Global electric parking brake market expected to experience significant growth in the next five years:
Market Research Future published a raw research report on global electric parking brake market that contains the information from 2018 to 2023. Electric parking brake market is expected to grow with the CAGR of approximately 7% from 2018 to 2023.
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Electric parking brake consists of electronic control unit, actuator, sensors and switch. The braking mechanism can be actuated by button, through which electrically operated breaking pads apply on the rear brakes. One of the factors which drives the growth of the electric parking brake market is Increasing concerns towards road safety. Increase in demand for vehicle downsizing increases demand for electric parking brake due to less number of components and lightweight as compare to conventional mechanical lever operated brake system. Also, increase in demand for safety, comfort, convenience, stability and performance in the vehicle increases demand for the market.
Increase in demand for electronics components in the vehicles such as advance driver assistance system (ADAS) in the vehicles increases the demand for the market. The electric power brake manufacturers come in contact with the vehicle manufacturers and the suppliers to bring innovation in the electric parking brake system for the low-priced vehicle segment. The other factors that are responsible for the growth of the market are innovation in the braking technologies and growing sales of vehicles. The increase in demand for fuel efficiency, reduced emissions due to reduced braking system weight and improved power to actuate brakes increases demand for the market. The demand of electric parking brake has been increasing over the past few years due to reduced components, improved drive comfort, optimum brake control in all conditions. Also, the increase in the concern about safety have resulted in many countries to adopt electric parking brake which increases the demand for the market.
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We recognize the key players in the global electric parking brake market as Aisin Seiki Co., Ltd. (Japan), Continental AG (Germany), DURA Automotive Systems (US), TBK Co., Ltd. (Tokyo), Hyundai Mobis Co., Ltd. (South Korea), Küster Holding GmbH (Germany), and Mando-Hella Electronics Corp. (South Korea), Svenska Kullagerfabriken AB (Sweden), ZF Friedrichshafen AG (Germany), Wuhu Bethel Automotive Safety Systems Co., Ltd (China), Zhejiang Wanchao Electric Appliance Co., Ltd. (China) are among others.
The market has been analyzed based on type, sales channel, component, vehicle type, and region. On the basis of type, the market has been segmented into electric-hydraulic caliper system, cable-pull system. Electric-hydraulic caliper system segment is expected to dominate the market during the forecast period because it reduces the components and gives controlled application of brakes through actuators and switch. Electric-hydraulic caliper system actuates the appropriate braking force along with automated release function improves vehicle safety, increases the growth of market.
On the basis of sales channel, OEM segment is expected to dominate the market during the forecast period. The growing demand of electric parking brake is increasing which enhances the OEMs production.
On the basis of component, electronic control unit segment is expected to dominate the market during the forecast period due to integration of electronic components into ECU and increase in demand for electronic components in the vehicles. On the basis of vehicle type, the market has been segmented as passenger car, light commercial vehicle and heavy commercial vehicle. Light commercial vehicle segment has accounted for the major market share in terms of market share. The increase in demand for easy activation brake and hill start assist in the vehicles increases the demand for the market.
This research report provides insights, on various levels of analysis such as industry analysis, and market share analysis for the leading players along with their profiles. It also helps in studying the target segments by providing views on emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios & strategies in the global construction lift market, including high-growth regions and/or countries, and political, & economic environments. The project report, further, provides views on both the historical market values and pricing & cost analysis.”
