's battery for later use, enhancing overall power performance. For instance, In September 2022, according to the international energy agency(IEA), Electric car sales reached a record high in 2021, compared with 2020, sales nearly doubled to 6.6 million (a sales share of nearly 9%), bringing the total number of electric cars on the road to 16.5 million. The sales share of electric cars increased by 4 percentage points in 2021. Moreover, in February 2023, according to a report published by the U.S. Bureau of Labor Statistics, the consumer demand for EVs has risen significantly from 22000 EVs on the road in 2011 to a little over 2 million in a decade till 2021.

Therefore, the growing adoption of electric vehicles over the world drives the electric vehicle brake pads market.

• Based on the vehicle type, the market is bifurcated into passenger vehicles and commercial vehicles. The passenger segment led the market and is expected to lead in the forecast period in terms of revenue contribution to the global market. The major factors contributing to the growth of the segments owing to the adoption of passenger vehicles for personal mobility as well as ride-hailing services and the need to replace brake pads over a period of time. Moreover, the persistent government practices to achieve net-zero emission targets of various countries all over the world have catered to the demand to adopt the Evs. Many consumers are now choosing electric vehicles over conventional gasoline-powered vehicles because of their decrease emissions, reduced running expenses, and overall sustainability. Additionally, improvements in battery technology have made electric vehicles more realistic and reliable for ordinary use.
• On the basis of type, the market is categorized into organic, metallic, and ceramic. Among these, the ceramic segment held a significant share of the market in 2022. This is mainly due to the increasing demand for vehicles from all over the world due to the rising disposable income, and the need for daily commuting purposes. Ceramic materials have unique properties such as high strength, hardness, chemical resistance, and thermal stability. One of the major demands of electric vehicles comes from the ride-sharing industry thus propelling the automotive segment in the electric vehicle brake pads market. For instance, For instance, in February 2023, Uber Technologies Inc, a ride-sharing company having a presence worldwide signed a Memorandum of Understanding (MoU) with Tata Motors to bring 25,000 electric vehicles (EVs) onto the Uber platform in India.
• On the basis of propulsion type, the market is categorized into battery-electric vehicles, hybrid-electric vehicles, and plug-in hybrid electric vehicles. Among these, the battery-electric vehicle segment held a significant share of the market in 2022. This is mainly due to the increasing demand for battery-electric vehicles from all over the world due to the rising disposable income, and need for daily commuting purposes. A battery electric vehicle, or BEV, is a type of vehicle that runs solely on electric power. BEVs use only an electric motor powered by rechargeable batteries, these batteries are usually made of lithium-ion cells and can be charged by plugging the vehicle into an electric power source. For instance, in February 2023, Toyota Is finally accelerating BEV development specifically, next-generation BEVs for the Lexus brand by 2026, and in January 2023, Maruti announced to launch of six battery electric vehicles in India by 2030.
• On the basis of sales channel, the market is categorized into OEM and aftermarket. Among them, the OEM become the focal point of the electric vehicle brake pads market and led the market in 2022, and is expected to register the highest growth rate in the forecast period. This is mainly due to the continuous demand coming from electric vehicles OEMs. Moreover, the OEMs are well known for their innovation and quality, as they heavily invest in research & development and the material used by them is top-class. Additionally, most of the OEMs are working on economies of scale that allow them to produce at a lower cost and they have a wide range of distribution channels where their products have been offered at low-cost.
• For a better understanding of the market adoption of the gaskets and seals industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Mexico, Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), Rest of World. The Asia Pacific region is projected to be the highest CAGR in the forecast period as the region has the highest number of automotive manufacturers and production units that caters to the demand for electric vehicle brake pads. The major factors attributed to the market's growth are the increasing urbanization population in the region as India and China cover almost 36% of the world population. With the paradigm shift of population growth in the cities in the region looking for better work opportunities and living standards, the demand for personal mobility has increased in the past few years, and customers are adopting the EVs due to rebates offered by the governments and lower maintenance cost of EVs contributing to the growth of electric vehicle brake pads. For instance, according to the International Energy Agency (IEA), More vehicles were sold in China in 2021 (3.3 million) than in the entire world in 2020.
• Some of the major players operating in the market include ZF Friedrichshafen AG (TRW Aftermarket), NRS Brakes, Shandong Zibo Yihaojia Auto Parts Co. Ltd, ATE Brakes, Akebono, BorgWarner, Bendix, Aisin, Brembo S.p.A, Robert Bosch GmbH.