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Electric Parking Brake Clocked A Valuation Of Nearly US$ 1.3 Billion By 2032

kunal 2023. 3. 13. 15:52

Newly released data from Fact.MR establishes that the global sales of electric parking brakes are expected to surpass a CAGR of 12% from 2021 to 2031, expected to be valued at nearly US$ 4 Bn. As of 2020, overall market revenue clocked a valuation of nearly US$ 1.3 Bn. The market is forecast to expand 3x across the forecast period.

The electric parking brake is frequently used for emergency stops and grips the car on flat or sloping terrain. Electric parking brakes require very few parts and are activated with the aid of a button, freeing up more space inside the car. Any type of vehicle with a variety of sizes and power capacities can accommodate an electric parking brake. The demand for electric parking brakes has increased as a result of rising consumer inclination towards travelling safety, comfort, convenience, and stability in the vehicles.

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How are Light Commercial Vehicles Generating Electric Parking Brakes Demand?

Light commercial vehicles are generating electric parking brake demand by providing a more efficient and reliable braking system. Electric parking brakes are becoming increasingly popular in light commercial vehicles due to their ability to provide a more consistent and reliable braking system. This is especially beneficial for vehicles that are used in stop–and–go traffic, as the electric parking brake can be applied quickly and easily. Additionally, electric parking brakes are more efficient than traditional mechanical brakes, as they require less energy to operate. This makes them more cost–effective and environmentally friendly. Finally, electric parking brakes are also safer than traditional brakes, as they can be applied more quickly and with greater precision.

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

Report Methodology:-https://www.factmr.com/connectus/sample?flag=RM&rep_id=2536

The analysts have used numerous industry-wide prominent business intelligence tools to consolidate facts, figures, and market data into revenue estimations and projections in the Market Insights of Electric Parking Brake.

Key stakeholders in Market including industry players, policymakers, and investors in various countries have been continuously realigning their strategies and approaches to implement them in order to tap into new opportunities.

Competitive Landscape

To remain competitive and expand their market presence, market players engage in mergers and acquisitions, partnerships, and the development of new products.

  • SKF developed compact and smart brake arrangements for tractors and combine harvesters. The wired technology provides safer parking brake functions, increased security due to automatic activation, maximum driver comfort, and automatic wear compensation, eliminating the need for manual registration by the user.
  • DATWYLER, with in-depth expertise in brake systems, has developed high-performance polymer components that can withstand a wide range of temperatures and pressures for brake applications.

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What are the Growth Prospects in the Asian Market?

The market for electric parking brakes in East Asia and South Asia are anticipated to expand rapidly in the upcoming decade, with noteworthy growth rates expected to unfold across the Indian, Chinese and Japanese markets respectively. Fact.MR expects Asia to account for nearly 60% of global electric parking brakes sales.

Growth prospects across the Asian market appear lucrative due to heightened sales of electric vehicles, especially across China and South Korea. Estimates suggest that total EV sales in China reached 1.3 million in 2020. Consequently, manufacturers equipped these vehicles with advanced electric parking brake systems to enhance safety.

How Fact.MR Assists in Making Strategic Moves For Electric Parking Brake Market Manufacturer?

  • The data provided in the Electric Parking Brake market report offers comprehensive analysis of important industry trends. Industry players can use this data to strategize their potential business moves and gain remarkable revenues in the upcoming period.
  • The report covers the price trend analysis and value chain analysis along with analysis of diverse offering by market players. The main motive of this report is to assist enterprises to make data-driven decisions and strategize their business moves.