Leeds, West Yorkshire -- (SBWIRE) -- 09/30/2020 -- Automotive Electronic Parking Brake Market is rising at a quicker pace with substantial progress rates over the previous couple of years and is estimated that the market will develop considerably within the forecasted period 2020 to 2027 with a CAGR of 8.1% and Expected to Touch USD 3.9 Bn by 2027.

The rise within the sale of automotive throughout the globe is driving the expansion of the worldwide automotive electronic parking brake market. Additionally, the emergence of electric vehicles will create extra income alternatives for the players available in the market. The Global Automotive Electronic Parking Brake Market report supplies a holistic analysis of the market. The report presents a complete evaluation of key segments, developments, drivers, restraints, competitive landscape, and elements which are taking part in a considerable role in the market.

What's Automotive Electronic Parking Brake?

The automotive electronic parking brake is an advanced model of a traditional parking brake. It is usually known as an electric parking brake. The first function of the parking brake is to keep away from the movement of the car in a parking state. The brakes additionally play an necessary function in stopping the backward movement of the vehicle. The parking brakes are mounted on the rear wheels of the car. The standard or conventional kind of brake makes use of a cable that connects handbrake lever and brake shoes. After the lever is operated by the driver which will increase the strain within the cable and forces the brake shoes on the disc which leads to the stoppage of the car. However, the automotive digital parking brake doesn't make use of such cable and consists of the digital brake module, actuator, and electrical switch in the cabin.

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Global Automotive Electronic Parking Brake Market Overview

The expansion of the global automotive digital parking brake market is exponentially rising owing to the rise in automotive manufacturing which additional drives the demand for advanced automotive components and elements. Moreover, the rise in consumer disposable incomes and elevated buying power of customers is anticipated to dive into the expansion of the worldwide automotive digital parking brake market. Additionally, the government is giving favorable laws and incentives for the market. Furthermore, the technological developments within the braking methods will assist in innovation and enchancment.

Nonetheless, some restraints are liming the expansion of the worldwide automotive electronic parking brake market. The automotive digital parking brake is expensive to repair when it fails and therefore will hamper the long run progress of the worldwide market.

Global Automotive Electronic Parking Brake Market: Segmentation Analysis

The Global Automotive Electronic Parking Brake Market is segmented based on Type, Vehicle Type, Sales Channel, and Geography.

Automotive Electronic Parking Brake Market by Type
- Electric-hydraulic Caliper System
- Cable-pull System

The electric hydraulic caliper system segment is expected to register maximum growth during the forecast period. The electric hydraulic caliper system provides improved system performance and greater comfort for the operator.

Automotive Electronic Parking Brake Market by Vehicle Type
- Passenger Vehicle
- Commercial Vehicle

.The passenger vehicle segment is expected to dominate the global market. The adoption of an automotive electronic parking brake helps in reducing the weight and such advantages are helping the passenger vehicle segment to flourish.

Automotive Electronic Parking Brake Market by Sales Channel
- OEM
- Aftermarket

The OEM segment is dominating the market. The dominance of OEMs is credited to the heavy investments in R&D to introduce innovative designs of electronic parking brakes.

Automotive Electronic Parking Brake Market by Geography
- North America
- Europe
- Asia Pacific
- Rest of the world

The largest share in the market will be dominated by Asia pacific. Japan and South Korea are contributing majorly to the growth of the market owing to safety norms and firm government regulations. China as well as contributing majorly to the growth of the Asia pacific regional market as the number of accidents in the country continues to increase.

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Key Players In Automotive Electronic Parking Brake Market

- ZF Friedrichshafen AG
- Aisin Seiki Co., Ltd.
- Toshiba Electronic Devices & Storage Corporation
- Mando-Hella Electronics Corp.
- Hyundai Mobis Co., Ltd.
- Continental AG
- Küster Holding GmbH
- Robert Bosch GmbH
- DURA Automotive Systems
- TBK Co., Ltd.