DUBLIN–(BUSINESS WIRE)–The “India Brakepad Market, By Vehicle Type (Starter Battery, EV Battery), By Vehicle Type (Passenger Car, Two-Wheeler, LCV, MHCV), By Demand Category (OEM vs Replacement), By Material Type, By Region , Forecast & Competition, Opportunities, 2017- 2027F” report has been added to ResearchAndMarkets.com’s offering.
The Indian Brakepad Market was valued at USD4937.11 million in 2021 and is projected to register at a CAGR of 7.49% to reach USD7386.07 million by 2027.
Increased production and sales of automobiles and the surge in popularity of electric and hybrid vehicles are the primary factors driving the demand of the Indian Brakepad Market. Also, ongoing technological advancements and supportive government policies promoting the growth of the automotive industry are expected to bolster the Indian Brakepad Market growth through the forecast period.
The government is promoting the use of electric vehicles for daily commuting to reduce the effect of greenhouse gases on the environment. The launch of initiatives like the National Electric Mobility Mission Plan (NEMMP) is increasing the adoption of electric and hybrid vehicles among consumers under FAME I and II.
Leading authorities have allocated massive funds to develop supportive charging infrastructure, which is expected to proliferate the demand for electric vehicles across the country. The growing sales of electric vehicles are expected to boost the demand for brakepad as they are essential to ensure the proper running of automobiles.
Market players are investing in research and development activities to find innovative solutions and upgrade the existing infrastructure. They are installing different sensors and are making efforts to lessen the stopping distance of automobiles. Also, the advent of friction-free materials is expected to create lucrative growth opportunities for the Indian Brakepad Market in the forecast period.
The Indian Brakepad Market is segmented into vehicle type, demand category, material type, regional distribution, and competitive landscape. On the basis of vehicle type, the market is divided into passenger cars, two-wheelers, light commercial vehicle (LCV), and medium and heavy commercial vehicles (M&HCV). Passenger cars dominated the market in 2021 by capturing 65.5% market share and are anticipated to maintain their dominance throughout the forecast period, 2023-2027.
The rise in youth population and increased per capita income of consumers coupled with changing preference for private vehicle ownership are boosting are the demand for passenger vehicles in the country. With high sales of passenger cars and increasing vehicle production in the country, the Indian Brakepad Market is expected to grow at a significant rate in the forecast period.
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as brakepad manufacturing companies, end-users etc., besides allowing them in strategizing investments and capitalizing on the market opportunities.
Competitive Landscape
Major players operating in the Indian Brakepad Market
Report Scope:
Years considered for this report:
India Brakepad Market, By Vehicle Type:
India Brakepad Market, By Demand Category:
India Brakepad Market, By Material Type:
India Brakepad Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/y0z697
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