Electric Vehicles Sales in Japan and China Position East Asia as Investment Hotbed in Electric Parking Brake Market

Asia to Remain at the Epicenter of Electric Parking Brake Market Growth

News provided by Fact.MR
November 01, 2021 15:41 Korea Standard Time

DUBAI--(Korea Newswire) November 01, 2021 -- The East and South Asia electric parking brake market will register stellar growth as the adoption of autonomous and electric vehicles grows in Japan, China, and South Korea. Fact.MR projects the Asian electric parking brake market to contribute over 60% of global sales.

With increasing sales of electric vehicles (EV), especially in South Korea and China, East Asia is positioned for investment in the electric parking brake market. Favorable policies are the epicenter of the expansion of the market in Asia.

For instance, the government in China imposed the regulation of ‘Zero-emissions vehicle mandate.' With this, every vehicle manufacturer and importer is required to make or import at least 10% electric vehicles.

Against this backdrop, manufacturers are collaborating with the local and regional automakers and original equipment manufacturers to increase the supply of electric parking brakes.

The unprecedented outbreak of COVID-19 dipped the sales of electric brake parking across India, China, and Japan due to disruption in manufacturing activities. However, with government subsidies and initiatives encouraging electric vehicles sales, the market is on the path of rapid recovery.

For instance, as per the International Trade Administration, the government in Japan recently set a target of electric vehicle sales to double by 2035. Following this, manufacturers are lining up to integrate their vehicles with the advanced electric and autonomous systems.

The report also states that according to the Japan Automobile Dealers Association, electric vehicles sales in Japan totaled 1.4 million in 2020. New EV sales also accounted for over 36% of total new car sales in the country. With the surging adoption of electric vehicles, demand for advanced electric parking brake systems has increased for improved performance and safety.

“Increasing demand for automation to improve the safety and efficiency of electric vehicles will result in extensive adoption of advanced electric parking brake systems. However, due to high installation costs of advanced high-quality tools, consumers are opting for electric-hydraulic caliper systems, which is creating prospects for the growth of the electric parking brake market,” says a Fact.MR analyst.

Electric Hydraulic Calipers Systems Could Make Electric Vehicles More Appealing

As per Fact.MR’s analysis, over 35% of electric brake parking sales are expected to be generated from electric-hydraulic caliper systems. As they provide improved performance and are cost-effective, electric-hydraulic caliper systems are highly sought-after among consumers.

As safety and cost have become more important, consumers are in favor of getting advanced yet cost-effective tools installed in their vehicles. Electric-hydraulic caliper systems offer better comfort compared to conventional brakes. They also reduce the wear and tear of the vehicle.

Some of the leading manufacturers and OEMs such as Zhejiang and Continental AG are introducing advanced caliper integrated electric parking brake systems to gain a competitive edge.

For instance, in April 2019, Alcon Components Ltd., introduced custom designed braking solution for the application in protean drive in-wheel motor to retain suspension functionality and ensure smooth steering in the vehicle.

As per Fact.MR, Asia will continue attractive investment in the electric parking market.

For instance, in 2020, a leading player ZF announced the launch of a front electric park brake in India. With this solution -ZF claimed to be an industry first. The launch allowed car manufacturers to include an advanced braking system in smaller vehicles and design their interiors with a compact switch instead of conventional brakes.

The manufacturing of this system was also launched in South Korea and China owing to the increasing sales of electric vehicles in these countries. As per the study, countries such as India, China, and Japan are expected to emerge as the investment hubs for the electric parking brake manufacturers.

The key players operating in the global electric parking brake as profiled by Fact.MR are:

· TRW Inc.
· KUSTER Holding GmbH
· Continental AG
· DURA Automotive Systems
· Aisin Corporation
· Mando Corporation
· Hyundai Mobis
· Wuhu Bethel
· Zhejiang Wanchao.
· Others

Key Questions Answered by the Report

· The report offers insight into electric parking brake market demand outlook for 2021-2031
· The market study also highlights projected sales growth for electric parking brake market between 2021-2031
· Electric parking brake market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
· Electric parking brake market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

About Fact.MR

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Electric Parking Brake Market Survey Report: https://www.factmr.com/report/2536/electric-parkin
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Electric Trolling Motors Market Research Report: https://www.factmr.com/report/4860/electric-trolli
Automotive Brake Caliper Market Research Report: https://www.factmr.com/report/2483/automotive-brak
Vehicle Mounted Spotlights Market Research Report: https://www.factmr.com/report/5403/vehicle-mounted

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Mahendra Singh
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