Global Electric Parking Brake Market Size was valued at USD 2.2 Billion in 2022. The electric parking brake market industry is projected to grow from USD 2.64 Billion in 2023 to USD 11.351 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 20.00% during the forecast period (2023 - 2032). Due to increased auto manufacturing, which also fuels demand for cutting-edge automotive parts and components, the global market for automotive electronic parking brakes is expanding exponentially. Additionally, rising consumer disposable incomes and rising consumer purchasing power are important market drivers anticipated to contribute to the market's expansion.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Over the past ten years, electrical parking brakes (EPB) have become widely employed in passenger cars. Passenger vehicles are the predominant form of road transportation in many parts of the world. Annual production of new cars is around 70 million. Passenger cars account for a sizable share of automobiles. In the world, utility vehicles, passenger automobiles, and trucks are the most widely used modes of transportation. The constant enhancement of each design element, including performance, materials, engines, mechanics, and fuels (including electric power supply), pollution reduction, aerodynamics, entertainment, aesthetics, autonomous control, and ergonomics, is the focus of significant investment. The fundamental growth engine for the automotive sector is the demand for passenger cars and other vehicles, driven by an increase in income.
In 2020, the US will produce almost 18 million passenger vehicles, making it the second-largest manufacturer in the world. The European Union, China, the United States, and Japan, the world's top four auto markets, account for most of the world's passenger car production due to demand from the expanding middle class in developing nations, where consumers frequently bought their first personal passenger vehicle, manufacturing and sales surged in China, India, and Brazil during the five years. China is now the top nation producing passenger cars, surpassing industrialized nations like the United States and Japan. Therefore, the market CAGR for electric parking brakes is anticipated to be driven by the increased demand for passenger cars with reliable parts over the forecast period.
The safety of automobiles has become a major worry as a result of the sharp rise in car ownership and the constant improvement in vehicle speed, with active safety taking center stage in scientific study. Statistics show that between 2015 and 2020, the number of fatal car accidents increased from 34,292 to 64,587, an increase of 15.8%; the number of people who own private cars increased from 65,140 to 120,590, an increase of 81.6%; and the number of people who have been driving for one year increased from 26 million to 29 million, an increase of 13.5%. Individuals frequently utilize the brakes when driving a car, yet they frequently fail to apply the handbrake. Therefore, improper handbrake use or system failure frequently causes more traffic accidents. In 2021, 182 million individuals worldwide lost their lives in traffic collisions. In 2020, traffic accidents will be the third most common cause of diseases and injuries worldwide.
Additionally, the pertinent data state that the economic losses from traffic accidents represented 2% of GDP in high-income countries and 1% in low-income ones. The annual cost of damage from automobile accidents is estimated to be over USD 690 billion. As a result, worldwide high and innovative technology development in the automobile industry has made vehicle safety technology one of its topics. Traditional parking brake systems, which function mechanically and are activated by a parking brake lever or foot pedal, have been superseded by EPB systems. Women and older people find the EPB system more convenient. Because of this, the electric parking brake market revenue will experience growth over the upcoming years.
The global electric parking brake market segmentation, based on system type includes Cable Pull System and Electric-Hydraulic Caliper Systems. The electric-hydraulic caliper systems segment dominated the market. Electric-hydraulic caliper systems combine the benefits of electric and hydraulic technologies for superior braking performance. Electric systems offer cutting-edge features and integration possibilities, while hydraulic systems provide strong brakes and fine control. Combining these technologies results in improved responsiveness and braking performance, which appeals to consumers and contributes to rising demand.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The global electric parking brake market segmentation, based on vehicle type, includes Light Commercial Vehicle, Passenger Vehicle and Heavy Commercial Vehicle. The passenger vehicle category generated the most income. The growth of the passenger cars segment in the automotive electronic parking brake market will be fueled by factors like rising consumer expectations, fiercer competition forcing OEMs to add features to maintain market share, and government regulations requiring more safety and security features.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American electric parking brake market area will dominate this market. The market for electric parking brake systems is expected to develop as a result of the region's increasing demand for electric and fuel-efficient vehicles. Furthermore, an increasing focus on reducing carbon emissions and enhancing vehicle safety is encouraging the use of advanced automotive technology in the region. The expansion of North America's electric parking brake system market is anticipated to be fueled by the adoption of Advanced Driver Assistance Systems (ADAS) and the expanding trend of electric and hybrid automobiles.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe electric parking brake market accounts for the second-largest market share due to the presence of numerous major market participants for car electronic parking brakes in nations like Germany. Due to growing interest in electric and hybrid vehicles, the connected car trend, and the adoption of ADAS, the market for electric parking brake systems in the region is anticipated to grow. The rigorous government regulations addressing vehicle safety and carbon emissions are also expected to hasten the deployment of electronic parking brake systems in Europe. Further, the German electric parking brake market held the largest market share, and the UK electric parking brake market was the fastest growing market in the European region
The Asia-Pacific Electric parking brake Market is expected to grow at the fastest CAGR from 2023 to 2032 due to rising automotive manufacturing in nations like China and India. The region's market growth is anticipated to be primarily driven by the expanding automobile industry in Asian nations. Furthermore, the expansion of the electric parking brake market in the Asia-Pacific region is additionally anticipated to be fueled by the increased demand for personnel vehicles, coupled with safety features, rising disposable income, and rising standards of life. Moreover, China’s electric parking brake market held the largest market share, and the Indian electric parking brake market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the electric parking brake market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, electric parking brake industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global electric parking brake industry to benefit clients and increase the market sector. In recent years, the electric parking brake industry has offered some of the most significant advantages to market. Major players in the electric parking brake market attempting to increase market demand by investing in research and development operations include Aisin Seiki Co. Ltd. (Japan), Continental AG (Germany), DURA Automotive Systems (US), TBK Co. Ltd. (Tokyo), Hyundai Mobis Co.Ltd. (South Korea), Küster Holding GmbH (Germany), Mando-Hella Electronics Corp. (South Korea), Svenska Kullagerfabriken AB (Sweden), ZF Friedrichshafen AG (Germany), Wuhu Bethel Automotive Safety Systems Co. Ltd (China) and Zhejiang Wanchao Electric Appliance Co. Ltd. (China).
