India Brake Pad Market to Grow at a CAGR of 8.9% through 2028
Published | 22 June 2022
India Brake Pad Market is flourishing owing to the rising motorization rate in the country along with the increasing demand for safety at high-speed and the requirement for effective braking systems…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India Brake Pad Market was worth USD 4.75 billion in the year 2021. The market is projected to grow at a CAGR of 8.9%, earning revenues of around USD 8.54 billion by the end of 2028. The India Brake Pad Market is booming because of the expanding Indian automotive industry. Moreover, the market for automobile brake pads is predicted to grow as vehicle sales rise as well as improved and increasing availability of lightweight friction materials. Ceramics and other advanced materials improve brake pad efficiency over a wide temperature range. Low noise characteristics and a constant coefficient of friction also help to improve vehicle performance. Furthermore, India Brake Pad Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, brake pads are expensive and need to replace after a certain period. This is because driving with worn brake pads can cause serious damage to the vehicle. Also, rising prices for raw materials like copper and strict government regulations such as the control of toxic substances, in turn, may act as a huge restraining factor for the market growth.
Increasing Motorization Rate is driving the India Brake Pad Market
The existence of manufacturers and a high-rate of motorization surge the demand for brake pads. Due to the presence of brake pad producers, imports of brake components, parts, and vehicle production as well as sales, are increasing. Also, the rising population, expansion of road networks, and urbanization influence the rapid growth of motor vehicles in India. Moreover, the increase in the country's youth population and per capita income, as well as a shift in consumer preference for private car ownership, are driving higher demand for passenger automobiles. Furthermore, the increasing adoption of electric vehicles surges the demand for brake pads. Additionally, government measures such as technological advancements to build lighter, more ecologically friendly braking systems, and shorter braking distances are propelling market expansion. Therefore, brake pad manufacturers are focusing on the further development of disc brakes to meet the new regulations on braking distance. As a result, the India Brake Pad Market is predicted to develop at a significant rate during the forecast period (2022-2028).
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A major driving force is the regular introduction of new passenger vehicle models, medium and heavy commercial vehicles as well as different offers made by vehicle manufacturers to increase sales. Because of the expanding logistics and construction industries, heavy commercial vehicles (HCVs) are expected to expand significantly. HCVs transport big loads and, to meet the increased demand for safety at high-speed, require effective braking systems. Heavy vehicle demand is expected to rise as a result of recent expansions of public and private transportation projects in various regions. In addition, to improve braking effectiveness, OEMs are adding novel and modern brake pads into their automobiles. Moreover, eco-friendly brake pad materials with organic fibers and semi-metallic components are among the goods offered by industry participants. Manufacturers are improving product performance by increasing friction and reducing noise. This results in offering lucrative opportunities for the India Brake Pad Market during the forecast period (2022-2028).
Regenerative braking lowers the rate of wear and replacement. As a result, hybrid vehicles often only require one brake pad change and do not require the replacement of a fully electric (EV) vehicle. Brake pads and discs must be replaced for a variety of reasons. All brake rotors and pads oxidize as well as corrode, leaving a film of rust on the surface. If the car is not utilized for a lengthy period, this can result in poor performance and stiffening of the parking brake. The rotor and brake pads are cleaned every time you engage the brakes while driving to remove corrosion on the surface. Regenerative braking, on the other hand, can make worse corrosion issues in hybrid and electric vehicles. This is in turn is challenging for the market growth. However, developers of brake pads and discs are working on parts that are non-corrosive and easy to clean.
The India Brake Pad Market is divided into Front and Front & Rear. The front segment holds the largest market share in the India Brake Pad Market. This is because as its installation enables optimal braking distance, the segment is expected to see significant growth. Front brake pads provide precise braking distance in two vehicles. The front brake system provides around 70% of the braking power to control vehicle movement and works well across a wide temperature range. These brake pads have been developed to boost braking performance and give a big surface area to improve braking system friction. All these factors boost the growth of the India Brake Pad Market during the forecast period (2022-2028).
Impact of COVID-19 on India Brake Pad Market The COVID-19 pandemic-induced lockdown and economic crisis have affected several electronic component manufacturers. Many suppliers experienced substantial resource constraints in their material supply and logistics chains throughout the year, which had a notable negative impact on their operations. Furthermore, Indian brake pad orders have been severely impacted by disrupted supply chains. However, the market, on the other hand, is improving and is likely to return to normal as the government's assistance grows. During the projection period (2022-2028), the fastest recovery rates in some regions and increased passenger cars, as well as electric vehicle sales, are likely to drive the growth of the India Brake Pad Market.
The leading market players in the India Brake Pad Market are Brakes India Private Limited, Rane Holdings Limited, Endurance Technologies Limited, ASK Automotive Pvt. Ltd., Brembo Brake India Pvt. Ltd., Makino Auto Industries Pvt. Ltd., Masu Brake Pads Pvt.Ltd, Allied Nippon Ltd, Sagestics India Brakes Private Limited, Ceratech Friction Composites, and other prominent players. The India Brake Pad Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India Brake Pad Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Brake Pad Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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