According to a new study by MarkNtel Advisors, the Saudi Arabia Brake Pad Market is anticipated to grow at around 7% CAGR during the forecast period, i.e., 2021-26. The market growth primarily attributes to the increasing demand for safe & comfortable rides, coupled with the highly efficient brake system with low noise.
Moreover, the increasing adoption of advanced technologies like 3D printing helps make brake parts lightweight and resistant to high temperatures, which is another crucial aspect likely to contribute to the overall market growth.
Additionally, the burgeoning sales of lightweight vehicles with high-end friction materials across Saudi Arabia shall also propel the market growth in the forecast years, further states the research report, "Saudi Arabia Brake Pad Market Analysis, 2021.”
Non-Asbestos Organic Material to Attain the Fastest Growth in the Saudi Arabia Brake Pad Market During 2021-26
Based on Material Type, the Saudi Arabia Brake Pad Market bifurcates into Semi-Metallic, Non-Asbestos Organic (NAO), and Low-Metallic & Ceramic types. Of them all, the Non-Asbestos Organic material is expected to be the fastest-growing segment during 2021-26 as it contains a high amount of reinforcement fibers, which helps increase the strength of brake pads. Additionally, the innovations in organic brake pad materials are also likely to propel the overall market growth in the years to come.
“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 Saudi Arabia. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
OEM Sales Channel to Grow at Substantial Rate through 2026
Based on Sales Channel, the OEM segment is expected to grow steadily in the forecast period. The introduction of various plans by the government to develop the domestic automotive industry is encouraging market players to establish their production units in the country. Under the Vision 2030 plan, the government is seeking to localize the majority of its production of imported vehicles by 2030, thereby generating lucrative opportunities for the growth of the OEM segment, reveals MarkNtel Advisors in their research report, “Saudi Arabia Brake Pad Market Analysis, 2021.”
Key Market Competitors
According to MarkNtel Advisors, the key players with a considerable 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.
Key Questions Answered in the Study:
Market Segmentation: