Electric Parking Brake Market Analysis, Trends, Opportunity, Market Size and Segment Forecasts 2020-2027 - Allied Market Research

Electric Parking Brake Market Outlook - 2027

Automakers are constantly striving to make driving easier and more comfortable. As such, the adoption of electronic parking brake is increasing in vehicles. Electric parking brakes are used to hold the vehicle immobilized on roads. Moreover, electric brakes, which function on a button, is an alternative to conventional handbrake lever. When the button of electric parking brake is pressed or pulled, the motors press the pads onto the rear brakes. Additionally, the electric parking brake is accomplished of electronic control unit and actuator mechanism for its operation. Besides, free up the space for storage in center console and are more reliable than conventional handbrakes.

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COVID-19 scenario analysis:

Owing to economic uncertainties, the expansion of companies would freeze and investments would reduce. Further, with stoppage in revenue generation, the R&D activities of electric parking brake would face a major challenge.
Besides, the recession caused due to the novel coronavirus pandemic would affect the sales of high-end vehicles.
Moreover, the automakers are focusing to manufacture cheaper cars to survive during the pandemic. For instance, Nissan is manufacturing cheap e-cars.
Electric parking brakes being widely used in high-end vehicles, the demand for it would witness a negative progression.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

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Increasing preference of electric parking brakes over conventional parking brakes to increase the space for storage is driving the market growth. Additionally, consumers concern towards road safety is fueling the electric parking brake market. Besides, adoption of electric parking brakes offers weight reduction and saves fuel, which, in turn, increase its demand. Moreover, factors like lesser force required for its operation and high reliability associated with electric parking brake in fostering the market. However, higher cost of the system acts as a factor restraining market growth. Moreover, rising demand for luxury and premium class vehicle is proliferating the market growth.

The Electric Parking Brakemarkettrends are as follows:

Innovation to drive the market.

innovation allows organizations to stay relevant in the competitive market and also plays an important role in growth of the organization. Manufacturers of electric parking brake are constantly focusing on innovation. Moreover, the manufactures are trying to eliminate the major restraining factor of electric parking brake which its inability to equip in small cars due to its cost. In 2020, the ZF Friedrichshafen has launched industry first front electric park brake which can be equipped in smaller vehicle. In addition to the classic park brake function, the company has also launched auto-hold function and stop-and-go function which is useful in traffic.

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Substandard electric parking brake to restrain market.

The failure of electric parking brakes has been highlighted a couple of times. With increasing number of cases of quality issues from renowned auto manufacturers, the doubt is created in minds of consumer while buying. Moreover, the cases of recalling of vehicles with issues hampers the market adversely. For instance, in 2016, Honda had recalled approximately 350,000 cars for electric parking brake issues. Besides, in 2017, Tesla had recalled 53,000 cars to fix the electric parking brake issues. Tesla claims that third-party suppliers could have manufactured improperly.

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