Global Electric Parking Brake Market Is Predicted To Grow At Approximately 7% CAGR By 2027

Pune, India, Dec 14, 2018 /MRFR Press Release/- Market research future published a half-cooked research report on global electric parking brake market. The electric parking brake market is expected to grow over the CAGR of around 7% during the period 2018 to 2023.

Market Highlights

The electric parking brake holds the vehicle on the ground road or hill road and used in emergency stops. Electric parking brake has less number of components which frees up the space in the interior cabin and actuates with the help of button. Electric parking brake can be installed in any vehicle of any size and power capacity. Increase in demand for safety, comfort, convenience and stability in the vehicles increases demand for electric parking brake market. The main advantage of using electric parking brake is it has electronic control unit which can be integrated with the other vehicle system to enable advanced functions. The electronic parking brake does not use mechanically components such as brake lever and rope which reduces the interior cabin space which increases the demand for the market. The electronic parking brake is light in weight, compact in size which lead to enhanced fuel economy and reduced CO2 emissions. The vehicle OEMs are developing different innovative technologies to improve the performance of the brake system, reduce cost, weight and size. Moreover, the growth of the market is challenged by the high cost of the electric parking brake and lack of skilled technicians for the electronic system in vehicle.

On the basis of region, the market is segmented based on North America, Asia-Pacific, Europe, and Rest of the World. North America is expected to dominate the market during the forecast period. The electric parking brake require technology assistance, significant initial investments, which becomes the entry barrier for the small companies in the market. The availability of automated technologies related to electric parking brake system in region such as North America, Europe, and Asia-Pacific region has propelled the demand in the electric parking brake market. On the other hand, the lack of major market players and advanced technologies related to electric parking brake has resulted in alienating certain geographies, specifically in the middle east and African region. Europe is expected to be the second largest market to grow during the forecast period due to immense demand of commercial vehicles in U.S. With the increase in demand of commercial vehicles there has been an increase in demand for electric parking brake market. Existence of few luxury brands such as BMW, Audi, and Mercedes-Benz in Europe and the continuous demand for advanced automotive technologies increases the demand for the market in the Europe. The advancement in the technologies such as advanced driver assistance system will hence result in the growth of the market during the forecast period. The increase in demand for advanced safety system and safety electronics increases the demand for the electric parking brake market.

Drivers:

Global Electric Parking Brake Market Size, 2018-2023(CAGR)

Scope of the Report

The key players in electric parking brake market are Aisin Seiki Co., Ltd. (Japan), Continental AG (Germany), DURA Automotive Systems (US), TBK Co., Ltd. (Tokyo), Hyundai Mobis Co., Ltd. (South Korea), Küster Holding GmbH (Germany), and Mando-Hella Electronics Corp. (South Korea), Svenska Kullagerfabriken AB (Sweden), ZF Friedrichshafen AG (Germany), Wuhu Bethel Automotive Safety Systems Co., Ltd (China), Zhejiang Wanchao Electric Appliance Co., Ltd. (China) are among others.