India Brake Pads, Shoes and Linings Market to surpass $ 3 Billion by FY2023
Increasing automobile fleet,
changing government norms towards vehicle safety standard in terms of braking
system policies, to drive India brake pads, shoes and linings market through FY2023
According
to TechSci Research report, “India
Brake Pads, Shoes and Linings Market , By Vehicle Type, By Demand Category,
By Brake Type, Competition Forecast and Opportunities, FY2013- FY2023”, the
market for automotive brake pads, shoes and linings in India is projected to
cross $ 3 billion by FY2023 on account of rising vehicle sales and expanding vehicle
fleet in the country. In
addition, new vehicle safety rules and regulations regarding braking system
with advanced ABS/CBS braking functionalities, is further boosting demand for
advanced braking systems, thereby positively influencing the overall brake
pads, shoes and linings market across the country.
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"India Brake Pads, Shoes and Linings
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Among brake types, brake shoes dominated India brake pads, shoes and
linings market with more than two-thirds of the market share, followed by the brake
pads segment, in FY2017. India
has a huge number of two-wheelers plying on the road of the country, and most
of the two-wheelers have drum brakes rather than disk brakes. The brake pads, shoes and linings
market is largely concentrated in the West region of the country owing to the growing
automobile sales in the region. Rising presence of various companies such as ASK
Automotive Pvt. Ltd, Rane Holdings Limited, Brakes India Private Limited, Bosch
Limited, Makino Auto Industries Pvt. Ltd., etc. in India brake pads, shoes and linings market,
and their increasing focus on both domestic and international automobile markets
is anticipated to intensify the market competition in the coming years.
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“With easy availability of labor at comparatively
low cost, better climatic conditions for manufacturing automotive components, and
flexible export policies, the demand for brake pads, shoes and linings is
expected to grow at a robust pace in India over the course of next five years. Moreover,
improvement in vehicle safety standards and rising demand for vehicles in
tier-3 and tier-4 cities is further expected to stimulate growth in the country’s
brake pads, shoes and linings market until FY2023.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“India
Brake Pads, Shoes and Linings Market, By Vehicle Type, By Demand Category,
By Brake Type, Competition Forecast and Opportunities, FY2013- FY2023” has analyzed the potential
of brake pads, shoes and linings market across India, and provides statistics
and information on market sizes, shares and trends. The report will suffice in
providing the intending clients with cutting-edge market intelligence and help
them in taking sound investment decisions. Besides, the report also identifies
and analyzes emerging trends along with essential drivers and key challenges
faced by India brake pads, shoes and linings market .About TechSci Research
TechSci Research is a leading global
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