BURNABY, Canada, April 17, 2015 /PRNewswire/ --
Growing automobile production and sales coupled with expanding vehicle fleet to drive India automotive brake pads, shoes, and linings market through 2020
According to a recently released TechSci Research report, "India Brake Pads, Shoes,& Linings Market Forecast & Opportunities, 2020", the automotive brake pads, shoes, and linings market in India is projected to exhibit a CAGR of over 11% over the next five years. Indian automotive sector contributes around 7% to the country's GDP. The country's automotive brake pads, shoes, and linings market is broadly classified into five segments - passenger cars, two-wheelers, commercial vehicles, three-wheelers and OTR vehicles. Key factors driving the market include large two-wheeler and passenger car fleet along with rising automobile production and sales in the country.
Two-wheeler automotive brake pads & shoes segment is anticipated to maintain its dominance in the overall automotive brake friction market in India over the forecast period. The country's brake pads, shoes, and linings market is highly fragmented with a number of players, both organized and unorganized, operating in the market. The market is dominated by a large number of small firms in the unorganized sector. Region-wise, the northern and western regions of India are the largest contributors in the market, and collectively accounted for more than 55% volume share in the country's brake pads, shoes, and linings market in 2014.
"Increasing rate of urbanization and rising disposable income are contributing significantly towards growth of Indian automotive industry. Over the last couple of years, the automotive industry in India has witnessed considerable increase in demand for passenger cars, two-wheelers and commercial vehicles, resulting in high volume sales of brake pads, shoes, and linings. This growth is expected to be supported by the large vehicle fleet in the country," said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Automotive Brake Pads, Shoes & Linings Market Forecast & Opportunities, 2020" has evaluated the future growth potential of India's automotive brake pads, shoes, and linings market, and provides statistics and information on market structure, industry behavior and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. The report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the automotive brake pads, shoes, and linings market in India.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research