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The global automotive electric parking brakes market is expected to witness moderate growth during the forecast period between 2021 and 2031.
Automotive electric parking brakes are a type of electrically controlled parking brakes in which the holding mechanism is activated with the press of a button and brake pads are applied to the vehicles’ wheels, electronically.
The deployment of automotive electric parking brakes has provided key benefits to automobiles such as space management, crashworthiness, and improved interior styling. These factors are expected to help increase product demand and contribute to the growth of the global market, in future.
Rising demand for electric parking brakes over traditional brakes owing to an increasing need for storage space is the key growth driver for the global automotive electric parking brakes market.
Also, increased adoption of electric parking brakes in a bid to decrease the vehicle weight and save on fuel is expected to contribute significantly to the growth of the overall automotive electric parking brakes market, in the coming years.
In addition to this, electric parking brakes have been found to be highly reliable and need less force for its operations and this factor could fuel the growth in the global market, in the years ahead.
Advancements to existing products could help increase product demand and bolster global automotive electric parking brakes market growth, in future.
Other factors such as growth in the automotive industry in leading economies worldwide could propel the overall automotive electric parking brakes market, in the coming years.
Caliper integrated electric parking brakes are expected to make the largest contribution to the overall market owing to increasing product demand as they deploy an electric motor and ECU in their use.
The global automotive electric parking brakes market is extremely competitive, with the presence of leading players, many of whom are expected to account for a large share in the overall market, in future.
Research and development undertakings to produce improved quality of products could be a key growth strategy for the prominent automotive electric parking brakes market, in the coming years.
Growth strategies such as new product launches could help prominent automotive electric parking brakes market players gain a competitive edge over others.
Leading automotive manufacturer Hyundai launched a new self-driving electronic steering systems, recently, with features such as braking and steering technology as well as location detection, in a bid to offer driver safety.
Well-established automotive electric parking brakes market players could collaborate with smaller players in a bid to expand their market presence and increase their revenue shares.
Some of the key players in the global automotive electric parking brakes market include Toshiba Corporation, Hyundai Mobis, Continental AG, WABCO, and Allergo MicroSystems Inc.
The global automotive electric parking brakes market is divided into five regions, namely, North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
North America is expected to be the dominant region in the global automotive electric parking brakes market because of increased awareness about vehicle safety in countries such as US and Canada.
Europe is expected to witness substantial growth in the global automotive electric parking brakes market because of presence of several leading automotive electric parking brakes market players in countries such as Germany.
Asia Pacific is expected to witness strong growth in the global automotive electric parking brakes market owing to increased production of automobiles in countries such as India and China.
Other regions of the world such as Latin America and Middle East and Africa are expected to witness moderate growth in the overall market, in the coming years.
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Automotive Electric Parking Brakes Market