ZF Friedrichshafen AG (ZF), a division of Zeppelin-Stiftung Co, provides technology for the automotive sector. It provides systems and automotive parts for various mobility products, including vehicles, yachts, and anything from motorbikes to construction machinery. The company offers front and rear axles, steering and braking systems, occupant safety systems, gearboxes and powertrain modules, and drive components. In 2021, new electronic parking brake technology from ZF was introduced; it offers enhanced functionality and quicker response times. The new technology is anticipated to contribute to a decrease in overall vehicle weight and complexity and is compatible with various electric and hybrid vehicles.
Aisin Corp. (Aisin) produces, develops, and markets automotive components and goods for wellness, energy, and a healthy lifestyle. The company provides a variety of goods, such as drivetrain, engine-related goods, brake and chassis, aftermarket goods, sewing machines, mattresses, gas heat pump goods, housing and audio gear, cogeneration systems, and others. Additionally, the business processes fiber lasers. Aisin offers a comprehensive selection of products that roughly cover all vehicle components. In 2020, Aisin Seiki Co. Ltd introduced a novel electronic parking brake system for use in electric and hybrid automobiles. Compared to conventional hydraulic parking brake systems, the new system is more functional and effective, and it is made to work with various vehicle platforms.
November 2022: The creation of a brand-new parking brake system that is integrated into an electric vehicle's rear axle was disclosed by Continental AG. Traditional electronic parking brake systems are less complicated and heavier thanks to this new system, which offers better performance and safety features.
April 2020: In order to create and produce electronic parking brake systems for the Chinese market, Aisin Seiki Co. Ltd. and Joyson Safety Systems, a Chinese auto parts producer, have formed a joint venture.
March 2020: The innovative electronic parking brake system for electric and hybrid vehicles was introduced by ZF Friedrichshafen AG. This revolutionary system offers improved functionality and performance compared to conventional hydraulic parking brake systems.
August 2019: The new electric parking brake system from Robert Bosch GmbH has been introduced. It combines a small motor and gearbox to operate efficiently and dependably in a more compact form factor than conventional systems.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 2.2Â Billion |
| Market Size 2023 | USD 2.64 Billion |
| Market Size 2032 | USD 11.351 Billion |
| Compound Annual Growth Rate (CAGR) | 20.00% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | System Type, Vehicle Type, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Aisin Seiki Co. Ltd. (Japan), Continental AG (Germany), DURA Automotive Systems (US), TBK Co. Ltd. (Tokyo), Hyundai Mobis Co.Ltd. (South Korea), Küster Holding GmbH (Germany), Mando-Hella Electronics Corp. (South Korea), Svenska Kullagerfabriken AB (Sweden), ZF Friedrichshafen AG (Germany), Wuhu Bethel Automotive Safety Systems Co. Ltd (China) and Zhejiang Wanchao Electric Appliance Co. Ltd. (China) |
| Key Market Opportunities | Stringent environment regulations regarding road safetyIncreasing demand for fuel efficient vehicles |
| Key Market Dynamics | Increasing adoption of automated vehicle technologyIncreasing demand for driver assisted systems |
Electric Parking Brake Market Highlights:
Frequently Asked Questions (FAQ) :
The global electric parking brake market size was valued at USD 2.2 Billion in 2022.
The global market is projected to grow at a CAGR of 20.00% during the forecast period, 2023-2032.
North America had the largest share in the global market.
The key players in the market are Aisin Seiki Co. Ltd. (Japan), Continental AG (Germany), DURA Automotive Systems (US), TBK Co. Ltd. (Tokyo), Hyundai Mobis Co.Ltd. (South Korea), Küster Holding GmbH (Germany), Mando-Hella Electronics Corp. (South Korea), Svenska Kullagerfabriken AB (Sweden), ZF Friedrichshafen AG (Germany), Wuhu Bethel Automotive Safety Systems Co. Ltd (China) and Zhejiang Wanchao Electric Appliance Co. Ltd. (China).
The electric-hydraulic caliper systems category dominated the market in 2022.
The passenger vehicle category had the largest share in the global market.
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