The parking brakes market is projected to witness a CAGR of 6.26% during the forecast period to reach a total market size of US$4.51 billion by 2029, up from US$2.949 billion in 2022.
A parking brake is a mechanical backup brake system that controls the vehicle’s rear brake; because of its function, it is often called an emergency brake, handbrake, or e-brake. These are located to the left of the gas pedals at or between the front seats. They are responsible for keeping the vehicle stationary while it is parked and separate from the regular hydraulic brakes. They come in use if, in any case, hydraulic brakes fail to stop the car, hence the name “emergency brakes”. They use steel cables and levers; cables are tightened when brakes are applied. They also have a self-locking system built for securing safety.
The market for parking brakes is expected to expand consistently in the years ahead. These brakes could be of any system, either mechanical or hydraulic braking systems, and have a major role in preventing vehicles that are parked or stationary from falling or rolling due to gravity. Common types of brakes seen in vehicles are lever brakes, pedal brakes, and electronic brakes, which get engaged when the lever is pulled, stepping on a pedal, or pushing a button. It all depends on the design and system of the vehicle. The parking brake market will witness an upsurge because of the increasing production and demand of passenger and commercial vehicles, which will give rise to parking brakes globally.
Parking brakes are a crucial safety feature in vehicles mandated by regulatory authorities to equip vehicles to meet safety standards. With the increasing presence of autonomous vehicles like hybrid and electric vehicles, as well as advanced commercial vehicles worldwide, the parking brake industry will ultimately see major growth. Consumers prioritize safety features when buying vehicles, and parking brakes are a vital component that enhances the safety and stability of the vehicle when parked.
The rise in passenger car production implies a higher demand for the parking brakes. According to the International Organization of Motor Vehicle Manufacturers (OICA), production of cars in China saw a percentage change of 12%, i.e., an increase from 2,38,36,083 in 2022 to 26,123.757 in 2023. Additionally, as per the Society of Indian Automobile Manufacturers (SIAM) report in 2023, commercial vehicle production in India saw an upward trend from 7,16,566 units in FY 2021-2022 to 9,62,468 units in FY 2022-2023.
Electric vehicles (EVs) are being promoted and adopted by consumers for convenience and comfort while driving. This will also bring an advantage for the growth of parking brakes as they are necessary to lock the car in a stationary position and prevent it from moving independently. EVs utilize an electric brake system, which requires less physical effort from the drivers. According to the International Energy Agency (IEA) April 2024 report, around 1 in 3 cars driving on the road will be electric in China, while in the USA and European Union, almost 1 in every 5 will be electric cars. The sales of electric cars by the end of 2024 is expected to reach about seventeen million.
Europe will hold a significant share of the parking brake market due to the high production volume of passenger and commercial vehicles in the region. Electric parking brakes are increasingly popular among new cars, requiring only a button push to engage or disengage.
Similarly, as per the IEA report of August 2023, to support the auto sector and promote sustainable and connected mobility, the Spanish government announced a EUR 3.75 billion package in 2020. In addition, the government also approved the Strategic Project for the Recovery and Economic Transformation (PERTE) of Electric and Connected Vehicles, which mobilized EUR 24 billion of investment, including EUR 3.4 billion of public investment as of July 2021. These developments boost the production of automobiles, thus expanding the parking brakes market size.
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