Press release
Electric Parking Brake Market To Witness Increased Revenue Growth Owing To Rapid Increase In Demand : Fact.MR
A newly published report by Fact.MR establishes that the global market for electric parking brakes is expected to surpass a CAGR of 12% until 2031, clocking a valuation of US$ 4 Bn. Increasing tilt towards hydraulic based vehicular assemblies is majorly driving demand for the market in forthcoming years.Historically, from 2016 to 2020, electric parking brake sales expanded at over 10% CAGR, reaching a valuation of US$ 1.3 Bn. Prospects somewhat dipped amidst the COVID-19 pandemic, as mandatory shutdowns hindered automotive industry manufacturing processes in the first half of 2020. As relaxations were granted, factory premises resumed operations, restoring said projections.
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Key Segments Covered
Type
Electric-Hydraulic Caliper System Parking Brake
Cable-Pull System Electric Parking Brake
Component
Electronic Control Unit
Electric Parking Brake Actuator
Electric Parking Brake Switch
Vehicle Type
Electric Parking Brake for Passenger Cars
Electric Parking Brake for Light Commercial Vehicles
Electric Parking Brake for Heavy Commercial Vehicles
Sales Channel
Electric Parking Brake Sales for OEM
Electric Parking Brake for Aftermarket
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Key Takeaways from the Market Study
Global market for electric parking brakes to expand over 3x until 2031
Electric hydraulic caliper systems to dominate the market, capturing 35% of global revenue
By vehicle type, light commercial vehicles segment to expand at a CAGR of 8%
By sales channel, OEMs to emerge as the primary sellers, capturing nearly half of global revenue
Sales across the U.S to register a staggering 10% CAGR across the forecast period
Asia to emerge as the most opportunistic market, yielding 60% of total market revenue
India, China and Japan to emerge as opportunistic investment hubs for manufacturers
"As safety, comfort, and efficiency become more important, consumers are choosing to have high-quality tools installed in their vehicles. In the future, cable pulled systems and hydraulic-electric caliper systems could reduce automobile costs, weight, and size. This will be the decisive factor in propelling the market for electric parking brakes in the upcoming decade." says a Fact.MR analyst.
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Competitive Landscape
Fact.MR has profiled some of the key players in the global electric parking brake market such as Aisin Seiki Co., Ltd., Continental AG, DURA Automotive Systems, TBK Co., Ltd., Hyundai Mobis Co., Ltd., Küster Holding GmbH, Mando-Hella Electronics Corp., Svenska Kullagerfabriken AB, ZF Friedrichshafen AG and Wuhu Bethel Automotive Safety Systems Co., Ltd.
The top market players in the electric parking brake market are focusing on product development and innovation. Electric parking brake manufacturers are focusing on developing technologically advanced and innovative solutions which can meet the changing customer requirements.
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