Electric Parking Brake Market | Growth, Trends and Forecast 2028
Electric Parking Brake Market was valued at USD 9,088.58 million in 2021 and is expected to reach USD 17,453.47 million by the year 2028, at a CAGR of 9.77%.
Electric parking brakes are not only replacing the conventional hand brakes in modern vehicles, but also adding valuable features such as space management, interior styling, and crashworthiness of new automobiles. In addition, electric brake systems are also facilitating reduction of power consumption as well as vehicle weight, which signifies that electric parking brakes can soon become an integral part of new-age automobiles.
Manufacturers are also focusing on enhancing the safety for light commercial and heavy commercial vehicles with the help of advanced designs of electric parking brakes. Such advancements in modern automotive engineering are transforming run-of-the-mill automotive models, indicating a potential for innovation with the next-generation technologies in the electric parking brakes market.
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Electric Parking Brake Market – Size, Competitive Landscape and Segmentation Analysis:
Electric Parking Brake Market Reports provide a high-level overview of market segments by product type, applications, leading key players, and regions, as well as market statistics. The research insights focus on the impact of the Covid-19 epidemic on performance and offers a thorough examination of the current market and market dynamics. This crucial understanding of the report’s objective can help you make better strategic decisions about investment markets by assessing elements that may affect current and future market circumstances. The leading key players in the Global and Regional market are summarized in a research to understand their future strategies for growth in the market.
Key Player of Electric Parking Brake Market:
- Chassis Brakes International
- Hyundai Mobis
- Zhejiang Libang Hexin
- Wuhu Bethel Automotive
By Type, Electric Parking Brake has been segmented into:
- Caliper Integrated EPB
- Cable Puller EPB
By Application, Electric Parking Brake has been segmented into:
Market Segment by Regions and Countries Level Analysis:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
- Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
- South America (Brazil, Argentina, Rest of South America)
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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.
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