The global electric parking brake market expected to rise CAGR of ~ 12% and is estimated to reach a global value of ~ US$ 4.2 Bn by the end of 2029.
Persistence Market Research published a report on the electric parking brake market. The report includes the global industry analysis and opportunity assessment 2029. The report studies the global electric parking brake market and offers an in-depth analysis for the next ten years.
The report also covers forecast factors and macroeconomic factors that are anticipated to drive the growth of the global electric parking brake market. The report on the electric parking brake market also discusses latest trends and potential opportunities in the market across the value chain, along with restraints that are expected to hamper the growth of the market.
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Electric Parking Brake Market Players Focus on Enhanced Fuel Economy
By product type, the global electric parking brake market is segmented into cable-pull systems and electric-hydraulic caliper systems. The electric parking brake market is expected to be prominent in the electric-hydraulic caliper system owing to the safer and more comfortable driving experience and enhanced safety of driver and vehicles. The cable-pull system is forecasted to have less share as compared to the electric-hydraulic caliper system.
Moreover, manufacturers of electric parking brakes are focusing on significant weight saving brake systems as compared to conventional parking brake systems, which supports enhanced fuel economy and reduced carbon emissions. The aforementioned factor is expected to increase the sales of electric parking brakes over the forecast period.
By vehicle type, the electric parking brake market is segmented into passenger vehicles, LCVs, and HCVs. The passenger vehicle segment is sub-segmented into compact vehicles, mid-sized vehicles, luxury vehicles, and SUVs. The luxury vehicles segment is expected to be prominent in the global electric parking brake market.
By sales channel, the global electric parking brake market is segmented into OEM and aftermarket. The OEM segment is projected to be prominent throughout the forecast period.
By region, the electric parking brake market report studies markets across several regions such as North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa. In these regions, East Asia and Europe are expected to grow with a predominant share in the global electric parking brake market over the forecast period. However, East Asia and Latin America are also representing healthy growth in the electric parking brake market.
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Electric Parking Brakes Market: Key Participants
For an in-depth analysis, PMR has divided the market structure in two levels: tier 1 and tier 2. Tier 1 players are estimated to account for a ~55% share in the global market and generate ~US$ 680 Mn revenue through the sales of electric parking brakes across the world.
The global electric parking brake market is fragmented, owing to the presence of several manufacturers of electric parking brakes across the globe. Prominent players in the global electric parking brake market are focusing on the development of braking business, adopting business expansions, collaborations, and acquisition strategies to capture significant share of the global market.
- Continental AG developed the brake system namely MK C1 electrohydraulic brake-by-wire, which reduced CO2 emission by around 5 g/km on average as compared to a conventional non-brake-by-wire hybrid brake system.
- Aisin Seiki Co., Ltd. became a shareholder in Toyota Motor Corporation’s new company, Toyota Research Institute-Advanced Development, Inc. (TRI-AD), to develop autonomous technologies consisting of vehicle controllers responsible for acceleration, braking, and steering based on artificial intelligence.
- Akebono Brake Industry Co., Ltd. developed new construction brake caliper based on the construction of AD-Type disc brake (floating type disc brake) that has been modified extensively to meet specific requirements for automobiles that use electric power sources.
Electric-Hydraulic Caliper Systems and Passenger Vehicles Bank for Future Market Growth
Electric parking brakes require a lot less physical effort and don’t need to be adjusted like a traditional lever, which creates free space inside the cabin, especially at the center consol. Most electric parking brakes disengage automatically when the driver pulls away, which come with an add-on of automatic hill-hold functionality.
Car gurus determine that the death of the handbrake is approaching soon, as manufacturers switch to electric parking brakes in huge numbers. Due to this, cars equipped with electric parking brakes are witnessing increased sales as compared to those with conventional handbrakes.
Likewise in the electric parking brakes products segment, electric-hydraulic caliper systems provide improved system performance, greater comfort for the operator and reduced plumbing costs, which act as key differentiators from its contemporary – cable-pull systems. Car manufacturers will observe a decline in the number of car sales with traditional handbrakes.
Since the handbrake lever and handbrake cables are no longer needed in electric parking brakes, production and assembly of automobiles has been simplified for automotive engineers. Also the adoption of electric parking brakes allows significant weight saving compared to mechanical parking brakes.
Such advantages are paving the way for passenger cars towards intense adoption of electric parking brakes. More importantly, SUVs (Sports Utility Vehicles) are getting more drawn towards electric parking brakes technology, followed by luxury cars in the passenger cars segment.
Some of the key players involved in the manufacturing of the global electric parking brakes are Continental AG, Hyundai Mobis, SKF Group, Aisin Seiki Co., Ltd., Akebono Brake Industry Co., Ltd., Hitachi, Ltd., Brembo S.p.A., Robert Bosch GmbH, Sanken Electric Co., Ltd., ZF Friedrichshafen AG, Shougang Group Co., Ltd., Toshiba Corporation, ELLA GmbH & Co. KGaA, and DURA Automotive Systems.
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