According to Market Research Future (MRFR)’s latest study, the global electric parking brake market is projected to exhibit healthy growth over the forecast period 2018 to 2023. Electric parking brake assures efficiency in operations. It is poised to exhibit accelerated adoption by automakers in the forthcoming years.
The electric parking brake market share is expected to attract massive investments over the review period. In addition, the regulations enforced for the promotion of electric park brake to ensure road safety is likely to augment the market through the assessment period. According to Statistical observations published by the World Health Organization (WHO), 1.35 million fatal injuries occur every year in road accidents. This has raised red flags and is poised to favor accelerated revenue creation for participants of the electric parking brake market in the foreseeable future.
The upgradations in automotive technology are forecasted to guide the future trajectory of the market. Also, the light-weight feature of the brake is expected to gain popularity owing to the high demand for fuel efficiency. This, in turn, is anticipated to unleash tremendous growth opportunities for the electric parking brake market participants.
On the basis of type, the electric parking brake market has been segmented into electric-hydraulic caliper system, cable-pull system.
On the basis of sales channel, the electric parking brake market has been segmented into aftermarket and OEM.
On the basis of component, the global electric parking brake market has been segmented into electronic control unit (ECU), actuator, and switch.
On the basis of vehicle type, the electric parking brake market has been segmented into passenger car, heavy commercial vehicle, and light commercial vehicle.
The regional study of the global electric parking brake market spans across North America, Asia Pacific, Europe, and the Rest of the World (RoW). North America is a major market for electric car parking brakes and is poised to secure the forefront position in the global marketplace through the assessment period. The rising adoption of electric parking brakes in vehicles by the industry leaders is expected to drive the proliferation of the market in the region. In addition, the mandates issued by the governments for ensuring road safety are likely to favor the expansion of the electric parking brake market in the foreseeable future. Other factors responsible for the market growth are increasing demand for vehicles in the U.S., consolidation of auto ancillary production companies in Mexico, etc. Meanwhile, Asia Pacific is prognosticated to grow substantially over the next few years. China being a major auto-market is forecasted to drive the growth of the electric parking brake market in the region.
Some of the prominent market participants profiled in this MRFR report are Continental AG (Germany), Aisin Seiki Co., Ltd. (Japan), DURA Automotive Systems (US), Wuhu Bethel Automotive Safety Systems Co., Ltd (China), Hyundai Mobis Co., Ltd. (South Korea), TBK Co., Ltd. (Tokyo), Küster Holding GmbH (Germany), Mando-Hella Electronics Corp. (South Korea), ZF Friedrichshafen AG (Germany), Svenska Kullagerfabriken AB (Sweden), and Zhejiang Wanchao Electric Appliance Co., Ltd. (China).
In March 2019, the BAIC EX3 is rolled out for production which comes equipped with an electric park brake system.
In February 2019, Premium car manufacturer Honda Cars India has started the production of next generation of Civic ahead of its launch in India. The vehicle offers facilities such as electric parking brake, ABS with EBD, six airbags, lane watch camera on the passenger-side ORVM, Agile Handling Assist, hill climb assist, and, stability control among others.
In February 2019, Nissan Motor Thailand has officially announced the development of the facelift model of the popular X-Trail SUV. The automobile is designed with an electric parking brake with an automatic brake hold function.