Electric Parking Brake Market

Market Outlook for Electric Parking Brake

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

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.

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.

Country-wise Analysis

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.

Category-wise Insights

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.

Competitive Landscape

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.

Report Scope

Report Attribute	Details
Market size value in 2020	USD 1.3 Billion
Market forecast value in 2031	USD 4 Billion
Growth Rate	CAGR of 12% from 2021 to 2031
Forecast Period	2021-2031
Historical Data Available for	2016-2020
Market Analysis	US$ Mn for Value & ‘000 Units for Volume
Key Regions Covered	North America Latin America Europe East Asia South Asia Oceania Middle East & Africa
Key Countries Covered	U.S Canada Brazil Mexico Germany U.K France Spain Italy Russia China Japan South Korea India Australia GCC South Africa
Key Market Segments Covered	Type Component Vehicle Type Sales Channel Region
Key Companies Profiled	TRW Inc. KUSTER Holding GmbH Continental AG DURA Automotive Systems Aisin Corporation Mando Corporation AB SKF Hyundai Mobis Wuhu Bethel APG Zhejiang Wanchao
Pricing	Available upon Request

Key Segments Covered

• Type

  • Electric-Hydraulic Caliper System Parking Brake
  • Cable-Pull System Electric Parking Brake

• Component

  • Electronic Control Unit
  • Electric Parking Brake Actuator
  • Electric Parking Brake Switch

• Vehicle Type

  • Electric Parking Brake for Passenger Cars
  • Electric Parking Brake for Light Commercial Vehicles
  • Electric Parking Brake for Heavy Commercial Vehicles

• Sales Channel

  • Electric Parking Brake Sales for OEM
  • Electric Parking Brake for Aftermarket