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."
Market Segmentation
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.”
Competitive Landscape
According to MarkNtel Advisors, the key players with a considerable share in the Saudi Arabia Brake Pad market include 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 Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What are historical, base, and forecast years considered in the Saudi Arabia Brake Pad Market research report?
The historical data has been provided since 2016, while the base year is 2020, and the data forecast is up to 2026.
Q. What are the units or denominations of market value and volume in the report?
The measuring units of market size/industry size or the market value are USD Million and Units Sold.
Q. What would be the growth rate or CAGR of Saudi Arabia Brake Pad Market during 2021-26?
The Saudi Arabia Brake Pad Market is anticipated to grow at a considerable rate during 2021-26.
Q. Who are the key competitors or players operating in Saudi Arabia Brake Pad Market?
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., are few of the leading players in the Saudi Arabia Brake Pad Market.
Q. Which vehicle type would emerge as an opportunity area for players in Saudi Arabia Brake Pad Market?
Light Commercial Vehicles are expected to attain the highest CAGR and maintain their significant market share during the forecast period.
Q. Which sales channel would emerge as an opportunity area for players in Saudi Arabia Brake Pad Market?
The Aftermarket segment continues to grow at the highest CAGR, thereby presenting immense opportunities for the market players of the Saudi Arabia Brake Pad Market.
