Pune, 9, Dec, 2022: Electric Parking Brake Market is driven by the massive growth in the automobile industry. The report on Electric Parking Brake Market analysed by Maximize Market Research covers a detailed competitive and regional analysis of the market. The Electric Parking Brake Market is expected to grow from USD 1.78 billion in 2021 to USD 4.41 billion in 2029 at a CAGR of 12 percent for the forecast period from 2022 to 2029.
Electric Parking Brake Market Scope and Research Methodology
The report is a detailed analysis of the Electric Parking Brake Market by country, regional and global presence. Using data over a span of ten years, current and future trends in the Electric Parking Brake Market are presented in the report along with growth rate and market size forecasts using historical data. A key finding in the data includes market share by region and market penetration. Regional analysis of the market is conducted at local, regional and global levels for a better understanding of the market penetration, competitive structure, pricing and demand analysis.
For the competitive analysis of the Electric Parking Brake Market, key players in the industry are listed by region, revenue, financial status, portfolio, technological advancements adopted, social media presence, corporate social responsibility measures, mergers and acquisitions, joint venture and strategic alliances in detail. New entrants in the market are also listed with an analysis of their growth prospects and future business outlook. Such analysis acts as a guide for stakeholders, investors, market players and followers and new entrants with an overall view of the Electric Parking Brake Market for formulating investment approaches and marketing tactics to well promote the product in the market.
For market sizing, bottom-up approach was employed to validate the market size of different segments. Data was collected employing both primary and secondary data collection methods. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, subject experts and marketing professionals were included in the primary methods. Secondary data was collected from a list of sources for maximum reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. For a detailed study of the interplay of various factors affecting the market, regression analysis was used. SWOT analysis was conducted to understand the strengths and weaknesses of key companies and PESTLE to grasp the various factors affecting the market.
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Electric Parking Brake Market Overview
An Electric Parking Brake serves the function of avoiding the motion of the vehicle when parked. However, this is different compared to the conventional handbrake because it is electronically controlled. Other functions include preventing the backward movement of the vehicle on a slope when it resumes driving. Globally, this system is being adopted rapidly for an enhanced driving experience.
Electric Parking Brake Market Dynamics
Passenger cars dominate road transport and are expected to witness an increase in demand. Massive investments are being initiated for advancements in this segment of automobiles with respect to design, performance, mechanics, engine, aerodynamics, aesthetics and ergonomics. Such developments in the market are expected to increase the demand for the automobile industry. Coupled with an increase in willingness to spend is expected to fuel the Electric Parking Brake Market growth over the forecast period.
Safety measures in the automobile industry have been gaining traction with the increasing number of accidents, especially among those drivers who have less than a year of driving experience. Cases are noted regarding the wrong usage of the handbrake that led to accidents. Such developments have resulted in an increase in vehicle safety measures to protect the driver as well the pedestrians and other drivers on the road. Developments like these are expected to drive the growth of the Electric Parking Brake Market over the forecast period.
Electric Parking Brake Market Regional Insights
North America held the largest market share in 2021 in terms of revenue and is expected to grow at a growth rate of 11.7 percent. The growth in the automobile industry is the key driver for the regional Electric Parking Brake Market growth. The regional growth is also supported by massive investments in the Electric Parking Brake Market that is resulting in extensive research and development. New innovations in the Electric Parking Brake Market are boosting demand. The U.S. held a significant share in North America on account of major manufacturers concentrated in the state.
Electric Parking Brake Market Segmentation
By Vehicle Type:
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By System Type:
- Cable Pull System
- Electric-hydraulic Caliper Systems
Electric Parking Brake Market Key Competitors include:
- Hyundai Mobis
- SKF Group
- Aisin Seiki Co., Ltd.
- Akebono Brake Industry Co., Ltd.
- Hitachi, Ltd.
- Toshiba Corporation
- Brembo S.p.A.
- Robert Bosch GmbH
- Sanken Electric Co., Ltd.
- ZF Friedrichshafen AG
- Shougang Group Co., Ltd.
- HELLA GmbH & Co. KGaA
- Dura Automotive Systems
- TRW Inc.
- KUSTER Holding GmbH
- Continental AG
- DURA Automotive Systems
- Aisin Corporation
- Mando Corporation
- AB SKF
- Hyundai Mobis
- Wuhu Bethel
- Zhejiang Wanchao
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Key questions answered in the Electric Parking Brake Market are:
- What is Electric Parking Brake?
- What is the current growth rate of the Electric Parking Brake Market?
- What is the nature of competition in Electric Parking Brake industry in developed and developing economies?
- What are the drivers for the growth of the Electric Parking Brake Market?
- Who are the key players in the Electric Parking Brake Market?
- Who held the largest share in the Electric Parking Brake Market in Europe?
- Who are the market leaders in Electric Parking Brake in USA and Canada?
- Who are the market leaders in Electric Parking Brake in India, China, Japan and South Korea?
- What are the factors affecting growth in the Electric Parking Brake Market?
- Who held the largest market share in Electric Parking Brake Market?
- What are the factors for the growth of Asia-Pacific region in Electric Parking Brake Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Vehicle Type, System Type and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading automotive and transportation research firm, has also published the following reports:
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