The global automotive park brake lever (handbrake) market size is projected to reach USD 582.1 million in 2024. It is anticipated to grow at a CAGR of 10.1% during the forecast period and is estimated to attain a value of USD 1,523.6 million by 2034.
Automotive park brake lever (handbrake) is primarily used to stop the vehicle from rolling forward or backward when parked or stopped, increasing its popularity in hilly regions. It also acts as a hill-hold assist for uphill starts and can even be used as an emergency brake if the main brake fails. This multi-use makes it attractive to manufacturers and consumers alike.
The break can be used to park the car uphill or downhill and while waiting at the traffic light. It also acts as a safety measure if the car is being hit from behind as the handbrake won’t allow the car to move suddenly in the oncoming traffic if it is rear-ended. This assists in increasing its credibility among consumers.
| Attributes | Description |
|---|---|
| Estimated Global Automotive Park Brake Lever (Handbrake) Market Size (2024E) | USD 582.1 million |
| Projected Global Automotive Park Brake Lever (Handbrake) Market Value (2034F) | USD 1,523.6 million |
| Value-based CAGR (2024 to 2034) | 10.1% |
A parking brake is also popularly known as an emergency brake as if the main brake fails, this can be used to slow down or fully stop the vehicle. This makes it a crucial component to ensure the safety of the vehicle and its passengers.
The brakes often have a pulling mechanism connected to a cable that is attached to two-wheel brakes. This assists in maintaining a scalable clamp load and durability with reduced hysteresis. In manual transmission vehicles, the handbrake is engaged to keep the vehicle in a stationary position while parked, especially on an incline. The parking brake can also be used in several driving situations that require a momentary stoppage of the vehicle.
The automatic transmission vehicles have a “park” gear that immobilizes the transmission. Consumers are showing an increasing preference for electric park brakes owing to their unique features compared to conventional mechanical systems. These brakes tend to provide precise control, integration with other vehicle systems, and additional safety features. Manufacturers are, therefore, increasingly including electric parking brakes in their vehicles.
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The table showcases the estimated CAGR for the global automotive park brake lever (handbrake) industry over semi-annual periods ranging from 2023 to 2024. The examination provides businesses with a better understanding of the growth over the year by divulging the crucial shifts in performance and growth patterns of the industry. The first half (H1) of 2023 spans from January to June. The second half or H2 includes July to December.
Figures presented in the below table exhibit the growth rate for each half between 2023 and 2024. The market was expected to grow at a CAGR of 9.8% in the first half (H1) of 2023. The second half of the same year exhibits a spike in the growth rate at a CAGR of 10.1%.
| Particular | Value CAGR |
|---|---|
| H1 | 9.8% (2023 to 2033) |
| H2 | 10.1% (2023 to 2033) |
| H1 | 9.9% (2024 to 2034) |
| H2 | 10.2% (2024 to 2034) |
Proceeding in the following period, from H1 2024 to H2 2034, the CAGR is anticipated to slightly dip to 9.9% in the first half (H1) and then rise to 10.2% in the second half (H2).
Demand for Compact Designs is Driving the Adoption of Electric Handbrakes
The rapid shift toward electric parking brakes enables efficient utilization of space in the interior of the vehicle. Replacing the convention levers with buttons enables the optimization of cabin design, provides additional storage, and improves accessibility. Electric parking brakes simplify the parking process as these can be engaged and disengaged with a simple push of a button. This convenience attracts modern consumers.
Ongoing innovations in technology facilitate enhancement in safety and functionality. Electric handbrakes also contribute to weight reduction and improved power efficiency. Stringent regulations regarding vehicle safety coupled with the rising emphasis on reducing emissions are encouraging manufacturers to adopt sophisticated braking systems, such as electric parking brakes. The rising trend toward sustainability aligns well with the movement toward eco-friendly automotive solutions.
Electric-hydraulic Caliper Systems Bank for Potential Growth
Electric-hydraulic caliper systems are gaining traction as a preferred solution in the market. These systems integrate the parking brake function into the brake caliper. This decreases the need for additional components, thereby freeing up a significant amount of space in the vehicle’s interior.
The systems offer enhanced performance in several driving conditions, including hill starts. They can automatically engage to prevent rollback on incline roads, thereby enhancing vehicle and passenger safety. Improved system performance and comfort for the driver provided by these systems act as a key differentiator from the contemporary systems.
Growing Cases Related to Faulty Systems Anticipated to Impede Growth
The rising incidence of faulty electric parking brake systems is likely to impede the growth of the automotive park brake lever (handbrake) market. These systems generally use buttons or switches for engagement. These also have a high chance of malfunctioning, thereby making it difficult for drivers to engage or disengage the parking brake.
Failures as such can prove the parking brake ineffective, posing serious safety risks and increasing the chances of potential accidents. Manufacturers will therefore be required to address the safety concerns and reliability of these braking systems to maintain consumer trust and stability in the market.
