Electrical parking brake (EPB) is a hand brake of a car, which is used to keep thevehicle motionless by applying the brakes of the vehicle. It consists of a hand lever, which is connected with the rear brakes. Electrical parking brake system is used to keep thevehicle stable while leaving it for parking. In addition, itis also helpful in emergency situations when brakes fail to operate. Electrical park brake (EPB) provides safety to the driver and ishighly reliable as it resists the backward movement of the vehicle over a slope.Moreover, italso reduces the chances of backward crashing,which boosts the growth of the electrical parking brake market in the coming years.

COVID-19 scenario analysis:

COVID-19 has rapidly affected the salesin theautomotive industry,thus hampering the growth of electrical park brake (EPB) market.
The market was expected to register significant growth due to rapid growth of theautomobile sector.However,due to COVID-19, the market is expected to decline in the near future.
Sales play a major role in the vehicle sector and industries are facing slower production due to lockdown and low demand.This is expected toeventually decrease the sales of the top companies.
Due to no demand in the COVID-19 situation, recession is estimated to decrease the overall sales and revenue.
COVID-19 resulted in shutting down all the businesses.This also reduced the disposable income of people, leading to decrease indemand forautomobile.

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Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

Top impacting factors that drivethe growth of the electrical parking brake system (EPB) market are consistent increase in adoption of electric vehicles and more reliability of electric parking brakes.However, high cost compared to mechanical brakes and lack of medical reimbursement hamper the growth of the market. Furthermore, increase insafety concerns and growth of self-driving carsprovide lucrative opportunitiesfor the electrical parking brake system (EPB) market.

Consistent increase in adoption of electric vehicles

Increasein adoption of automation technology in vehicles and rise indemand for electric vehicles help to increase the demand for electrical parking brake system (EPB). Electrical parking brake system provides safety and stability to the vehicle while leaving it on the slope. Therefore,its features help to propel the growth of the electrical parking brake system (EPB) market in near future.

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Key benefits of the report:

This study presents the analytical depiction of the electrical park brake (EPB) industry market along with current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the electrical park brake (EPB) market share.
The current market is analyzed to highlight the electrical park brake (EPB) market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.

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