Electric Parking Brake Market

Electric Parking Brake Market Outlook (2023 to 2033)

The global electric parking brake market is projected to expand at an impressive CAGR of 12.4% and end up at a valuation of US$ 5.92 billion by 2033, up from US$ 1.83 billion in 2023.

Electric parking brakes, often known as electronic parking brakes (EPB), are braking systems that use electric motors rather than traditional mechanical mechanisms such as hand levers or foot pedals. They are used to keep a vehicle in place when parked on a slope or flat surface, preventing it from rolling or sliding.

Electric parking brakes use electronic controls to engage and disengage the parking brake rather than a physical connection between the brake pedal and the brake mechanism. When the driver activates the parking brake by pressing a button or pulling a switch, an electronic signal is sent to the control unit, which activates the electric motor attached to the brake caliper or drum mechanism.

The automotive industry is constantly evolving, with an emphasis on increasing safety, efficiency, and convenience.

• According to a new study released by the Ministry of Road Transport and Highways (MoRTH), a total of 412,432 road accidents occurred in India in 2021, claiming 153,972 lives and injuring 384,448 individuals.

Electric parking brakes offer technological advancements over traditional mechanical systems, providing more precise control, integration with other vehicle systems, and additional safety features. As a result, automobile manufacturers are increasingly including electric parking brakes in their vehicles.

Consumers are increasingly looking for vehicles with sophisticated features and enhanced convenience. Electric parking brakes provide a streamlined interior design, freeing up cabin space and eliminating the necessity for a bulky handbrake lever or pedal. This appeals to customers who want a modern, stylish, and comfortable driving experience.

Electric parking brakes have features such as hill-hold assist, automatic activation/deactivation, and integration with advanced driver-assistance systems (ADAS). These features improve the overall performance and functionality of the braking system, resulting in a smoother and more efficient driving experience.

Aside from new automobiles, there is a market opportunity for retrofitting current vehicles with electric parking brakes. Retrofitting allows owners of older vehicles to improve their braking systems and experience the benefits of electronic parking brakes, promoting market growth.

Report Attributes	Details
Electric Parking Brake Market Size (2023)	US$ 1.83 billion
Projected Market Value (2033)	US$ 5.92 billion
Global Market Growth Rate (2023 to 2033)	12.4% CAGR
China Market Value (2033)	US$ 1.29 billion
Sales Growth of Electric-hydraulic Caliper Systems (2023 to 2033)	13.1% CAGR
Key Companies Profiled	Aisin Seiki Co. Ltd Continental AG DURA Automotive Systems TBK Co. Ltd Hyundai Mobis Co. Ltd ZF Friedrichshafen AG Mando Corporation

Why is the Global Market for Electric Parking Brakes Experiencing Robust Growth?

“Strict Government Regulations Regarding Road Safety”

Governments and regulatory agencies are constantly enforcing stringent safety standards for automobiles. This is a major factor pushing the demand for electric parking brakes. Electric parking brakes provide improved safety features, such as automatic release when the accelerator pedal is pressed, preventing unintentional acceleration. As a result, automakers are incorporating electric parking brakes into their vehicles to comply with these laws and increase overall vehicle safety.

“Booming Electric Vehicle (EV) Market”

The electric vehicle (EV) market is growing rapidly as a result of greater environmental consciousness, government incentives, and battery technology breakthroughs. Electric parking brakes are a standard feature on many electric automobiles. Electric parking brakes are becoming more popular as the demand for EVs develops.

What are the Top Concerns of Electric Parking Brake Manufacturers?

“High Product Cost and Maintenance Issues”

Electric parking brakes are more costly than conventional handbrakes. This can limit market growth, particularly in regions where cost is a prominent issue in buying decisions. Moreover, electric parking brakes necessitate specialized maintenance and repair, which can be more expensive than standard handbrakes. This may dissuade some customers from purchasing electric parking brakes.

Country-wise Insights

How are China, Japan, and South Korea Supporting Asia Pacific's Dominance?

“Thriving Automotive Industry and Strong Government Policies & Regulations”

According to Fact.MR, a market research and competitive intelligence provider, the sales of electric parking brakes in China, Japan, and South Korea are estimated to reach US$ 1.29 billion, US$ 361.1 million, and US$ 189.4 million, respectively, by 2033.

China is one of the world's major automotive markets, with significant demand for vehicles. Vehicle manufacturing and sales in the country have increased significantly. Electric parking brakes are being used as a modern and advanced braking technology as automakers attempt to respond to consumer demands and meet safety criteria, boosting market growth.

The Chinese government has imposed strict automotive restrictions and safety standards. Electric parking brakes provide better safety features and functionality, such as automatic activation and integration with other safety systems, which aligns with the government's emphasis on enhancing vehicle safety. These regulations encourage car manufacturers to include electric parking brakes in their vehicles.

