Global Automotive Parking Brake Market By Product Type, By Application, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast (2024 - 2031)
The growth of the "Automotive Parking Brake market" has been significant, driven by several key factors. Increased consumer demand, influenced by evolving lifestyles and preferences, has played a pivotal role.
Automotive Parking Brake Market Trends, Growth Opportunities, and Forecast Scenarios
due to increasing vehicle production and growing demand for electric vehicles. The market research reports indicate a positive trend in the automotive parking brake industry, with advancements in technology and safety features driving market growth. However, challenges such as stringent regulations and competition from alternative braking systems may hinder market expansion. Despite these challenges, the automotive parking brake market presents numerous opportunities for growth, including expansion into emerging markets, development of innovative products, and increased demand for autonomous vehicles. Overall, the future outlook for the automotive parking brake industry is promising, with strong growth prospects, but industry players will need to navigate challenges effectively to capitalize on the opportunities presented by evolving market conditions.
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What is Automotive Parking Brake?
The automotive parking brake, also known as the handbrake or emergency brake, is an important safety feature in vehicles that is designed to prevent the vehicle from rolling when parked. The market for automotive parking brakes has been experiencing steady growth in recent years, driven by increasing demand for safety features in vehicles and advancements in technology. As consumers become more aware of the importance of parking brakes in ensuring vehicle safety, the market is expected to continue growing at a substantial rate in the coming years. Industry experts and consultants should closely monitor this market for potential investment opportunities and strategic partnerships within the automotive sector.
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Market Segmentation Analysis
The Automotive Parking Brake market includes two main types: Drum Brake Type and Disc Brake Type. Drum Brake Type parking brakes use brake shoes that press against the inside of a drum to stop the vehicle, while Disc Brake Type parking brakes use calipers to squeeze brake pads against a rotor. These parking brake types are commonly used in both passenger cars and commercial vehicles to prevent the vehicle from rolling when parked. Passenger cars and commercial vehicles both rely on parking brakes to ensure safety and prevent accidents while parked.
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Country-level Intelligence Analysis
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
The automotive parking brake market is experiencing significant growth across various regions. In North America, the United States and Canada are the key contributors to this growth. In Europe, Germany, France, the UK, Italy, and Russia are driving market expansion. The Asia-Pacific region, particularly China, Japan, South Korea, India, Australia, Indonesia, Thailand, and Malaysia, is also witnessing substantial growth. Additionally, Latin America and the Middle East & Africa regions, including Mexico, Brazil, Argentina, Colombia, Turkey, Saudi Arabia, UAE, and Korea, are expected to show strong market potential.
Among these regions, Asia-Pacific is poised to dominate the market, with a projected market share percentage valuation of around 40%. This can be attributed to the rapid urbanization, increasing disposable income, and growing demand for passenger and commercial vehicles in countries such as China and India. Additionally, stringent safety regulations and technological advancements in automotive parking brake systems are further fueling market growth in Asia-Pacific.
Companies Covered: Automotive Parking Brake Market
- ADVICS (Japan)
- Continental (Germany)
- Magna International (Canada)
- Aisin Seiki (Japan)
- Hyundai Mobis (Korea)
- Hitachi Automotive Systems (Japan)
- Mando (Korea)
- Brembo (Italy)
- F-TECH (Japan)
- LISI Group (France)
- Nissin Kogyo (Japan)
- DURA Automotive Systems (USA)
- SL (Korea)
- Fawer Automotive Parts (China)
- Zhejiang Asia-Pacific Mechanical & Electronic (China)
- erae Automotive Systems (Korea)
- Tata AutoComp Systems (India)
- LEAD (Japan)
- Al Ko Kober (Italy)
- Ficosa International (Spain)
The market leaders in the Automotive Parking Brake industry include ADVICS, Aisin Seiki, Hyundai Mobis, Brembo, and Nissin Kogyo. New entrants in the market include F-TECH, DURA Automotive Systems, Tata AutoComp Systems, and Al Ko Kober.
These companies can help grow the Automotive Parking Brake Market by continuously innovating and improving their products, expanding their distribution networks globally, and offering competitive pricing to attract more customers. They can also collaborate with automakers to develop customized solutions and enhance performance.
Sales Revenue:
- ADVICS: $ billion
- Continental: $44.4 billion
- Magna International: $39.4 billion
- Aisin Seiki: $34.06 billion
- Hyundai Mobis: $30.53 billion
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The Impact of Covid-19 and Russia-Ukraine War on Automotive Parking Brake Market
The Russia-Ukraine war and post-Covid-19 pandemic are likely to have significant consequences on the automotive parking brake market. The war may disrupt supply chains and increase raw material prices, leading to production delays and higher manufacturing costs for parking brake systems. On the other hand, the post-pandemic recovery may result in increased demand for vehicles, boosting the overall sales of parking brake systems.
The growth expectation for the automotive parking brake market is expected to be moderate, with a steady recovery in demand as economies recover from the pandemic. The major benefactors of this market are likely to be manufacturers of parking brake systems who are able to adapt to changing market conditions and provide innovative solutions to meet the evolving needs of the automotive industry. Additionally, suppliers who can offer reliable and cost-effective components for parking brake systems may also experience increased demand for their products.
What is the Future Outlook of Automotive Parking Brake Market?
The present outlook for the Automotive Parking Brake market is positive, with increasing demand for advanced parking systems in automobiles. Factors such as increased focus on safety regulations and technological advancements are driving the growth of the market. In the future, the Automotive Parking Brake market is expected to continue to grow, driven by the increasing adoption of electric vehicles and autonomous driving technologies. Manufacturers are also focusing on developing innovative parking brake systems to enhance efficiency and safety. Overall, the future outlook for the Automotive Parking Brake market looks promising with a potential for substantial growth in the coming years.
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Market Segmentation 2024 - 2031
In terms of Product Type, the Automotive Parking Brake market is segmented into:
- Drum Brake Type
- Disc Brake Type
In terms of Product Application, the Automotive Parking Brake market is segmented into:
- Passenger Cars
- Commercial Vehicles
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Key FAQs Answered In The Automotive Parking Brake Report Market Research Report
- What is the current size of the global Automotive Parking Brake market?
The report usually provides an overview of the market size, including historical data and forecasts for future growth.
- What are the major drivers and challenges affecting the Automotive Parking Brake market?
It identifies factors such as increasing demand from various industries like fashion, automotive, and furniture, as well as challenges such as environmental concerns and regulations.
- Which segments constitute the Automotive Parking Brake market?
The report breaks down the market into segments like type of Automotive Parking Brake, Applications, and geographical regions.
- What are the emerging market trends in the Automotive Parking Brake industry?
It discusses trends such as sustainability, innovative uses of Automotive Parking Brake, and advancements in technologies.
- What is the outlook for the Automotive Parking Brake market in the coming years?
It provides insights into future growth prospects, challenges, and opportunities for the industry.
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