Global Electric Parking Brake Market to Showcase Vigorous Demand by 2022

Posted by Arslan on September 19th, 2019

Fact.MR has published a new research report on global electric parking brake market sizes, upcoming industry trends and growth opportunity through 2018-2027 to its online database that tries to unveil the various scenarios prevailing in the electric parking brake market. This assessment delivers a smart compilation of primary and secondary data which provides a clear insight about the future plans expected to impact the electric parking brake market. This study comprises of prominent data which makes it a beneficial source for investors, analysts and industry experts to acquire necessary knowledge associated to the fundamental market trends, opportunities and growth drivers during the stated forecast by 2028.

An electric parking brake is installed in an automotive to stop or holds the vehicle on the flat ground or hill roads. The vital advantage of using electronic parking brake is that it has less components, compact, robust and light weight as compared to traditional mechanical brake system. Electric parking brake works in function with electronic control unit (ECU), actuator mechanism and electric switch which guarantees optimum brake power and efficient operation. Electric parking brake system also comprises driver support functions such as hill start assist functions, which assist the driver to stabilize or stop the vehicle on steep or hilly road.

The major factors responsible for the growth of electric parking brake market are stringent government regulations regarding road safety, growing adoption of automated vehicle technology, upsurge in the demand for driver assisted systems, and increasing demand for fuel efficient vehicles. The primary driver which propels the demand of the market is growing adoption of electric parking brake in the vehicles due to reduced weight and ease of convenience as compared to mechanically operated brakes, which eventually improves the fuel economy and reduced carbon emissions. The utilization of electronic control unit (ECU) along with integration of other electric components such as rear camera in the vehicle offers maximum safety to the driver and passenger, which further increases the growth of electric parking brake market. Increasing demand for safety, luxury, convenience increases the demand for electric parking brake market. However, high cost of electric parking brake and lack of skilled technician staff to asses or install the system is subjected to hinder the growth of the market.

To provide in-depth insights into the pattern of demand for the electric parking brake market, the market is segmented by type. It includes Electric-Hydraulic Caliper System and Cable-Pull System. Electric-Hydraulic Caliper System segment is expected to dominate the electric parking brake market over the forecast period, regarding value, which accounted for more than 65% value share in 2017. To provide in-depth insights into the pattern of demand for the electric parking brake market, the market is segmented by component. It includes below Electronic Control Unit, Actuator and Switch. Electronic Control Unit segment is expected to dominate the electric parking brake market over the forecast period, regarding value, which accounted for more than 35% value share in 2017.    

The section – electric parking brake market analysis, by vehicle type comprehensively analyzes the market by vehicle type in which electric parking brake are installed. The market is segmented into Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle.  The segment, passenger car in electric parking brake market accounted for the highest market share of more than 45% in 2017. The section – electric parking brake market analysis, by sales channel comprehensively analyzes the market by different sales channel through which the electric parking brake are sold. The market is segmented into OEM and Aftermarket. OEM segment accounted for the highest market share in 2017. However, the aftermarket segment is also subjected to witness a healthy CAGR of more than 5% during the forecast period due to the expansion of automotive sector across the developing economies.

Also, increasing demand for electric parking brake in the APEJ region is driving the prominent manufacturers to strategically enter in the APEJ market with an objective to target the opportunities in the region. The electric parking brake market in North America and Europe region has been steady over the last decade, and hence, the companies are targeting emerging economies markets to increase their sales revenues.

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Globally, automotive industry is experiencing noteworthy technological advancements in the conventional systems. In order to substitute the typical lever operated hand brake system, vendors devised a novel electric parking brake. Primary drivers of global electric parking brake market include, growing diffusion of autonomous vehicle technology and growing inclination towards road safety. Moreover, espousal of electric parking brake permits substantial weight saving compared to conventional mechanical parking brake systems which supports in enhanced fuel economy and reduce carbon emissions. Electronic control of electric parking brake comes along with the integration of other safety technologies, thus boosts the demand for electric parking brake, globally.