Source: Future Market Insights announcement
LONDON – According to a recent report from Future Market Insights (FMI), the global automotive park-brake lever (handbrake) market is expected to reach $480.2 million in 2022 and $722.6 million in 2032.
As per FMI handbrake market is likely to exhibit growth at a compound annual growth rate (CAGR) of 10.1 percent in the forecast period from 2022 to 2032.
Sales of automotive park-brake lever are directly correlated to automotive production and vehicle parc. Growing automotive demand and subsequently increasing automotive sales, particularly in developing countries is estimated to be the key driver for the growth of the this market during the forecast period.
The rapidly growing electric vehicle market with an expected fall in the manufacturing costs for all classes of electric vehicles is also considered to be one of the major factors propelling the demand for parking-brake levers across the globe, reported FMI.
The ongoing trend gaining momentum in the parking-brake lever (Handbrake) market is the increasing traction toward electric parking brakes which adds new functionality to the vehicle. The electric parking brake is operated by a switch that electronically applies the braking effort and holds the vehicle stationary.
The market for parking-brake levers is expected to be dominated by the original equipment manufacturer (OEM) sales channel segment owing to the lower replacement rate of parking-brake lever. Hence the market is expected to be more dependent on the production of automobiles.
Therefore, countries with a significantly higher production rate of automotive will account for a 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 parking-brake lever market in terms of unit sales during the forecast period.
The U.S. with more than 11 million automotive productions is estimated to be the second largest market.