The global automotive park brake lever (handbrake) market is projected to reach USD 582.1 million in 2024, with a strong growth forecast at a CAGR of 10.1% during the forecast period, leading to an estimated market value of USD 1,523.6 million by 2034.
The handbrake is mainly used to prevent vehicles from rolling when parked or stopped, making it especially popular in hilly areas. It also serves as a hill-hold assist for uphill starts and can act as an emergency brake if the main braking system fails. This versatility enhances its appeal to both manufacturers and consumers.
In addition to being useful for parking on inclines, the handbrake is used at traffic lights and acts as a safety feature, preventing sudden vehicle movement in the event of a rear-end collision. This added safety feature boosts its credibility among consumers, further driving demand.
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Key Takeaways from Automotive Park Brake Lever (Handbrake) Market
- North America holds a significant market share. This could be attributed to the fact that the US Department of Transportation has confirmed that ~3400 passenger cars got sold in the year 2020 alone; out of which around 290 got imported from Japan and 235 from Germany.
- The Asia-Pacific is expected to grow at the fastest rate in the automotive park brake lever (handbrake) market in the near future. Japan, South Korea, India, and China are leading the market from the front. There are companies like Tata Motors creating ripples.
- Europe is dominated by Germany. It’s the largest exporter of cars all over the world. The scenario is expected to continue even in the forecast period.
“Growing frequency of production and sales of commercial vehicles and passenger cars is expected to drive the automotive park brake lever (handbrake) market going forward”, – says an analyst from Future Market Insights.
Competitive Landscape
- Tata Motors, in May 2022, did launch the ‘Nexon EV MAX’. It is inclusive of an electronic parking brake switch.
- Hitachi Automotive Systems, Ltd., in October 2020, did introduce a novel heavy-duty automated parking brake (APB HD) for addressing pickup trucks, SUVs, light commercial vehicles and vans. The company already has a name as the biggest manufacturer of the automotive braking solutions across the globe. The products, namely drum brakes, disc brakes, rotors, and electro-mechanical parking, are meant for the passenger cars, 2-wheeler vehicles, and light commercial vehicles though aftermarket distribution channels and OEMs. Additionally, it does employ over 9,500 people at engineering centers, manufacturing facilities, engineering centers, and the sales offices in more than 17 countries.
Key Players
- Continental AG
- AB SKF
- Aisin Seiki Co., Ltd.
- Ficosa International S.A.
- ZF Friedrichshafen AG
- Hitachi Automotive Systems, Ltd.
- SKF Group
What does the Report say?
- The research study is based on lever type (pull-twist handgrip lever, pull-press-button hand-lever, pull-squeeze pistol-grip hand-lever, pull-press-button hand-lever, and push button), by functionality type (conventional automotive park brake lever and electric automotive park brake lever), by vehicle type (conventional vehicles, passenger car, compact cars. Mid-sized cars, SUVs, luxury vehicles, light commercial vehicles, heavy commercial vehicles, and electric vehicles), and by sales channel (aftermarket and OEMs).
- The geographies are expected to handsomely invest large sums in developing state-of-the-art designs pertaining to electric handbrakes for meeting needs of autonomous vehicles.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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