Principal Consultant
The global automotive park brake lever (handbrake) industry was valued at USD 391.2 million in 2019. It further grew at a CAGR of 6.2% during the historical period ranging from 2019 to 2023. It attained a value of USD 528.7 million in 2023.
The growth of the automotive park brake lever (handbrake) market slowed down in tandem with the standstill experienced by the global automotive industry. This stagnant demand was prominently attributed to the lockdown imposed by the COVID-19 pandemic. These restrictions not only disrupted supply chains across several industries but also led to fluctuations in raw materials and increased tariffs.
All of these factors combined resulted in a halt in growth. As the lockdown restrictions eased, the industry started showing signs of partial recovery. The production output trend, though better than the pre-pandemic levels, still remained below the growth rate registered before the pandemic.
The industry is anticipated to reach a value of USD 582.1 million by 2024 and is further projected to grow at a CAGR of 10.1%. The overall market is estimated to reach a size of USD 1,523.6 million by 2034.
The industry is anticipated to showcase a steady growth rate during the assessment period. The market is likely to witness significant innovations like the emergence of electric parking brakes. The shift in consumer demand for interior aesthetics and efficient space management is projected to prominently drive growth. Manufacturers are focusing on improving the safety of light and heavy commercial vehicles with the help of cutting-edge parking brakes.
Key attributes that distinguish Tier 1 companies from others are their stability and brand recognition. These businesses constitute a significant portion of the global industry. They deploy modern technologies in their manufacturing processes to boost production.
The companies possess an extensive product portfolio and have production facilities spread across several locations. Well-known organizations in Tier 1 include Continental AG, ZF Friedrichshafen AG, and Aisin Seiki Co., Ltd.
Organizations operating in specific regions come under Tier 2. These companies are well-known on the global stage and have a substantial influence on the regional economy. These businesses hold a broad knowledge of the industry. AB SKF and SKF Group are renowned businesses in Tier 2.
Tier 3 generally consists of medium-to small-sized enterprises with regional headquarters. Compared to the key players in Tier 1 and Tier 2, Tier 3 firms are usually less structured and formalized. The limited geographic reach of these enterprises results in less competition among them. Prominent firms in Tier 3 include Ficosa International S.A. and Hitachi Automotive Systems, Ltd.
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The section provides businesses with an overview of the industry. It consists of a detailed analysis of the emerging trends and opportunities on a country-by-country basis. This country-specific examination of the dynamics is projected to assist organizations in understanding the complex nature of the business.
The examination comprises key factors, potential challenges, and forecasts influencing the demand, production, and consumption of the product within each country. This section aims to assist companies in making informed decisions and developing effective strategies customized to individual countries.
India is anticipated to emerge as a dominating country during the forecast period with an estimated CAGR of 15% through 2034. China, Spain, and France are estimated to follow closely behind India to become the key countries with projected CAGRs of 11.3%, 7.6%, and 7.1%, respectively.
| Countries | CAGR 2024 to 2034 |
|---|---|
| India | 15% |
| China | 11.3% |
| Spain | 7.6% |
| France | 7.1% |
| Italy | 6.6% |
India is anticipated to showcase a dominant CAGR of 15% during the forecast period in the automotive park brake lever (handbrake) market. The substantial increase in vehicle production directly influences the demand for automotive components, including handbrakes.
The rising consumer demand for passenger and commercial vehicles in the country has led to an expansion of its manufacturing capabilities. This demand and expansion in turn augments the growth of the automotive park brake lever (handbrake) market in the country.
The country’s government has implemented several initiatives to promote the automotive industry like the Production Linked Incentive (PLI) scheme that encourages innovation and domestic manufacturing. These schemes are set to make local manufacturers competitive in the global market. The country’s automotive market is increasingly focusing on vehicle and driver safety, and this focus has resulted in high adoption rates of cutting-edge braking systems.
China has consistently remained the most prominent manufacturer of automobiles globally. This high production rate directly correlates with the demand for automotive handbrakes. The country is anticipated to maintain its dominant position in the automotive industry during the forecast period.
The population of the country is steadily transitioning toward electric vehicles. This shift is driving the need for efficient and convenient electric parking brakes. This electrification trend in the industry is anticipated to boost the innovation and launch of new types of handbrake systems.
Government initiatives such as the ‘old-for-new’ scheme aim to phase out fossil-fuel guzzlers as well as outdated equipment and products with clean EVs and technology-intensive replacements. These initiatives promote vehicle trade-ins and further boost sales of automobiles and automotive components, including handbrakes.
Spain is in the second position in terms of automotive manufacturing in Europe. The country manufactured around 2.45 million vehicles in 2023. The country’s government is prioritizing the growth of its automotive industry intending to establish Spain as the electromobility hub of Europe.
The huge production of automobiles coupled with the transition toward electric vehicles is projected to propel the demand for unique and safe automotive park brake levers. To ensure safe driving, manufacturers in the country are investing in research and development activities to enhance the performance of these automotive handbrakes.
The country’s emergence as a leader in the automotive handbrake industry is supported by increased production and exports, strategic emphasis on EVs, and ongoing innovations in technology. These factors are projected to position Spain as a significant country in the automotive industry over the forecast period.
