The growing number of government support to adopt electric vehicles due to reducing the carbon from the environment has fueled the demand for electric vehicles. Countries such as China, and India have introduced various subsidies on electric vehicles so consumers can purchase these vehicles at lower prices. For instance, the favorable government policies in China to adopt electric vehicles such as the extended NEV subsidy scheme to the end of 2022 (from a previous 2020 expiry date), although it has started reducing base subsidy amounts by 10%, 20%, and 30% each year (between 2020 and 2022). It further extended a purchase tax exemption for NEVs through the end of 2023. According to UnivDatos Market Insights Analysis, the burgeoning adoption of electric vehicles massively transform the global scenario of the “Electric Vehicle Brake Pads Market” report, the global market was valued at USD 170.94 million in 2022, growing at a CAGR of 21.5% during the forecast period from 2023 - 2030 to reach USD 811.84 million by 2030.

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Moreover, the demand for Automotive lithium-ion (Li-ion) battery demand increased by about 65% to 550 GWh in 2022, from about 330 GWh in 2021, primarily as a result of growth in electric passenger car sales, with new registrations increasing by 55% in 2022 relative to 2021.

Additionally, major automotive manufacturers are lined up to launch the latest models of electric vehicles to lead the position in the market which caters to the demand for electric vehicle brake pads in coming years. For instance, in April 2023, Maruti Suzuki India Ltd. (MSIL) revealed that it is all set to launch a brand-new 7-seat hybrid SUV in the Indian market in the next two months. It has also been confirmed that the premium SUV will make use of Toyota's strong-hybrid system

 A growing number of advancements in technology such as 3D printing or additive manufacturing, help in forming the complex design or structure of electric vehicle brake pads. This technology allows the manufacturers to reduce the overall cost and time.

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Moreover, the increasing government supports across the globe has also fueled the demand for the products in the market. Governments such as USA, China, and India are promoting the adoption of autonomous vehicles that consist of small components that have to cater to the demand in the coming years. For instance, the Chinese government launched an initiative “Made in China 2025” plan that aims to make China a leader in developing and producing advanced technologies for electric and autonomous vehicles., to lower traffic congestion, and reduce carbon emissions from the environment.

Therefore, the increase in government support to adopt electric vehicles and the latest technology such as 3D printing or additive manufacturing have fueled the demand for the electric vehicle brake pads market.

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The electric vehicle brake pads industry has witnessed rapid expansion over the last few years, with big players inventing the latest technology to increase the overall growth of electric vehicle brake pads globally. Further, investments in the electric vehicles industry have also increased over the past few years and so are the adoption rate of vehicles have been increased. North America and Asia-Pacific are the home of several providers of electric vehicles with the highest adoption rate followed by countries including the UAE, Singapore, and other Middle East countries that have witnessed increased adoption of electric vehicles over the past few years, but at a slow pace, however, the demand for gaskets and seals is expected to increase in the forecast period, owing to increase in technological advancements, the adoption of electric vehicles. Contact UnviDatos Market Insights, a rapidly growing dynamic market research firm led by a core of dedicated professionals for further information.

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