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Electric Parking Brake Market is expected to reach USD 17344.14 Million by 2028, at a CAGR of 9.77%

Electric Parking Brake

Electric Parking Brake

Factors like strict government and environment safety rules for the road and the driver’s safety is driving the market of electric parking brake.

According to the current analysis of Introspective Market Research, the global Electric Parking Brake market was valued at USD 9031.65 Million in 2021 and is expected to reach USD 17344.14 Million by the year 2028, at a CAGR of 9.77%.

Electric parking brakes are replacing the traditional mechanical brakes in modern vehicles, and are also adding valuable features such as space management, interior styling, low fuel reduction and efficiency of new vehicles. Additionally, electric brake systems are also providing reduction of power consumption as well as vehicle weight, which indicates that electric parking brakes can soon become an integral part of new-age automobiles.

Leading Key Players Covered in, Instant Noodles market:

  • ZF
  • Continental
  • Chassis Brakes International
  • Küster
  • Aisin
  • Mando
  • Hyundai Mobis
  • Zhejiang Libang Hexin
  • Wuhu Bethel Automotive and other major players.

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According to the analyst, due to the strict environment regulations regarding the road and traffic safety there has been an increased adoption for the automated vehicle technology and increased demand for the for fuel efficient and other vehicles. Another factor that is driving the market is the easy to handle electric brake system and the reduced fuel cost with enhanced efficiency of the vehicle & less weight as compared to the other traditional mechanical brake system.

Manufacturers are also enhancing the safety for light and heavy vehicles with the help of innovative and fast paced technology designs of electric parking brakes. Such innovations in modern engineering are changing the run-of-the-mill automotive models, signifying a potential for advancements with the next-generation technologies in the electric parking brakes market.

Market Segmentation

Global Electric Parking Brake Market Research report comprises of Porter’s five forces analysis to do the detail study about its each segmentation like Product segmentation, End user/application segment analysis and Major key players analysis mentioned as below;

By Type, Electric Parking Brake has been segmented into:          

  • Caliper Integrated EPB
  • Cable Puller EPB

By Application, Electric Parking Brake has been segmented into:             

  • Sedans
  • SUVs
  • Others

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Regions and Countries Level Analysis:   

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
  • Asia-Pacific (China, India, Japan, Southeast Asia etc.)
  • South America (Brazil, Argentina etc.)
  • Middle East & Africa (Saudi Arabia, South Africa etc.)

Further Key Findings From The Report Suggest

  • Automotive and transport industry faced serious ramifications due to the corona virus. But as there is a relaxation in the lockdown restrictions, the market has picked up the pace and the market value are expected to increase in the forecast period.
  • BMW has introduced that the M8 and M8 Competition models will have brake-by-wire technology, a technology adjacent to drive-by-wire technology that reduces the weight and provides a vacuum-free brake booster to enhance the car’s overall efficiency.
  • The global electronic parking brakes market is estimated to grow at a steadfast rate in Europe, corresponding to the heavy adoption of electric parking brake technology.
  • Strong competition in the automotive sector, increasing electronic components per vehicle and government’s appeal to manufacture safer vehicles have been instrumental in reinforcing the installation of automatic driver assistance systems like electric brakes.

 Scope of the Report:

The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. The Instant Noodles software Market study looks deeply into the worldwide market’s competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER’s Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.

Related Report:

Global Remote Car Parking Locks Market Size & Growth Forecast

Global Brake Pads Market Size & Growth Forecast

Global Electric Vehicle Fast-Charging System Market Size & Growth Forecast

Global Smart Parking Systems Market Size & Growth Forecast

 

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