Electric Parking Brake Market was Estimated at USD 2980.28 Million, and its anticipated to Reach USD 4631.49 Million in 2031, with a CAGR of 15.83% During the Forecast Years.
Electric Parking Brake Market OVERVIEW
In the modern automotive landscape, the shift towards technology-driven components is becoming more prevalent, and one of the significant transformations is the rise of the electric parking brake (EPB) system. This innovative braking solution, functioning through electronic control rather than manual force, has marked a pivotal change in vehicle safety and efficiency.
At the very core, the electric parking brake, which many refer to simply as EPB, stands as a sophisticated enhancement over its traditional counterpart, the handbrake. By operating through an electronic mechanism, it offers both drivers and manufacturers a range of benefits that translate to enhanced driving experiences and streamlined vehicle design. As vehicles become more integrated with advanced technologies, the role of electronic systems, like the EPB, becomes even more critical.
The global electric parking brake market's surge can be attributed to multiple factors. For starters, vehicle safety is paramount in today's age. With the increasing number of vehicles on the road, safety mechanisms such as EPBs have become essential components of modern automobiles. The inherent design of EPBs ensures that vehicles remain stationary when parked, especially on slopes or uneven terrains. The ease of activating it with just a push of a button adds an extra layer of convenience for drivers.
Another significant advantage of the EPB system is the space-saving aspect. Traditional handbrakes often take up considerable space in the vehicle's interior. In contrast, electric parking brakes, with their compact electronic modules, allow for more ergonomic designs. This not only leads to a more spacious interior but also offers car designers greater flexibility in their layouts.
The electric parking brake market also finds momentum from the rise of automated vehicles. As automation continues to redefine transportation, the integration of systems like EPB becomes essential. Automated vehicles require precision, and the EPB, with its electronic control, offers just that. When vehicles are in autonomous mode, having a reliable parking system is indispensable.
Further bolstering the EPB market's growth is the push towards electric vehicles (EVs). The world is swiftly moving towards greener and more sustainable modes of transportation, with EVs leading the charge. As these vehicles rely heavily on electronic components, the integration of EPBs becomes a natural fit. Moreover, the weight distribution in EVs, especially with heavy batteries, makes a robust parking system like EPB a crucial inclusion.
Moreover, the consumer demand for luxury and high-end vehicles is on a consistent rise. These vehicles often come equipped with the latest technologies, and the EPB is no exception. The luxury car segment, with its focus on providing superior driving experiences, often opts for advanced systems like the electric parking brake to ensure optimal performance and safety.
But it's not just the luxury segment; even mid-range cars are starting to incorporate EPBs as standard equipment. This trend indicates a broader acceptance of the technology and its eventual ubiquity in the automotive landscape. Manufacturers recognize the benefits and are keen on providing their customers with the best in class safety and convenience features.
In essence, the electric parking brake market stands at a juncture of immense growth potential. With the automotive world leaning heavily into technology-driven solutions, systems like EPB are bound to become staples in the industry. As we move forward, the emphasis on safety, convenience, and vehicle design will only intensify, making the electric parking brake market an essential segment of the automotive world.
COVID-19 IMPACT
The onset of the COVID-19 pandemic brought unprecedented challenges for industries worldwide, and the electric parking brake market was no exception. With lockdowns imposed globally, there was a sharp decline in vehicle production and sales. The disruption in the supply chain, mainly due to restrictions in international trade, hindered the availability of essential components for EPBs. Additionally, decreased consumer spending capacity and a focus on essential goods led to a slump in the demand for new vehicles, further impacting the EPB market.
MARKET RECOVERY AFTER COVID-19
Post the initial wave of COVID-19, the electric parking brake market has shown signs of steady recovery. As countries started to lift lockdowns and resume industrial operations, the demand for vehicles, especially luxury and automated ones, saw an upward trend. Manufacturers have ramped up production capacities and are working in collaboration with suppliers to streamline the supply chain. The emphasis on contactless technologies and advanced safety systems post-pandemic is further expected to boost the adoption of EPBs in modern vehicles.
LATEST TRENDS
The electric parking brake market is currently witnessing several transformative trends. With advancements in autonomous driving technologies, there's a rising demand for automated parking solutions. Features like auto-hold function and automatic release are becoming standard in many high-end vehicles. Furthermore, integration with smart city infrastructure and IoT is paving the way for intelligent parking solutions using EPBs. Another significant trend is the miniaturization of EPB systems, making them more efficient and space-saving.
