Brake pads are the components of brake disc which are used in automotive and other applications. The growth of the brake pads market is attributed to increasing demand for safe and comfortable rides coupled with the highly efficient brake system and low noise. Moreover, the increase in the incorporation of advanced technologies such as 3D printing technology helps in making brake parts that are lightweight and can tolerate high temperature. Thus, strongly contributes to the growth of the market. Further, the rise in sales of lightweight vehicles with high-end friction materials will propel the growth of the Saudi Arabia Brake Pad Market.
Key questions answered in the study:
According to MarkNtel Advisors’ research report “Saudi Arabia Brake Pad Market Analysis, 2021”, the market is anticipated to grow at a considerable CAGR during 2021-26. On the basis of material type, the Non-Asbestos Organic material segment is the fastest-growing segment as it contains a high amount of reinforcement fibres which helps in increasing the strength of the brake pads. The innovations in organic brake pad materials are anticipated to propel the growth of the market.
“Saudi Arabia Brake pad Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for brake pad providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
OEM sales channel expected to grow at substantial rate through 2026
On the basis of the sales channel, OEM segment is expected to grow steadily in the forecast period. The introduction of future plans by the government to develop domestic automotive industry is encouraging market players to establish their production unit in the country. Under the Vision 2030 plan, the government is seeking to localize majority of its production of imported vehicles by 2030. Thereby, contributing lucrative opportunity for the growth of OEM segment as stated in MarkNtel Advisors’ research report “Saudi Arabia Brake pad Market Analysis, 2021”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Saudi Arabia Brake pad market are FBK Manufacturing Malaysia Sdn Bhd, Alfred Teves Brake Systems (Pty) Ltd (Continental AG), Robert Bosch (Pty) Ltd, AC Delco, MAT Holdings, Inc. (Bendix), Tenneco Inc (Ferodo), Sangsin Brake Co., Ltd. (HI-Q), TRW Ltd Aftermarket (Road House), KBX Brakes Asimco Global Inc., etc.