Market Overview
Market Research Future (MRFR), in its revised “Electric Parking Brake Market” report, simplified the intricate dynamics of the market. Ongoing trends and innovations, and the influence of key players are detailed in the report. MRFR findings reveals the electric parking brake global market to expand at 7% CAGR by 2023.
March 2020, Toyota Motor Corp, a Toyota-headquartered global automobile producer, introduced C-HR Koba hybrid. The electronic parking brake (EPB) is released automatically as start-button of the vehicle is pushed. Mazda Motor Corp, a reputed Japan, global dealer of vehicles, launched Mazda CX-9 in Malaysia. EPB offers dynamic actuation and reduction in degradation of associated mechanical systems. Hence, these models are predicted to gain considerable traction. Consumers are not ready to compromise with safety. Electric parking brakes afford added security benefits. The rise in incorporation of EPB furnished automobiles are observed to escalate the sale of EPB deployed automobiles. These factors can prompt the market growth. The growing preference for intelligent and automated vehicles can provide a ****** to the electric parking brake market.
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Regional Outlook
North America electric parking brake market is likely to dominate the global market. MRFR analysis states that the electric parking brake market can secure a considerable share of the market. The sales of automobiles integrated with electric parking brake in North America justifies the share estimated for the regional market. In Mexico, the increase in auto ancillary production companies count and related startups availing automotive electric parking brake market can support the expansion of the market. In the US, the rise in sales number of vehicles powered with electric parking brake market can favor North America electric parking market in the near future.
Europe electric parking brake market can thrive at decent growth rate across the review period. The significant rise in demand for commercial vehicles in the US can prompt the expansion of the electric parking brake market. The presence of luxury automobile brands, such as Audi, BMW, and Mercedes-Benz can contribute to the EU electric parking brake market. The surge in application of advanced automotive technologies can bolster the electric parking brake market. The growing adoption of advanced driver assistance systems can add momentum to the Europe market through the review period.
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