Automotive park brake lever is commonly known as automotive handbrake or emergency brake that helps in preventing the vehicle to move once it is being parked. It is one of the mandatory component of the vehicle. It can be of two type’s conventional lever and electronic parking brake (button type). Conventional automotive park brake lever is well established in the global market while electronic automotive park brake lever is a luxury feature that provides more storage space between the front center consoles of the vehicle.
According to study, “Global Automotive Park Brake Lever Market to reach USD XX billion by 2026” the key companies operating in the global automotive park brake lever market are ZF Friedrichshafen AG, AB SKF, Continental AG, Electronic Mobility Controls, Toshiba Electronic Devices & Storage Corporation, KÜSTER Unternehmensgruppe, Brembo S.p.A., AISIN SEIKI Co., Ltd., Allegro MicroSystems, LLC, MANDO-HELLA Electronics Corp., and WABCO. Key manufacturers are strategizing on latest technological innovations for instance brake-by-wire technology that considerably reduces the weight of the car and adoption of self-driving cars with technologically compatible components like electric parking brakes. However, counterfeit of automotive components, faulty electric parking brake lever systems, and long product life cycle of electric parking brake systems are affecting the growth of automotive park brake lever market landscape.
The global automotive park brake lever market is sub-categorized into lever type, functionality type, vehicle type, and sales channel. Based on lever type, market is bifurcated as pull-squeeze pistol-grip hand-lever, pull-twist handgrip lever, push button, pull-press-button hand-lever and pull-press-button hand-lever. Based on functionality, market is bifurcated as electric automotive park brake lever and conventional automotive park brake lever. Based on vehicle type, market is bifurcated as light commercial vehicle, heavy commercial vehicle, compact cars, mid-sized cars, luxury vehicles, SUVs, passenger car, electric vehicle and others. In addition, based on sales channel, market is bifurcated as original equipment manufacturer (OEM) and aftermarket. OEM sales channel segment is likely to depict higher growth rate due to ease of implementation & rise in consumer preference and lower replacement rate of automotive park brake lever (handbrake) during the forecast period.
The automotive park brake lever market is driven by increase in automotive sales and vehicle fleet, followed by rise in consumer demand for premium cars, rise in preference for sophisticated electronic system due to higher per capita income, increase in traction towards electric parking brakes with technological advancement, growth in electric vehicle market and increase in automotive sector. Moreover, growth in technological advancements and rise in safety awareness are key opportunities for market.
Based on geography, the North-American region holds major share in global automotive park brake lever market owing to increase in automotive sectors, higher standard of living, increase in availability of well-developed infrastructure, rise in demand for luxury & premium class vehicles coupled with presence of key players in the region. Whereas, the Asian-Pacific and European regions are anticipated to exhibit higher growth rate due to stringent norms related to safety over the forecast period. In upcoming years, it is projected that future of the global market because of rise in demand for luxury cars during the forecast period.
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Ankur Gupta, Head Marketing & Communications