Prophecy Market Insights latest research report on the Electric Parking Brake Market Provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market's size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.
Covina, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Electric parking brake is also called as electric park brake or electric parking brake and thus controlled electronically. The switch is activated in electric parking brake where it sends a signal to the electric motor for applying brakes.
Pros: Electric parking brakes provides greater control with adding valuable features such as interior styling and space management. Further, reduction in power consumption and advancement in modern automotive engineering propel the market growth.
Cons: Faulty electric system and high cost of manufacturing restrain market growth.
The Electric Parking Brake Market is a segment of the automotive industry focused on providing electronic systems to replace traditional handbrakes in vehicles. Electric parking brakes offer various benefits, including space-saving designs, improved safety, and additional functionality.
Key Highlights –
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In March 2020, ZF launched new first industrial front electric park brake which is ideal for small vehicles. The new launched product offers enhanced safety and comfort and thus, replace the manual lever by compact switch and offers greater flexibility.
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| Report Attribute | Details |
| Electric Parking Brake Market Value (2022) | US$ 3.4 Billion |
| Electric Parking Brake Market Projected Value (2032) | US$ 7.2 Billion |
| Electric Parking Brake Market CAGR (2022 – 2032) | 7.9% |
| No. of Pages | 172 |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
Electric Parking Brake Market-segmentation analysis:
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By Type (Electric-hydraulic Calliper Systems, and Cable-pull Systems)
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By Application (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles)
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By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)
Key players in the global electric parking brake market include,