A report has been carried out which studies the global electric parking brake market and offers an in-depth analysis for the next ten years. The report also covers forecast factors and macroeconomic factors that are anticipated to drive the growth of the global electric parking brake market.
The report on the electric parking brake market also discusses latest trends and potential opportunities in the market across the value chain, along with restraints that are expected to hamper the growth of the market.
The global electric parking brake market was valued at $830m in 2014, and is expected to exceed $1.2bn by the end of 2019, and CAGR of 12% between 2019 and 2029, and is estimated to reach a global value of $4.2bn by the end of 2029.
Electric parking brake market focus on enhanced fuel economy
By product type, the global electric parking brake market is segmented into cable-pull systems and electric-hydraulic caliper systems. The electric parking brake market is expected to be prominent in the electric-hydraulic caliper system owing to the safer and more comfortable driving experience and enhanced safety of driver and vehicles. The cable-pull system is forecasted to have less share as compared to the electric-hydraulic caliper system.
Moreover, manufacturers of electric parking brakes are focusing on significant weight saving brake systems as compared to conventional parking brake systems, which supports enhanced fuel economy and reduced carbon emissions. The aforementioned factor is expected to increase the sales of electric parking brakes over the forecast period.
By vehicle type, the electric parking brake market is segmented into passenger vehicles, LCVs, and HCVs. The passenger vehicle segment is sub-segmented into compact vehicles, mid-sized vehicles, luxury vehicles, and SUVs. The luxury vehicles segment is expected to be prominent in the global electric parking brake market.
By sales channel, the global electric parking brake market is segmented into OEM and aftermarket. The OEM segment is projected to be prominent throughout the forecast period.
By region, the electric parking brake market report studies markets across several regions such as North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa. In these regions, East Asia and Europe are expected to grow with a predominant share in the global electric parking brake market over the forecast period. However, East Asia and Latin America are also representing healthy growth in the electric parking brake market.
For an in-depth analysis, study has divided the market structure in two levels: tier 1 and tier 2. Tier 1 players are estimated to account for a 55% share in the global market and generate $680m revenue through the sales of electric parking brakes across the world.
The global electric parking brake market is fragmented, owing to the presence of several manufacturers of electric parking brakes across the globe. Prominent players in the global electric parking brake market are focusing on the development of braking business, adopting business expansions, collaborations, and acquisition strategies to capture significant share of the global market.