Electric Parking Brake Market Synopsis

Electric Parking Brake Market Size is Valued at USD 12.00 Billion in 2023 and is Projected to Reach USD 25.31 Billion by 2032, Growing at a CAGR of 9.77% From 2024-2032.

• The Electronic Parking Brake (EPB), is a modern replacement of the conventional handbrake lever or foot pedal with an electronic switch. Once engaged, the EPB brings the brakes into electronic operation, thus enabling the vehicle to stay stationary when parked. It has many benefits over conventional system like auto engagement, extensive safety characteristics, and utilization of area. Cars with EPBs are growing more popular nowadays due to the comfort they offer together with their latest features.
• The EPB market, like some others, is being pushed by several critical elements. The pressing demand for innovative auto security and comfort systems is one of the primary factors. In contrast to the mechanical parking brakes used traditionally, EPBs have got a number of advantages among which are more compact design, higher safety, and a nicer appearance of the vehicle.
• The tendency of electrification of vehicles is another important factor to take into account. It is estimated that the demand for electrically activated braking systems, or EPBs, will increase while electric and hybrid vehicle technologies continue to be introduced on the road. In addition, the EPBs also make it possible for automotive manufacturers to include the feature of the autonomous driving mode in their vehicles together with the advanced driver assistance systems (ADAS).
• Increasing numbers of EPB vehicles are reported all over the world as the consequence of strict pollution and car safety laws. In order to achieve the purpose of improved road safety and decreased emissions, regulatory agencies everywhere are more and more demanding vehicle manufacturers to equip their cars with EPB systems.
• Also, the demand for EPBs is increasing as the market trend is moving towards weight reducing vehicles to improve fuel efficiencies. EPB’s are smaller and lighter than conventional parking brake systems, hence are economical for automakers when they want to improve the overall efficiency of their cars.

Electric Parking Brake Market Trend Analysis

Revolutionizing Safety The Impact of Trends on the EPB Market

• Many of the most important trends are shaping the Electric Parking Brake (EPB) market, and they are doing it in both ways. The considerate rise in the demand for hybrid cars or electric vehicles (EVs) is an outstanding characteristic which is dictating the future requirements for electric power boosters (EPBs) worldwide. Parking that requires 100% trust and safety, and EPBs will guarantee that.
• The second trends are merging modern technology into EPB for better functionality, security and ease of use features Sensors and electronic control units (ECU’s) are some of these technologies. Moreover, drivers are even supported in such actions as automatic braking engagement and release, hill hold, and integration of an anti-lock braking system (ABS) which are all enabled applying these technologies.
• Furthermore, car manufacturers are made to include advanced safety features such as EPB in new vehicles which are currently targeted in emissions and vehicle safety policies. When talking about the benefits of EPBs, they include lightweight, space savings and improve safety. Both consumers and regulatory agents are satisfied with this innovation.
• In addition, this development will also allow expansion of driverless vehicles and the emergence of a new dawn for the EPBs. The market is further expected to expand to cater for manufacturers that strive to improve the efficiency and safety of electric and autonomous vehicles, which will mark another boost in demand for the leading edge of EPB products.

EPB Expansion, Riding the Wave of Electric Vehicle Adoption

• Certainly, EPB sector has a lot of opportunities for development and progress. The growing use of EVs on a global scale is an important chance that should be tapped. It is expected that EPBs market will grow as the automotive sector begins to change to electric drive. Contrary to conventional mechanical parking brakes, EPBs (electropolishing brakes) have a list of benefits, including a smaller footprint, improved security, and automatic parking in vehicles interfaces with car electronics.
• Better safety measures as well as driver-assist systems might be another factor contributing to it. These systems using EPBs which are additionally equipped with features like automatic brake engagement in emergency and hill start assist. The situation is also improved for the EPBs as the integration ensures that it is coherent with the global trend of vehicle electrification and automation.
• Besides EPB manufacturers, the aftermarket sector provides another considerable opportunity for them as well. There will be a corresponding increase in the demand for part replacements and services as more cars which have the EPBs are on the road. Companies can draw benefits from the EPB activities having a steady income from this segment.
• The overall market for electronic parking brakes is expected to rise due to the increasing demand of electric cars, the inclusion of EPBs into hi-tech driver-assist systems, and the fast-developing aftermarket systems. The companies in this industry should make use of the opportunities that are available by creating advanced products, diversifying their product lines and strong positioning of their commodities in the right places.

Electric Parking Brake Market Segment Analysis:

Electric Parking Brake Market is segmented on the basis of type, application.

By Type, Caliper Integrated EPB segment is expected to dominate the market during the forecast period

• The EPB function of brake calipers is to apply the pressure of the brake pads onto the rotor, in order to slow down or stop the vehicle. These EPBs have smaller profiles and are most of the times seamlessly integrated into the car's total braking operation. They are usually found in modern cars, especially those with electronic braking systems.
• On the other hand, the cable puller EPBs apply the brakes by a network of cables. The cables pull on the brake mechanism that pressurize the brake pads when the EPB is engaged. This ESBP offers the benefit of electric control and it is more similar to conventional mechanical parking brakes. In automobiles where it's impractical or uneconomical to use a caliper integrated design, cable puller EPBs are more often used.
• The advantages of both types of EPBs are the space-saving design, improved safety features, and connection to car electronics. The comparison between the cable puller and the caliper integrated EPBs often comes down to the system integration level, economic issues, and the vehicle design.

According to this application, the sedan one had the biggest contribution in 2023.

• EPBs are very convenient to use in a variety of vehicles like sedans, SUVs, and other classes of cars.
• EPBs serve as a fashionable and modern alternative to traditional parking brakes among cars. The implementation of space-saving designs is a result of their electric power which is highly applicable to compact car models. To get the best driving experience, EPBs can also be linked with other systems found in sedans, including infotainment system and driver assistance features.
• Additionally, EPBs can be useful for SUVs because of the imperative space optimization, especially in large vehicles. For safety and stability purposes of SUV especially while parking on hills or hauling large objects, computer-controlled EPBs are essential to ensure the accurate and reliable braking performance.
• In addition, the same principle can be used for other vehicles such as some trucks, hatchbacks, cross over vehicles, etc. The general advantages of enclosed passenger boxes, like space-saving design and enhanced safety measures, are appropriate for any vehicle type, regardless of such vehicles having different design and performance specifications from sedans and SUVs.
• To illustrate, EPBs are found in various types of vehicles such as sedans, SUVs regardless of their designs and needs.

Electric Parking Brake Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

• The EPB market in North America, triggered by a number of reasons, is growing gradually. The region's dominant automotive industry, technical breakthroughs, and customers' demand for ease in cars and safety features are the main trends that may have an impact on the region. North America’s EPB market is a very competitive one, consisting of both established businesses as well as recent players who offer high quality products.
• The market development consists of the incessant growth of electric vehicles (EVs) as many of these EVs and hybrid cars now include EBPs as the standard equipment. On the one hand, the stringent governmental norms against pollution and vehicle safety are compelling the manufacturers to introduce advanced braking technology such as EPB.
• Developmental drivers for North American EPB market are being hindered by factors such as huge startup costs and specialized maintenance requirements rather than obstacles. New technology developments and growing consumer Awareness, however are the key drivers of the market’s growing trend.

Active Key Players in the Electric Parking Brake Market

• ZF (Germany)
• Continental (Germany)
• Chassis Brakes International (Belgium)
• Küster (Germany)
• Aisin (Japan)
• Mando (South Korea)
• Hyundai Mobis (South Korea)
• Zhejiang Libang Hexin (China)
• Wuhu Bethel Automotive (China)
• Others