Electric Parking Brake Market is expected to surpass a CAGR of 12% until 2031

A newly published report by Fact.MR establishes that the global market for electric parking brakes is expected to surpass a CAGR of 12% until 2031, clocking a valuation of US$ 4 Bn. Increasing tilt towards hydraulic based vehicular assemblies is majorly driving demand for the market in forthcoming years.

Historically, from 2016 to 2020, electric parking brake sales expanded at over 10% CAGR, reaching a valuation of US$ 1.3 Bn. Prospects somewhat dipped amidst the COVID-19 pandemic, as mandatory shutdowns hindered automotive industry manufacturing processes in the first half of 2020. As relaxations were granted, factory premises resumed operations, restoring said projections.

The electric parking brake features fewer mechanical components and requires less maintenance, as well as providing a highly efficient emergency braking system, intelligent management of malfunctions by the ECU, and more space in the vehicle’s central area. By replacing mechanical levers and cables with an electronic system, the parking brake will provide drivers with more assistance. Also, it frees up space in the dashboard for other purposes.

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Electric Parking Brake Market – Scope of Report:

A latest publication by Fact.MR on the global Electric Parking Brake market evaluates the opportunities and current market landscape, and provides detailed analysis and updates about corresponding sections affecting the market.

The study offers detailed insights on key market dynamics, which include the drivers, restraints, trends, and opportunities in the market.

The principal aim of the study is to present exclusive information about how the market will perform during the forecast period of 2019-2029.

Important indicators for the successful growth of the Electric Parking Brake market are presented in this comprehensive report, which include Year-on-Year (Y-o-Y) growth analysis of the market, and compounded annual growth rate (CAGR), which are described in an exhaustive way in Fact.MR’s study.

This research study can support readers to know the demand for Electric Parking Brake supplements, and the quantitative development opportunities during the study period.

The research is beneficial for shareholders in Electric Parking Brake, including investors, manufacturers, service providers, distributors, and suppliers, and can help them in developing suitable business strategies to flourish in the market.

Insights and wisdom presented in this Fact.MR study can be leveraged by shareholders in the market, industry experts, investors, researchers, and reporters, as well as business enthusiasts.

In-depth Analysis on Competitive Landscape:

The report ends with a section on the competition scenario of Electric Parking Brake market, along with the profiles of major companies contributing to the market expansion.

Essential and up-to-date data as well as information correlated to the market performers, who principally engage in the production and supply of Electric Parking Brake, has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits the report readers to plan preemptive steps to advance their businesses.

Company profiles have been shared with report, which exerts essentials such as product portfolio, along with an all-inclusive SWOT analysis on each player recognized along with the company policies identification and analysis.

The company presence mapped and presented through the matrix for all the prominent players of the market functioning in Electric Parking Brake market offers readers with actionable intellect, which helps in thoughtfully presenting the market status, and making decisive predictions on the competition levels in Electric Parking Brake market.

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Report benefits & key questions answered

  • Post covid consumer spending on Electric Parking Brake: the report also highlights the change in the buying behavior of consumers and shifts in purchasing power, post covid-19. This information will assist the businesses to plan their production and marketing strategies.
  • Electric Parking Brake demand outlook: the market intelligence study reports highlights the factor propelling the demand for Electric Parking Brake. As per the study, the demand for Electric Parking Brake will grow through 2029.
  • Electric Parking Brake historical volume analysis: Fact.MR survey report provides insights into the sales registered over the last forecast year 2016 to 2020 and create estimates regarding the sales performance for 2019-2029.
  • Electric Parking Brake consumption by demographics: the report provides consumption by demographics analysis to assist the market players in designing their expansion strategies on the basis of consumption pattern of the customers.

Electric Parking Brake Market Segmentations:

  • Type

    • Electric-Hydraulic Caliper System Parking Brake
    • Cable-Pull System Electric Parking Brake
  • Component

    • Electronic Control Unit
    • Electric Parking Brake Actuator
    • Electric Parking Brake Switch
  • Vehicle Type

    • Electric Parking Brake for Passenger Cars
    • Electric Parking Brake for Light Commercial Vehicles
    • Electric Parking Brake for Heavy Commercial Vehicles
  • Sales Channel

    • Electric Parking Brake Sales for OEM
    • Electric Parking Brake for Aftermarket

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