The global parking brakes market was valued at US$2.814 billion in 2021.

NOIDA, UTTAR PRADESH, INDIA, January 22, 2024 /EINPresswire.com/ -- According to a new report published by Knowledge Sourcing Intelligence, forecasted between 2021 and 2028, Global parking brakes market was valued at US$2.814 billion in 2021 and is anticipated to propel significantly over the coming years.

The primary driving force behind the global parking brakes market is expected to be the rise in automotive production on a global scale. As the automotive industry experiences increased manufacturing activities, the demand for parking brakes is anticipated to grow significantly. This trend can be attributed to the integral role parking brakes play in ensuring vehicle safety and stability, making them a crucial component in the expanding automotive sector. The surge in automotive production is poised to propel the market for parking brakes, reflecting the industry's responsiveness to the growing needs and demands of the global automotive market.

The parking brakes market is projected to experience a consistent growth trajectory over the forecast period. These brakes, whether mechanical or hydraulic, serve the purpose of preventing a vehicle from rolling or moving when it is parked or stationary. Lever brakes, pedal brakes, and electronic brakes represent the prevalent types of parking brakes, each activated through distinct mechanisms such as pulling a lever, pushing a button, or stepping on a pedal, depending on the vehicle's design. The increased production of both passenger and commercial vehicles has led to a heightened demand for parking brakes, consequently contributing to the expansion of the parking brakes market size.

Access sample report or view details: https://www.knowledge-sourcing.com/report/parking-brakes-market

The parking brakes market, categorized by types, encompasses three main segments: Lever Brake, Pedal Brake, and Electronic Brake. Lever brakes are conventional and widely used, employing a lever mechanism for engagement. Pedal brakes are activated by pressing a foot pedal, providing a user-friendly interface. Electronic brakes represent a modern advancement, utilizing electronic systems for activation and control. This diverse array of parking brake types caters to various vehicle designs and driver preferences. Lever brakes offer simplicity and reliability, while pedal brakes enhance ease of use. Electronic brakes showcase technological innovation, integrating advanced control systems into the braking mechanism. The availability of these diverse types ensures that parking brakes can be tailored to suit different automotive applications, contributing to the overall efficiency and safety of vehicles in the market.

The parking brakes market, segmented by components, comprises two key elements: Lever and Steel Cables. The lever, a fundamental component, serves as the primary mechanism for activating the parking brake. This critical part provides the driver with a manual interface to engage and disengage the parking brake, ensuring the vehicle remains stationary when parked. In addition to the lever, steel cables play a crucial role in transmitting the force exerted by the lever to the braking system, facilitating the application of the parking brake. These steel cables are designed to endure tension and transmit the necessary force accurately, ensuring the reliable operation of the parking brake system. The combination of the lever and steel cables underscores the importance of these components in the overall functionality and safety of the parking brake system, contributing to the secure immobilization of vehicles during parking situations.

The parking brakes market, categorized by vehicle type, encompasses two main segments: Passenger Vehicles and Commercial Vehicles. Passenger vehicles, including cars, SUVs, and other personal-use automobiles, constitute a significant portion of the market. Parking brakes in passenger vehicles play a crucial role in ensuring safety during stationary periods, preventing unintended movement. On the other hand, commercial vehicles, such as trucks and buses, also rely on parking brake systems to secure their parked positions effectively. The requirements for parking brakes in commercial vehicles are often more robust, considering the larger size and weight of these vehicles. The parking brakes in both passenger and commercial vehicles contribute to overall road safety by providing a reliable means of immobilizing vehicles when parked, thus preventing potential accidents and enhancing overall operational safety. The distinct needs and specifications of these two vehicle categories underscore the diversity within the parking brakes market and the varied applications of these safety systems across the automotive industry.

Europe is poised to capture a substantial share of the parking brakes market, primarily attributed to the region's significant production output of both passenger and commercial vehicles. The German government's recent initiative, announced in 2023, offering financial incentives of €4,500 for electric vehicles (EVs) priced up to €40,000 and €3,000 for those priced between €40,000 and €65,000, has stimulated the demand for EVs. This, in turn, has propelled the manufacturing of electric vehicles, contributing to the overall growth of the automotive industry. Similarly, Spain implemented a €3.75 billion ($4.2 billion) stimulus program in 2020, focusing on the country's automotive sector and promoting the sale of low-emission vehicles, a measure that came into effect in 2021. These strategic governmental initiatives have acted as catalysts, fostering increased automobile production and subsequently expanding the market size of parking brakes in the European region.

Major players in this market are MGM Brakes (Indian Head Industries Inc.), Warner Electric (Altra Industrial Motion), AKEBONO BRAKE INDUSTRY CO., LTD, HL Mando Corp (HL Holdings), Hitachi Automotive System Ltd., Orscheln Products LLC, ZF Friedrichshafen AG, and Continental AG.

The market analytics report segments the parking brakes market on the following basis:

• By Type

o Lever Brake
o Pedal Brake
o Electronic Brake

• By Component

o Lever
o Steel Cables

• By Vehicle Type

o Passenger Vehicle
o Commercial Vehicles

• By Geography

o North America

• USA
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• Germany
• UK
• France
• Spain
• Others

o Middle East and Africa

• Saudi Arabia
• UAE
• Others

o Asia Pacific

• China
• Japan
• South Korea
• India
• Australia
• Other

Companies Profiled:

• AKEBONO BRAKE INDUSTRY CO., LTD
• Continental AG
• Hitachi Automotive System Ltd.
• HL Mando Corp (HL Holdings)
• MGM Brakes (Indian Head Industries Inc.)
• Orscheln Products LLC
• Warner Electric (Altra Industrial Motion)
• ZF Friedrichshafen AG

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Ankit Mishra
Knowledge Sourcing Intelligence
+1 850-250-1698
info@knowledge-sourcing.com
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