The section provides businesses with insightful data and analysis of the two leading segments. Segmentation of these categories assists organizations to understand the dynamics of the market and invest in the beneficial zones.
Examination of the growth allows companies to gain a thorough understanding of the trends, opportunities, and challenges. This analysis is projected to help enterprises navigate the complex business environment and make informed decisions.
Electric automotive park brake lever is estimated to lead in terms of functionality type with a value share of 30% in 2024. In terms of lever type, the pull-press-button hand lever is anticipated to dominate with a value share of 59% in the same year.
| Segment | Electric Automotive Park Brake Lever (Functionality Type) |
|---|---|
| Value Share (2024) | 30% |
The electric automotive park brake lever segment is set to be a prominent functionality type with a value share of 30% in 2024. This growth is prominently attributed to the rapid consumer shift toward electric vehicles owing to the stringent emission control regulations and rising climate awareness. The popularity of EVs is projected to create a high demand for efficient and reliable parking brake systems, opening up new growth opportunities.
Technological innovations have facilitated the development of electric park brake levers that offer convenience and enhance functionality compared to conventional lever-operated systems. These innovations are projected to further augment growth.
Manufacturers, at present time, are not manufacturing several vehicles with the traditional lever-operated parking brakes. This is prominently due to the convenience offered by electric handbrakes.
Another factor propelling their growth is the automatic lock feature that prevents the vehicle from moving while in a stationary position or when parked on a hill. Their emergency braking functionality is an additional feature that is not found in traditional lever-operated systems.
| Segment | Pull-press-button Hand Lever (Lever Type) |
|---|---|
| Value Share (2024) | 59% |
The pull-press-button hand lever segment is likely to dominate the lever-type segment during the forecast period with a value share of 59% in 2024. This growth is driven by the ease of operation and simplicity offered by this mechanism, making its handling easy for drivers.
The mechanism also requires minimal physical effort to engage and disengage, making it user-friendly, especially for drivers who struggle with physically demanding systems. It enhances the overall driving experience by quick and intuitive pull of the lever with a simple press of the button.
The pull-press-button hand lever incorporates safety mechanisms that assist in preventing accidental disengagement. The need to press a button before pulling the lever ensures the handbrake is not inadvertently released. This feature is especially crucial for preventing rollaway incidents, particularly on inclines.
Innovations in technology are making the integration of electric components common in handbrake systems. The pull-press-hand lever mechanism can be easily adapted to work alongside electric braking systems, thereby making it favorable to manufacturers and consumers.
Key players in the industry include Continental AG, AB SKF, Aisin Seiki Co., Ltd., Ficosa International S.A., and ZF Friedrichshafen AG. The global automotive industry has a rising demand for automotive safety systems and unique driver assistance features. This demand is bolstering the demand for automotive park brake levers (handbrakes).
Manufacturers are working toward innovating the park brakes by bringing advancements in the engineering and design of these braking systems. Brands are integrating park brake levers with electronic controls to automate parking features. These innovations are set to lead to the development of reliable, user-friendly, and safe solutions that enhance driver convenience and comfort.
Globalization of the supply chain in automotive manufacturing has prompted the standardization of parking brake systems across vehicle platforms. This creates new opportunities for manufacturers in the automotive park brake lever (handbrake) lever industry.
The increasing emphasis on fuel efficiency, vehicle electrification, and reduced weight is driving the requirement for electric park brake lever solutions. This is because electric handbrakes optimize weight, space, and energy consumption in vehicle designs. Ongoing research and development efforts are anticipated to augment product innovation and expansion in the automotive park brake lever (handbrake) market.
Industry Updates
Based on lever type, the industry is segmented into 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, the industry is divided into conventional and electric automotive park brake levers.
Based on vehicle type, the industry is segmented into passenger cars, light commercial vehicles, heavy commercial vehicles and electric vehicles. Passenger cars are further divided into compact cars, mid-size cars, SUVs, luxury cars.
Original equipment manufacturers (OEM) and aftermarket are the two key sales channels.
Information on countries in North America, Latin America, Western Europe, South Asia and Pacific, East Asia, and the Middle East and Africa is given in the report.
The market is anticipated to reach USD 582.1 million in 2024.
Hand brakes are mainly used for stable parking of vehicles on flat roads or slopes.
The industry is estimated to reach USD 1,523.6 million by 2034.
Continental AG, AB SKF, Aisin Seiki Co., Ltd., Ficosa International S.A., and ZF Friedrichshafen AG are the key players.
The market is anticipated to rise at a CAGR of 10.1% through 2034.
Every car, whether it's manual or automatic, requires a handbrake to operate safely and effectively.
India is estimated to dominate with a CAGR of 15% during the assessment period.
A handbrake is also known as a parking brake or emergency brake and is a straight pull handle near the steering column.
Electric handbrake is user-friendly compared to conventional handbrakes as all one needs to do is press a button instead of pulling and releasing the handbrake.
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Automotive Park Brake Lever (Handbrake) Market
