India Brakepad Market to Grow at 7.49% CAGR by 2027
Increasing sales of two wheelers and passenger cars and
growing parch size of vehicle to drive the India brakepad market through 2027.
According
to TechSci Research report, “India Brakepad Market Segmented By Vehicle Type (Passenger Car, Two-Wheeler, LCV,
MHCV), By Demand Category (OEM, Replacement), By Region (West, South, North
& East) Competition, Forecast & Opportunities, 2027”, India brakepad market is anticipated to reach USD7386.07 million
at a CAGR of 7.49% by 2027 because of rapidly expanding vehicle
fleet size which is promoting the aftermarket demand for brakepads in India. The
rise in per capita income has resulted in an escalate in purchasing power, also
increase in the population's quality of living. This results in the advancement
of vehicle sales as well as expansion of fleet size, leading to increase in the
replacement demand for brakepads in India. Furthermore, government proposing
new norms towards vehicle safety standards regarding braking system are further
boosting the demand for brakepads as compared to shoes and linings in India. When
vehicles are driven, lining present in conventional brake system, wears down
more speedily as compared to brakepads. A better
alternative of shoe and lining unit is the brake pad assembly unit which
provides better braking assistance using sensor. The assistance is provided in
accordance with the ADAS that signals a control computer when to aid the instant
braking and makes the driver safer.s The wear sensors attached to the brakepads
transmit signals to the ECU when the brakepads needed to be change which can
reduce the damage to the rotor and increase the rotors life cycle. The improved technology is extremely light in nature, reducing the
overall weight of the vehicle and improving the fuel efficiency of the
automobile up to 30% as compared to the traditional shoe and lining braking.
Due to the factor that the brake pad asssembly has fewer moving parts compared
to the regular braking system, the brake pads have less wear and tear issues,
as a result less maintenance is required which lowers down the service cost of
the brake assembly. The installation of antilock braking system depends upon
the brake pad assembly unit saves money on major ownership costs such as fuel
and maintenance and it also makes the driving safe to the vehicle owner. Owing
to these factors, automobile manufacturers in India are expected to increase
the number of installations of brake pad assembly in their manufactured
automobiles at a rapid rate in the forthcoming years. An increasing number of
new models of cars like SUV & sedans are being launched due to high
interest and choice among the India citizens which leads to increase in demand
of brakepads in OEM as well as in replacement. Consequently, many passenger car
manufacturers are asserting the launch of new models with advanced and enhanced
safety features as per the government rules and regulations. The demand for two
wheelers will remain high in the upcoming years, which is anticipated to expedite
boost the demand for brakepads in India through 2027. However, during the COVID-19
outbreak, which led in economic crisis in 2020, due to no production & sales in the 2020 the country's automotive sales collapsed
considerably. But after the long and hugely
negative effect of COVID-19 lockdown, the brakepad market has again gained some
pace in India. Following a compelling reduction in production and sales in
recent months, vehicle production has resumed, with sales also arising up, which
concludes in surging demand for brakepads in the OEM category as well as
aftermarket demand.
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Brakepad Market"
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India brakepad market can be segmented based on market
size & forecast, by vehicle type, by demand category, by region and by
company. On the basis of vehicle type, two-wheelers brakepads are leading the India
brakepad market with more than half of the total market followed by passenger
cars, LCV, M&HCV. On the basis of demand category, replacement brakepads
dominate the overall India brakepad market with more than 84.00% of total
market share. And because of expanding fleet size of the vehicle, it is forecasted
that the trend is continuing to be the same in upcoming years also. In forecast
period also it is expected that two-wheelers brakepads will be consumed more
than any other, but two-wheeler brakepads will increase at higher rate at CAGR
of 8.15% in comparison to other vehicle types. This is mainly due to immense
consumption in two-wheelers and adoption of electric two wheelers and because
of increasing fleet of it is forecasted that it will influence the market in
future also.
Brakes India Ltd., ASK Automotive Pvt. Ltd., Matt Brakes, Endurance
Technologies Limited, Brembo Brake India Pvt. Ltd., Rane Holdings Limited, are
the key players developing advanced technologies and launching new products to
stay competitive in the market. Other competitive strategies include mergers
and acquisitions, new product developments also increase their marketing
activities and enriching product portfolio across the country to increase their
customer outreach.
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“Two-wheelers brakepads accounted for the largest share i.e., 84.00% in India
brakepad market and it is expected to dominate in the forecast period also. In
forecast period also it is expected that two-wheeler brakepads will dominate
because of rising sales of electric two wheelers and growing fleet size of two-wheelers
in India.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“India Brakepad Market By Market Size & Forecast
(By value & Volume),By Market Share & Forecast (By Vehicle Type
(Passenger Car, Two-Wheeler, LCV, MHCV )), By Demand Category (OEM vs
Replacement), By Region (West, South, North & East) Competition, Forecast
& Opportunities, 2027” has evaluated
the future growth potential of India brakepad market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the India brakepad market.
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