Press release
Global Electric Parking Brake Market Is Likely to Experience a Tremendous Growth by 2028
The global electric parking brake market is expected to grow at a CAGR of 5.5% during the forecast period (2022-2028). Automobile manufacturers are constantly working to improve the ease and comfort of driving. As a result, electronic parking brakes are becoming more common in automobiles. Electric parking brakes are used to keep the vehicle immobilized. Furthermore, electric brakes, which operate through a button, are a viable alternative to the traditional handbrake lever. The motors press the pads onto the rear brakes when the electric parking brake button is pressed or pulled. In addition, the electric parking brake is operated by an electronic control unit and an actuator mechanism.Additionally, they free up space in the center console for storage and are more reliable than traditional handbrakes. The market is growing owing to an increasing preference for electric parking brakes over conventional parking brakes in order to save space for storage. The electric parking brake market is being fuelled by rising awareness about road safety. The use of electric parking brakes reduces weight and saves fuel. Factors such as the lower force required for operation and the high reliability associated with electric parking brakes have led the growth of the market. However, the high cost of the system acts as a restraining factor for the market growth. The rising demand for luxury and premium vehicles is fuelling the market growth.
Innovation allows businesses to stay relevant in a competitive market while also contributing to the company's growth. Electric parking brake manufacturers are always looking for new ways to improve their products. For instance, ZF Friedrichshafen declared that it will introduce the industry's first front electric park brake in 2020, which can be installed in smaller vehicles. In addition to the traditional park brake function, the company has introduced auto-hold and stop-and-go functions, both of which are useful in traffic. The market is hampered by cases of vehicle recalls due to defects. For example, Honda recalled approximately 350,000 vehicles in 2016 due to issues with the electric parking brake. Furthermore, Tesla recalled 53,000 vehicles in 2017 to address issues with the electric parking brake. Tesla claims that third-party suppliers may have made mistakes in the manufacturing process.
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Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Component
o By Type
o By Vehicle Type
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Aisin Seiki Co. Ltd., Robert Bosch GmbH, and HELLA GmbH & Co. KGaA, among others.
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Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?
A full report of Global Electric Parking Brake Market is available at:
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Global Electric Parking Brake Market Report by Segment
By Component
• Caliper Integrated System
• Brake System
• Electronic Control Unit
• Sensors
• Actuators
By Type
• Electric-Hydraulic Caliper System
• Full Electric Drive-by-Wire Systems
By Vehicle Type
• Passenger Vehicle
• Commercial Vehicles
Company name: Orion Market Reports
Contact person: Mr. Anurag Tiwari
Email: info@orionmarketreports.com
Contact no: +91 780-304-0404
About us:
Orion Market Reports (OMR) endeavors to provide exclusive blend of qualitative and quantitative market research reports to clients across the globe. Our organization helps both multinational and domestic enterprises to bolster their business by providing in-depth market insights and most reliable future market trends. Our reports address all the major aspects of the markets providing insights and market outlook to global clients.
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