Japan is well-known for its automobile industry and technological advancements. Japanese automakers are pioneers in the incorporation of modern features and safety technologies into their automobiles. Electric parking brakes complement Japan's emphasis on technological breakthroughs by improving performance, convenience, and safety. As a result, the country's use of electric parking brakes is increasing. Furthermore, safety is a paramount concern in Japan's automotive industry. The country has stringent safety requirements and high automotive safety standards, which is raising the demand for electric parking brake systems.

South Korea is home to major automotive companies noted for technological development and innovation. The government places a high emphasis on creating cutting-edge automobile technologies and improving the entire driving experience. Electric parking brakes coincide with this approach, offering increased features and convenience, which contributes to their adoption and market expansion.

Why is the United States Exhibiting High Demand for Electric Parking Brakes?

“Rapidly Increasing Electric Vehicle Sales and Government Incentives & Support”

The United States market is expected to achieve US$ 1.26 billion by 2033. The United States has stringent safety regulations and standards for automobiles, which is boosting the demand for electric parking brakes. Moreover, the United States has witnessed significant growth in the sales and adoption of electric vehicles. Electric parking brakes are becoming more common as EVs become more mainstream, owing to their compatibility with electric drivetrains and the overall trend toward improved electric vehicle technology.

Incentives and support from state and federal governments in the United States have been critical in boosting the adoption of electric vehicles and sophisticated automotive technologies. These initiatives foster the growth of electric parking brake systems by pushing automakers to include them in their vehicles.

In the United States, automakers, suppliers, and technology companies are actively collaborating to develop and implement new automotive technologies. This collaborative environment stimulates innovation and drives the adoption of technologies such as electric parking brakes, driving market growth.

What is the Demand Outlook for Electric Parking Brakes in Germany?

“Use of Electric Parking Brakes to Grow Significantly”

The market for electric parking brakes in Germany is predicted to touch US$ 609.8 million by 2033. Germany is well-known for its automotive sector and technological expertise. German automakers are known for their emphasis on quality, performance, and cutting-edge technologies. Electric parking brakes align with this emphasis on innovation and advanced features, resulting in widespread adoption and market expansion in Germany.

Germany is renowned for its premium and luxury automobile segments. Electric parking brakes are frequently linked with high-end vehicles since they have a sleek and space-saving design. German buyers, particularly those interested in premium vehicles, choose innovative features and technology such as electric parking brakes, which is propelling the market expansion.

Germany, like every other developed country, has strict safety standards and regulations for vehicles. Electric parking brake systems comply with German safety requirements and contribute to increased vehicle safety, pushing their adoption in the country. Moreover, Germany has a strong environmental consciousness and a commitment to reduce carbon emissions. Electric vehicles, which frequently include electric parking brakes, are viewed as a sustainable transportation solution. The increased demand for electric vehicles in Germany adds to the country's market growth.

Category-wise Insights

Why are Electric-hydraulic Caliper Systems Attracting Attention?

“Superior Performance, Safety, and Seamless Integration with ADAS”

The demand for electric-hydraulic caliper systems is anticipated to rise at a CAGR of 13.1% over the next ten years.

Electric-hydraulic caliper systems combine the advantages of electric and hydraulic technologies to provide better braking performance. Hydraulic systems give powerful braking and precise control, while electric systems offer advanced features and integration capabilities. The combination of these technologies produces greater braking performance and responsiveness, which appeals to consumers and adds to increasing demand.

Electric-hydraulic caliper systems are safe and dependable. The hydraulic component delivers strong and consistent braking force, while the electric component adds additional safety features, including automatic activation and integration with vehicle control systems. These systems are in high demand because they meet strict safety rules and provide drivers confidence in their vehicle's braking capabilities.

Electric-hydraulic caliper systems can seamlessly integrate with advanced driver-assistance systems (ADAS). This integration enables improved functionalities such as collision avoidance, autonomous emergency braking, and adaptive cruise control. As ADAS technologies become more popular in automobiles, the demand for electric-hydraulic caliper systems develops to enable smooth integration and maximize overall system performance.

Competitive Landscape

Key players in the electric parking brake market are concentrating on acquisitions, collaborations, investments, R&D activities, and technological developments to expand and strengthen their international presence.

• Continental AG developed a novel parking brake system for electric vehicles in 2021. This innovative technology is lighter and less complicated than existing electric parking brake systems, providing enhanced performance and safety features.

Key Segments of Electric Parking Brake Industry Research

• By Type :

  • Electric-hydraulic Caliper Systems
  • Cable-pull Systems

• By Component :

  • Electronic Control Units
  • Electric Parking Brake Actuators
  • Electric Parking Brake Switches

• By Vehicle Type :

  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles

• By Region :

  • North America
  • Latin America
  • Europe
  • Asia Pacific & China
  • Middle East & Africa