DRIVING FACTORS
Several factors are driving the growth of the electric parking brake market. Enhanced safety features, coupled with the convenience offered by EPBs, are paramount. The ability of EPBs to hold vehicles stationary on slopes without driver intervention adds to their appeal. Additionally, regulatory bodies across the globe are emphasizing vehicle safety, pushing manufacturers to adopt advanced systems like EPBs. The increasing shift towards electric and autonomous vehicles is another significant driving factor.
RESTRAINING FACTORS
While the prospects seem promising, there are challenges. The higher cost associated with EPB systems compared to traditional brakes can be a deterrent, especially in price-sensitive markets. Moreover, the reliance on electronics raises concerns about potential malfunctions and the need for specialized maintenance.
MARKET OPPORTUNITIES
Emerging markets, especially in the Asia-Pacific region, present lucrative opportunities. With increasing disposable incomes and a growing middle class, the demand for luxury vehicles equipped with advanced features like EPBs is on the rise. Furthermore, the global push towards electric vehicles offers vast potential for the EPB market.
Electric Parking Brake MARKET SEGMENTATION
- By Type: Cable Pull Systems and Caliper Integrated Systems.
- By Vehicle Type: Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles.
- By Sales Channel: OEM and Aftermarket.
- By Technology: Automatic and Manual.
Electric Parking Brake MARKET REGIONAL INSIGHTS
- North America: Significant growth due to the high adoption rate of advanced vehicle technologies.
- Europe: Steady growth driven by stringent safety regulations and high demand for luxury vehicles.
- Asia-Pacific: Fastest-growing region with emerging economies showing high potential.
- Middle East & Africa: Rising disposable incomes leading to increased demand for advanced vehicles.
- Latin America: Steady growth with Brazil and Mexico leading the way.
MARKET PROJECTION
The future of the electric parking brake market looks promising. With technological advancements and the global shift towards electric vehicles, the market is expected to witness double-digit growth. Increased safety regulations and consumer demand for advanced features will further propel the market upwards.
Companies Update
- TRW: Headquarters - Michigan, USA; Revenue - $15.4 billion (2021)
- Zhejiang Wanchao: Headquarters - Zhejiang, China; Revenue - $1.2 billion (2021)
- AISIN: Headquarters - Kariya, Japan; Revenue - $32 billion (2021)
Recent Developments
- Integration of EPBs with autonomous driving systems.
- Development of lightweight and compact EPB systems.
- Introduction of energy-efficient EPB systems for electric vehicles.
- Collaboration between EPB manufacturers and tech giants for smart parking solutions.
- Increased R&D investments by leading manufacturers for product enhancement.
REPORT COVERAGE
This report offers comprehensive insights into the electric parking brake market. Covering market trends, segmentation, regional insights, and competitive landscape, it provides a holistic view of the industry. The report also delves deep into driving and restraining factors, offering a balanced perspective on market prospects.
NEW PRODUCTS
Several manufacturers have launched innovative EPB systems. These new products come with advanced features like auto-release, energy efficiency, and seamless integration with vehicle's main control systems. The focus is on enhancing user experience, safety, and overall vehicle performance.
REPORT SCOPE
The report encompasses the global electric parking brake market. It covers the current market scenario, future projections, and industry challenges. Segmentation based on type, vehicle, region, and sales channel offers detailed insights. The report aims to provide stakeholders with a comprehensive view of the market landscape.
Report Coverage | Report Details |
---|---|
Top Companies Mentioned |
TRW, Zhejiang Wanchao, AISIN, SKF, Mando, Hyundai Mobis, KUSTER, DURA, Wuhu Bethel, APG, Continental |
By Applications Covered |
Heavy Commercial Vehicles, Light Commercial Vehicles, Passenger Cars |
By Type Covered |
Cable-pull Systems, Electric-hydraulic Caliper Systems |
No. of Pages Covered |
113 |
Forecast Period Covered |
2023 to 2031 |
Growth Rate Covered |
CAGR of 15.83% during the forecast period |
Value Projection Covered |
USD 4631.49 million by 2031 |
Historical Data Available for |
2017 to 2022 |
Region Covered |
North America, Europe, Asia-Pacific, South America, Middle East, Africa |
Countries Covered |
U.S. ,Canada, Germany,U.K.,France, Japan , China , India, GCC, South Africa , Brazil |
Market Analysis |
It assesses Electric Parking Brake Market size, segmentation, competition, and growth opportunities. Through data collection and analysis, it provides valuable insights into customer preferences and demands, allowing businesses to make informed decisions |
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