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The automotive park brake lever or commonly known as the automotive handbrake or emergency brake helps in preventing the vehicle to move once it is being parked. Automotive Park Brake Lever (Handbrake) is one of the mandatory components of the vehicle. Automotive Park Brake Lever (Handbrake) can be of two types conventional lever and electronic parking brake (button type). The conventional automotive park brake lever is well established in the market while the electronic automotive park brake lever is a luxury feature that provides more storage space between the front center console of the vehicle. Owing to increasing automotive sales and vehicle fleet, the demand for Automotive Park Brake Lever (Handbrake) is also estimated to witness significant growth in the coming years. This in turn is expected to contribute to the growing market of Automotive Park Brake Lever (Handbrake) across the globe during the forecast period.
The global automotive park brake lever (handbrake) market size is expected to reach US$ 480.2 Million in 2022 and US$ 722.6 Million in 2032.
As per FMI, the automotive park brake lever (handbrake) market is likely to exhibit growth at a CAGR of 10.1% in the forecast period from 2022 to 2032.
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Automotive Park Brake Lever (Handbrake) Market: Dynamics
Sales of Automotive Park Brake Lever (Handbrake) is directly correlated to automotive production and vehicle parc. Growing automotive demand and subsequently increasing automotive sales particularly in the developing countries is estimated to be the key driver for the growth of Automotive Park Brake Lever (Handbrake) Market during the forecast period. Rapidly growing electric vehicle market with expected fall in the manufacturing costs for all classes of electric vehicle is also considered to be one of the major factor propelling the demand for Automotive Park Brake Lever (Handbrake) across the globe.
The ongoing trend gaining momentum in the Automotive Park Brake Lever (Handbrake) market is the increasing traction towards electric parking brake which adds new functionality to the vehicle. The electric parking brake is operated by a switch that electronically applies the braking effort and hold the vehicle stationary.
Automotive Park Brake Lever (Handbrake) Market: Regional Outlook
The market for Automotive Park Brake Lever (Handbrake) is expected to be dominated by the Original Equipment Manufacturer (OEM) sales channel segment owing to lower replacement rate of Automotive Park Brake Lever (Handbrake). Hence the market is expected to be more dependent on the production of automotive. Therefore, countries with significantly higher production rate of automotive will account for dominant share in the global Automotive Park Brake Lever (Handbrake) market during the forecast period. China being the largest producer of vehicles with more than 29 million units of production in 2017, is estimated to dominate the global Automotive Park Brake Lever (Handbrake) market in terms of unit sales during the forecast period. U.S. with more than 11 million automotive production is estimated to be the second largest market for Automotive Park Brake Lever (Handbrake) across the globe. Owing to significantly increasing production, countries such as India, ASEAN, Iran, Netherlands, Russia and Turkey are expected to project relatively higher growth opportunities in the global Automotive Park Brake Lever (Handbrake) market
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Automotive Park Brake Lever (Handbrake) Market: Key Participants
Examples of some of the market participants identified across the value chain of the global Automotive Park Brake Lever (Handbrake) market include:
Automotive Park Brake Lever (Handbrake) Market: Segment
The global Automotive Park Brake Lever (Handbrake) market has been segmented by lever type, functionality type, by vehicle type and by sales channel
On the basis of lever type, the global Automotive Park Brake Lever (Handbrake) market has been segmented as:
On the basis of Functionality type, the global Automotive Park Brake Lever (Handbrake) market has been segmented as:
On the basis of vehicle type, the global Automotive Park Brake Lever (Handbrake) market has been segmented as:
On the basis of Sales Channel, the global Automotive Park Brake Lever (Handbrake) market has been segmented as:
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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