Newly released data from Fact.MR establishes that the global sales of electric parking brakes are expected to surpass a CAGR of 12% from 2021 to 2031, expected to be valued at nearly US$ 4 Bn. As of 2020, overall market revenue clocked a valuation of nearly US$ 1.3 Bn. The market is forecast to expand 3x across the forecast period.
Key Points Covered in Electric Parking Brake Industry Survey
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- Assessment by Product Grade / Purity / Formulation Standards
- Assessment of Import Price, Bulk Price, Contractual Price, Producer / Distributor Price
- Certifications and Compliance Requirements
- COVID-19 Impact on the Ballistic Composite Sales and How to Navigate
- Recommendation on Key Winning Strategies
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Electric Parking Brakes Revenue Analysis 2016-2020 vs Future Outlook 2021-2031
Market research and competitive intelligence provider Fact.MR estimates a historical CAGR of over 10% between 2016 and 2020 for the market on electric parking brakes.
As customers move towards autonomous driving and braking, manufacturers focus on the safety, comfort, and performance of the vehicles. The automotive industry has witnessed a growing demand for technological advancements, including advanced braking systems for enhanced safety. A CAGR exceeding 12% is projected for the market from 2021 to 2031.
How are Rising Safety Concerns Elevating Demand for Electric Parking Brakes?
Contemporary automobiles are equipped with never before seen safety features. As global vehicle ownership rises, manufacturers of automotive components are emphasizing on equipping vehicles with robust security and safety mechanisms, including adequately safe parking brakes.
Compared to conventional parking brakes, electric parking brakes are embedded within the drivetrain of the vehicle itself. This frees up space on the center console attributed to the absence of manual parking brake levers. Furthermore, they are computer controlled, which offers greater braking capabilities compared to conventional parking brakes.
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Which are some Key Opportunities for EPB Manufacturers?
Electric Parking Brake manufacturers are collaborating with automotive manufacturers and will focus on development of EPB (Electric Parking Brake) system. This will result in low price solution for EPB.
For instance, Continental AG is developing the electric parking brake concept for internal expanding drum brakes. These brakes are especially designed for affordable and compact vehicles. This will enable push button type operation of parking brakes. Markets across India and China are showing increase in demand for advanced safety devices which is expected to drive the market.
How are Growth Prospects Appearing across the U.S?
According to Fact.MR, demand for electric parking brakes across the U.S is anticipated to surge impressively, registering a CAGR of 10% from 2021 to 2031. Growth is primarily being stimulated by rising sales of automobiles with enhanced safety features.
As of 2019, around 17 million vehicles were sold in the U.S alone. Majority of these automobiles are equipped with highly advanced parking brake systems, including electric parking brakes. Furthermore, the need to save space in automotive interiors is prompting vehicle owners to invest in electric parking brake systems.
What are the Growth Prospects in the Asian Market?
The market for electric parking brakes in East Asia and South Asia are anticipated to expand rapidly in the upcoming decade, with noteworthy growth rates expected to unfold across the Indian, Chinese and Japanese markets respectively. Fact.MR expects Asia to account for nearly 60% of global electric parking brakes sales.
Growth prospects across the Asian market appear lucrative due to heightened sales of electric vehicles, especially across China and South Korea. Estimates suggest that total EV sales in China reached 1.3 million in 2020. Consequently, manufacturers equipped these vehicles with advanced electric parking brake systems to enhance safety.
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Why are Electric-Hydraulic Caliper Systems Highly Demanded?
Electric-hydraulic caliper systems provide improved performance, reduce installation costs, and offer greater comfort to the driver compared to cable pull systems. As a result, electronic parking brakes in the automation industry are gaining traction.
According to analysis by Fact.MR, electric-hydraulic caliper systems are expected to account for nearly 35% of global revenue share until 2031. Furthermore, these braking systems are far more efficient compared to conventional brakes, saving immense amounts of energy and reducing wear and tear on the vehicle.
