Impact of Covid-19 Outbreak on Electric Parking Brake Market

30/lug/2020 09:39:07 Automotive Market Research Reports Contatta l'autore

The global electric parking brake market is expected to exhibit a strong 7% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The report provides a detailed analysis of the global electric parking brake market, covering factors such as the major drivers and restraints acting on the market, the major players operating in the market, and the key tactics likely to succeed in the market in the coming years.

Electric parking brakes are an upgrade over the manual handbrake systems seen universally in legacy models of automobiles. The use of electric parking brakes has increased over the last few years due to the growing attention being paid to driver safety and comfort. The theoretically higher reliability of electric parking brakes over manual parking brakes has led to widespread adoption of electric parking brake systems in the automotive industry. The growing regulations intended to improve driver safety are also likely to be a major driver for the global electric parking brake market over the forecast period.

The growing use of electronic control units has enabled smooth growth of the global electric parking brake market. While manual handbrakes were the norm in older automobiles, the use of electronic control modules has made it easier to adopt electric parking brakes. The growing demand for electronic controls in cars and commercial vehicles is likely to be a major driver for the electric parking brake market over the forecast period.

On the other hand, the high costs of electric parking brakes and the risk of malfunction are the key restraints operating on the market.

Competitive Analysis:

Leading players in the global electric parking brake market include Zhejiang Wanchao Electric Appliance Co. Ltd., Wuhu Bethel Automotive Safety Systems Co. Ltd., ZF Friedrichshafen AG, Svenska Kullagerfabriken AB, Mando-Hella Electronics Corp., Kuster Holding GmbH, Hyundai Mobis Co. Ltd., TBK Co. Ltd., DURA Automotive Systems, Continental AG, and Aisin Seiki Co. Ltd.

Players in the electric parking brake market are likely to focus on improving the reliability of the brake systems in the coming years. In 2016, Honda recalled about 350,000 models of 2016 Civics due to issues with the electric parking brake systems. In May 2019, a new class action lawsuit was proposed against Honda, alleging that the electric parking brake systems are prone to malfunction and unreliability, leading to the vehicles rolling away even when the system is set on “park” mode.

Segmentation:

The electric parking brake system market is segmented based on type, sales channel, components, vehicle type, and region.

On the basis of type, the electric parking brake market is segmented into electric-hydraulic caliper system and cable-pull system.

On the basis of sales channel, the market is segmented into OEM and aftermarket.

On the basis of component, the electric parking brake market is segmented into electronic control unit (ECU), actuator, and switch.

On the basis of vehicle type, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles.

Regional Analysis:

North America is likely to dominate the global electric parking brake market over the forecast period. The increasing demand for electronic safety systems in both passenger and commercial vehicles and the growing government support for the widespread adoption of the same are likely to be the major drivers for the electric parking brake market in North America over the forecast period. The growing production of automotive ancillary components in Mexico is also likely to be a major driver for the electric parking brake market over the forecast period. The increasing sale of commercial vehicles in the U.S. is also likely to be a major driver for the electric parking brake market over the forecast period.

Europe is also likely to play a leading role in the global electric parking brake market over the forecast period due to the growing demand for electronic safety systems in automobiles and the growing presence of leading automotive tech developers in the region.

The growing demand for premium vehicles equipped with the latest in safety tech is likely to be the key driver for the electric parking brake market in Asia Pacific.

Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.

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