Electric Parking Brake Market Size was valued at USD 1.94 billion in 2023 and is expected to reach USD 4.71 billion by 2031 and grow at a CAGR of 11.7% over the forecast period 2024-2031.
An electric parking brake is an automatic parking brake in which a small switch replaces the manual parking brake lever. This technique gives designers of vehicles more leeway to express their creativity by making automobiles roomier and improving their vehicles' gas mileage as a result of the decreased mass of their systems. Additionally, because there are no mechanical hand brake elements, there are benefits such as a decrease of up to 7.3 kilograms in the overall weight of the car. Electric parking brakes are becoming increasingly common in high-end and luxury vehicles. To keep a moving car from moving while it is parked on roads, electric parking brakes are utilized. In addition, an alternative to the traditional handbrake lever is the use of electric brakes, which are activated by pressing a button. When the button of the electric parking brake is pressed or pulled, the motors force the pads onto the back brakes. This causes the brakes to engage.
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In 2021, Brake-by-wire is a technology that BMW has announced will be included in the M8 and M8 Competition models. This technology reduces the weight of the vehicle by two kilograms and utilizes a vacuum-free brake booster to enhance the vehicle's overall fuel economy.
KEY DRIVERS:
Increasing automation in mass transit will drive the worldwide electric parking brake market.
Due to decreased weight, the use of electric parking brakes in automobiles is growing.
Strict regulations are imposed by the government with regard to road safety.
An increase in the demand for vehicles with lower fuel consumption.
RESTRAINTS:
The prohibitively high price of electronic parking brake systems.
A lack of trained experts to assess or install the system may slow market growth.
OPPORTUNITIES:
Manufacturers focus on developing innovative brake technology to compete in the market.
Integrating various electrical components into an electronic control unit (ECU).
The simplicity of electronic brakes improves fuel efficiency and reduces carbon emissions.
CHALLENGES:
Traditional hand brakes are less expensive than electric parking brakes.
Breakdowns are more complicated and costly when the system is manual or mechanical.
The rapid impact that COVID-19 has had on automotive sales has stifled the growth of the electronic park brake (EPB) industry. It was anticipated that there would be a large uptick in market activity as a direct result of the rapid growth of the automotive sector. On the other hand, it is anticipated that COVID-19 will lead to a reduction in market size in the not-too-distant future. In the auto business, sales are of the utmost importance; yet, companies are reporting slower output as a result of the lockout and poor demand. It is anticipated that this will result in a drop in sales for the leading companies. Because there is less consumer spending, the COVID-19 forecast predicts that total sales and income will fall as a result of the recession. As a direct consequence of COVID-19, all businesses were forced to shut down. This also resulted in individuals having a less discretionary income, which led to a decline in the desire for automobiles.
The global market has been divided into Electric-hydraulic caliper systems, and Full electric drive-by-wire systems based on the product type segment. Full-electric drive-by-wire accounted for a larger portion of the market. Instead of using hydraulic pump pressure and cable to trigger the brakes, the full-electric drive-by-wire uses electronic controls to activate and regulate the brakes, as well as the steering and other systems.
Market, By Components:
The global market has been divided into a Caliper integrated system, Brake system, electronic control unit, Sensors, and Actuators Based on the components segment. It is anticipated that caliper-integrated electric parking brakes will provide the highest contribution to the entire market. This is due to the growing demand for the product, as well as the fact that these brakes make use of an electric motor and an ECU.
Market, By Vehicle Type:
The global market has been divided into Passenger Cars, and Commercial Vehicles based on the vehicle type segment. Passenger vehicles accounted for a larger portion of the market. Commercial vehicles, on the other hand, are expected to acquire market share by the end of the forecast period due to an expansion in the manufacturing industries.
By Product Type:
Electric-hydraulic caliper system
Full electric drive-by-wire systems
By Components:
Caliper integrated system
Brake system
Electronic control unit
Sensors
Actuators
By Vehicle Type:
Passenger Cars
Commercial Vehicles
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The market is divided into four parts: North America, Asia-Pacific, Europe, and the rest of the world. North America will likely lead the market in the future due to an increase in the use of electronic parking brakes in automobiles. There has also been a rise in the number of Mexican companies that manufacture electronic parking brakes for automobiles. The electronic parking brake industry will grow in the future due to a rise in car sales in the United States. The worldwide automobile electric parking brakes market is predicted to expand significantly in Europe due to the presence of numerous key automotive electric parking brakes market players in Germany.
