In the past decade, the global electric vehicle (EV) market has made a huge leap forward in terms of EV production and sales. The EV revolution is supported by various prominent factors such as rising concerns regarding the environment, advancement in technology, depleting non-renewable resources, government policies, and high standards of living associated with owning a costlier EV and awareness w.r.t. environment. The preference for EVs globally has thus created a conducive environment where original equipment manufacturers (OEMs) are continually investing in research and development to improve existing technologies such as lithium-ion batteries, light-weighting, and motors, for quicker adoption of EVs. However, the major hurdle which has been haunting OEMs since the inception of EVs is their short-range, i.e., the distance they can travel on a single charge. Customers find it difficult to embrace EVs, which are exponentially high in costs but offer less range and give rise to range anxiety, esp. when there is a poor charging infrastructure in various countries across the globe. The automotive industry is experiencing rising adoption of electric vehicles due to changing consumer preferences based on various factors, such as rising concerns with regard to driver safety, environmental concerns, and acute government regulations and policies. Major OEMs are constantly working on making electric vehicles more safe, affordable, and efficient. Over a period of time, the automotive industry is evolving with technological advancement in electric vehicle accessories such as battery systems, cooling systems, braking systems, and other components. The safety of EVs depends upon the braking system, which includes brake pads, brake disc, brake fluid, etc. The brake pad plays an important role in the braking system as the stability and safety of a vehicle depend on it. Brake pads enable the safety of a vehicle at different speed levels and in driving conditions. The brake pad for an electric vehicle is different from than brake pad used in conventional vehicles because of regenerative braking. EV brake pads face problems like corrosion, noise, and wear, and hence brake pad manufacturers need to develop quality brake pads to resolve such issues. An EV needs less maintenance than conventional vehicles. Brake pad material particles are responsible for increasing particle emission. With an increasing number of EVs, there is also an increasing need for eco-friendly brake pads.
Multiple stakeholders who are involved across the EV brake pads ecosystem impact the electric vehicle brake pads market through various trends within their core businesses. Supply chain analysis refers to a method of evaluating a network of organizations, entities, actions, knowledge, and services involved in delivering a product or service to end-users. The supply chain of EV brake pads consists of different stages, as illustrated in the preceding figure. Generally, brake pad manufacturers acquire raw materials from raw material suppliers. Then, they supply their product according to the needs and requirements of automotive manufacturers. Leading electric mobility countries use a range of policies such as fuel-efficiency requirements, combined with zero- and low-emission vehicle incentives, and economic instruments that help bridge the cost gap between electric and conventional vehicles. Moreover, these countries also promote the implementation of charging infrastructure. Policy support is gradually being expanded to improve the supply chain for battery technology and secure the material used for EV production. Automakers are speeding up their EV launch plans, partially to comply with ever-more stringent regulations in Europe and China. Some of these are expected to be postponed due to COVID-19, but more than 500 different EV versions will be available worldwide by 2022.
Electric Vehicle Brake Pads Market (by Sales Channel) | OEM :
New automobiles are equipped with brake pads that satisfy the automotive manufacturer's rigorous specifications for comfort, durability, and performance. These OEM brake pads might take up to 5 years to develop. Electric vehicle manufacturers or OEMs select their preferred type of stock or OEM brake pads on a variety of grounds, including loudness, dust, ability to stop and wear. Consequently, little noise and dirt, strong stopping power, and long pad life are the attributes mix of the factors stated above. As electric vehicles are literally built and produced by the OEMs from scratch while using these brake pads, buying an OE substitute is an easy approach to keep the automobile’s original driving and braking experience. The downside associated with OEM brake pads is the cost which is generally on the higher side.
Battery Electric Vehicle (BEV):
The battery-electric vehicle is a type of electric vehicle which uses chemical energy stored in rechargeable battery packs with no secondary source of propulsion. It uses electric motors and motor controllers instead of an internal combustion engine. It stores electricity onboard with high-capacity battery packs. The battery power is used to run the electric motor and all onboard electronics. BEVs are charged by electricity from an external source. Government incentives, tighter regulations for carbon dioxide emissions, growth of the charging infrastructure, and falling EV battery prices are some of the significant factors for the increasing demand for BEV. Moreover, in July 2018, Tesla announced to open its first facility in Shanghai outside the U.S.
Electric Vehicle Brake Pads Market by Vehicle Type:
Typically, drum brakes are installed in the rear or front wheels of smaller cars as they do not require high stopping force, but in the current scenario, OEMs are increasingly populating the idea of disc brakes on all four wheels of small passenger vehicles, which increases the demand for brake pads in electric vehicles. An individual wheel in an electric vehicle includes two brake pads and a rotor which are prone to wear and tear on applying friction to them while braking. For performance-based electric vehicles, there is a discrete set of other characteristics required for brake pads, which are higher stopping power, less wear and tear, and higher heat management as they run at racetracks. For the conventional passenger electric vehicles, moisture build-up and corrosion due to less application of brake pads cause OEMs to manufacture advanced galvanized brake pads that are less exposed to corrosion.
Key Questions Answered by This Report:
For a new company looking to enter the market, which areas could it focus upon to stay ahead in the competition?
How do the existing market players function to improve their market positioning?
Which are the promising companies that have obtained financial support to develop their products and markets?
How does the supply chain function in the electric vehicle brake pads market?
Which companies have been actively involved in innovation through patent applications, and which products have witnessed maximum patent applications during the period 2017-2021?
Which product segment is expected to witness the maximum demand growth in the electric vehicle brake pads market during 2021-2026?
Which players are catering to the demand for different types of brake pads?
How should the strategies adopted by market players vary for different product segments based on the size of companies involved in each segment?
What are the key offerings of the prominent companies in the market for electric vehicle brake pads?
What are the demand patterns of electric vehicle brake pads across the application areas in different regions and countries during the period 2021-2026?
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