(Alliance News) - Cofle Spa announced on Thursday the completion of its new range of electric parking brakes, known as Electronic Parking Brakes, an advanced technology that replaces the traditional cable-operated mechanical parking brake, intended for the Automotive Aftermarket sector.

As a result of this innovation, for which Cofle has already filed patents, and considering the expected increase in demand in the coming years, Cofle estimates sales growth for the Aftermarket division of around EUR10 million over the next five years.

"Aiming to gain at least 10 percent market share, EPB represents a very promising diversification opportunity for Cofle, supported also by the positive feedback received from key customers," the company points out in a note.

This new technology is now being applied to many car models, including low and mid-size cars, and will therefore be a major item in the Aftermarket sector.

Walter Barbieri, president and chief executive officer of Cofle, commented, "We are excited to introduce our new range of EPBs, which are key to Cofle's accelerated growth. This new technology not only meets the needs of an evolving market, but also allows us to offer innovative solutions that strengthen our competitive position. The global EPB market shows significant potential: in 2022 the European market was EUR76 million, and it is expected to reach EUR254 million in 2030, with an estimated CAGR of 16%. We are confident that with our patented technology and increasing demand, we will be able to achieve ambitious growth targets."

Cofle closed Wednesday flat at EUR4.98 per share.

By Chiara Bruschi, Alliance News reporter

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