How are Light Commercial Vehicles Generating Electric Parking Brakes Demand?
Due to their added safety and ease of operation compared to conventional parking brakes, electric parking brakes are exhibiting higher demand amongst light commercial vehicles. The segment is poised to expand at a CAGR of 8% until 2031.
Additionally, the automated electric parking brake is relatively lightweight and packaging makes it well-suited for electric-vehicles and autonomous-driving applications. As light commercial vehicles become more prevalent, electric parking brakes are in high demand in the automation industry.
To remain competitive and expand their market presence, market players engage in mergers and acquisitions, partnerships, and the development of new products.
- SKF developed compact and smart brake arrangements for tractors and combine harvesters. The wired technology provides safer parking brake functions, increased security due to automatic activation, maximum driver comfort, and automatic wear compensation, eliminating the need for manual registration by the user.
- DATWYLER, with in-depth expertise in brake systems, has developed high-performance polymer components that can withstand a wide range of temperatures and pressures for brake applications.
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Market size value in 2020
USD 1.3 Billion
Market forecast value in 2031
USD 4 Billion
CAGR of 12% from 2021 to 2031
Historical Data Available for
|US$ Mn for Value & ‘000 Units for Volume|
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
Key Segments Covered
- Electric-Hydraulic Caliper System Parking Brake
- Cable-Pull System Electric Parking Brake
- Electronic Control Unit
- Electric Parking Brake Actuator
- Electric Parking Brake Switch
- Electric Parking Brake for Passenger Cars
- Electric Parking Brake for Light Commercial Vehicles
- Electric Parking Brake for Heavy Commercial Vehicles
- Electric Parking Brake Sales for OEM
- Electric Parking Brake for Aftermarket
Electric Parking Brake Market- Scope of Report
A recent study by Fact.MR on the electric parking brake market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering electric parking brakes.
The study also provides the dynamics responsible for influencing the future status of the electric parking brake market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies operating in the electric parking brake market, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of electric parking brake across the globe.
A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of electric parking brake during the forecast period. Price point comparison by region with global average price is also considered in the study.
Key Questions Answered in Report
- Which are the most lucrative electric parking brake markets?
- Which factors will impact the growth of electric parking brakes?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the electric parking brake industry?
- What are the winning strategies of stakeholders in the market?
Analysis on Market Size Evaluation
The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).
Estimates at global and regional levels for electric parking brakes are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global electric parking brake market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the electric parking brake market during the forecast period.
Country-specific valuation on demand for electric parking brakes has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value & volume for emerging countries has also been included in the report.
In-depth Analysis on Competition Analysis
The report sheds light on leading manufacturers of electric parking brakes, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering electric parking brake has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the electric parking brake domain. Prominent companies operating in this space include TRW, KUSTER, Continental, DURA, AISIN, Mando, SKF, Hyundai Mobis, Wuhu Bethel, APG and Zhejiang Wanchao.
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the electric parking brake industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.
- FAQs -
As of 2020, sales of electric parking brakes reached a value of US$ 1.3 Bn as per Fact.MR
According to Fact.MR, the electric parking brake market expanded at around 10% CAGR from 2016 to 2020
From 2021 to 2031, the market for electric parking brakes is likely to expand 3x to reach US$ 4 Bn
The global market for electric parking brakes is expected to surge at a CAGR of over 12% until 2031
Rising emphasis on ensuring vehicular safety coupled with hydraulic based automotive systems are driving demand for electric parking brakes
The market for electric parking brakes is expected to surge at a CAGR of 10% in the U.S until 2031
The Asian market for electric parking brakes is expected to account for 60% of global demand
Demand for electric-hydraulic caliper systems is expected to surge, capturing 35% of global demand
Electric parking brakes for light commercial vehicles are anticipated to surge at a CAGR of 8% until 2031
Continental AG, Aisin Corporation, DURA Automotive Systems and TRW Inc. are some prominent electric parking brake manufacturers
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.