Because of the rising production of automobiles in countries like India and China, the automotive electric parking brakes market in the Asia Pacific region is predicted to rise rapidly. There will be modest development in other parts of the world in the next years, such as Latin America and the Middle East and Africa (MEA).
REGIONAL COVERAGE:
North America
The USA
Canada
Mexico
Europe
Germany
The UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
ZF Friedrichshafen AG (Germany), Continental AG (Germany), Aisin Seiki Co., Ltd. (Japan), Mando-Hella Electronics Corp. (South Korea), DURA Automotive Systems (US), Küster Holding GmbH (Germany), TBK Co., Ltd. (Tokyo), Svenska Kullagerfabriken AB (Sweden), Hyundai Mobis Co., Ltd. (South Korea), Wuhu Bethel Automotive Safety Systems Co., Ltd (China), and Zhejiang Wanchao Electric Appliance Co., Ltd. (China) are some of the affluent competitors with significant market share in the Electric Parking Brake Market.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 1.94 Billion |
| Market Size by 2031 | US$ 4.71 Billion |
| CAGR | CAGR of 11.7% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Product Type (Electric-hydraulic caliper system, Full electric drive-by-wire systems) • by Components (Caliper integrated system, Brake system, electronic control unit, Sensors, Actuators) • by Vehicle Type (Passenger Cars, Commercial Vehicles) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | ZF Friedrichshafen AG (Germany), Continental AG (Germany), Aisin Seiki Co., Ltd. (Japan), Mando-Hella Electronics Corp. (South Korea), DURA Automotive Systems (US), Küster Holding GmbH (Germany), TBK Co., Ltd. (Tokyo), Svenska Kullagerfabriken AB (Sweden), Hyundai Mobis Co., Ltd. (South Korea), Wuhu Bethel Automotive Safety Systems Co., Ltd (China), and Zhejiang Wanchao Electric Appliance Co., Ltd. (China) |
| Key Drivers | •Increasing automation in mass transit will drive the worldwide electric parking brake market. •Due to decreased weight, the use of electric parking brakes in automobiles is growing. |
| RESTRAINTS | •The prohibitively high price of electronic parking brake systems. •A lack of trained experts to assess or install the system may slow market growth. |
Ans:- The market forecast period is 2024-2031 according to the study report.
Ans:- An electric parking brake is an automatic parking brake in which a small switch replaces the manual parking brake lever.
Ans:- Traditional hand brakes are less expensive and breakdowns are more complicated and costly are the most significant obstacles facing the Electric Parking Brake Market.
Ans:- Yes.
Ans:- Raw material vendors, Distributors/traders/wholesalers/suppliers, Regulatory authorities, government agencies and NGOs, Commercial research & development (R&D) institutions, Importers and exporters, and End-use industries are the stakeholder of this report.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of the Ukraine-Russia War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Electric Parking Brake Market Segmentation, By Product Type
8.1 Electric-hydraulic caliper system
8.2 Full electric drive-by-wire systems
9. Global Electric Parking Brake Market Segmentation, By Components
9.1 Caliper integrated system
9.2 Brake system
9.3 Electronic control unit
9.4 Sensors
9.5 Actuators
10. Global Electric Parking Brake Market Segmentation, By Vehicle Type
10.1 Passenger Cars
10.2 Commercial Vehicles
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 the USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 the UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Continental AG (Germany),
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 ZF Friedrichshafen AG (Germany)
12.3 Aisin Seiki Co., Ltd. (Japan)
12.4 Hyundai Mobis Co., Ltd. (South Korea)
12.5 DURA Automotive Systems (US)
12.6 Küster Holding GmbH (Germany)
12.7 TBK Co., Ltd. (Tokyo)
12.8 Mando-Hella Electronics Corp. (South Korea)
12.9 Svenska Kullagerfabriken AB (Sweden)
12.10 Wuhu Bethel Automotive Safety Systems Co., Ltd (China)
12.11 Zhejiang Wanchao Electric Appliance Co., Ltd. (China)
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
14. Conclusion
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