According to MarkNtel Advisors’ research report, the Saudi Arabia Brake Pad Market is anticipated to grow at around 7% CAGR during the forecast period, i.e., 2021-26. Saudi Arabia is one of the largest automotive sales markets in the Middle East region. The burgeoning import of passenger cars, commercial vehicles, and light trucks, coupled with surging customer inclination toward luxury cars and growing demand for technologically advanced brake pads for safety, control, better performance, are the prime factors expected to drive the market in the forecast period.
Besides, safety standards & technical regulations for automobiles introduced by the government for a mandatory anti-lock braking system in vehicles are other crucial aspects expected to place a lucrative growth opportunity for the market in the forecast period, further states the research report, "Saudi Arabia Brake Pad Market Analysis, 2021."
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Key Companies Profiled||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|
|Unit Denominations||USD Million/Billion|
Aftermarket Dominated the Market
Based on Sales Channel, the Saudi Arabia Brake Pad Market bifurcates into OEM and Aftermarket. Of both, Aftermarket dominated the market in the previous few years as Saudi Arabia is an import-driven automotive market where around 40% of vehicles get imported from Japan, South Korea, and the US. Besides, the easy availability of low-cost brake pads with equivalent safety & quality features than that of OEM brake pads further inclines customers toward purchasing brake pads from the aftermarket industry.
Moreover, substantial growth in the fleet size of passenger & commercial vehicles across the country is another crucial aspect expected to fuel the Aftermarket segment during 2021-26, reveals MarkNtel Advisors in their research report, “Saudi Arabia Brake Pad Market Analysis, 2021.”