Electric Parking Brake Market

High global demand for passenger automobiles is driving the market growth

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 Industry is poised for substantial growth, with projections indicating a market size of 3.16 USD Billion in 2024 and an anticipated increase to 18.3 USD Billion by 2035. This remarkable growth trajectory suggests a compound annual growth rate of 17.32% from 2025 to 2035. Such projections underscore the increasing adoption of electric parking brakes across various vehicle segments, driven by technological advancements, regulatory support, and changing consumer preferences. The market's expansion reflects a broader trend towards innovative automotive solutions that enhance safety, efficiency, and user experience.

The rise in electric vehicle adoption significantly influences the Global Electric Parking Brake Market Industry. As more consumers transition to electric vehicles, the demand for compatible braking systems, such as electric parking brakes, escalates. Electric parking brakes are particularly suited for electric vehicles due to their compact design and reduced weight, which contribute to improved energy efficiency. This trend is further supported by government incentives promoting electric vehicle adoption, thereby creating a favorable environment for the electric parking brake market. The industry's growth trajectory is expected to align with the increasing number of electric vehicles on the road.

Regulatory frameworks aimed at reducing vehicle emissions are shaping the Global Electric Parking Brake Market Industry. Governments worldwide are implementing stringent emission standards, encouraging manufacturers to adopt cleaner technologies. Electric parking brakes contribute to overall vehicle efficiency by reducing weight and enhancing performance, thereby supporting compliance with these regulations. As manufacturers strive to meet these standards, the integration of electric parking brakes becomes a strategic choice. This regulatory support not only drives the adoption of electric parking brakes but also aligns with global sustainability goals, fostering a more environmentally friendly automotive landscape.

The Global Electric Parking Brake Market Industry experiences a surge in demand for advanced safety features in vehicles. As consumers increasingly prioritize safety, manufacturers are integrating electric parking brakes to enhance vehicle stability and prevent rollaway incidents. This shift aligns with regulatory standards that advocate for improved safety measures in automobiles. For instance, the implementation of electric parking brakes contributes to the overall safety ratings of vehicles, making them more appealing to safety-conscious consumers. This trend is expected to drive the market significantly, as the industry adapts to meet evolving consumer expectations.

Technological advancements play a pivotal role in the Global Electric Parking Brake Market Industry. Innovations in electronic control systems and sensor technologies have enhanced the functionality and reliability of electric parking brakes. These advancements allow for seamless integration with other vehicle systems, such as automatic braking and stability control. As a result, manufacturers are increasingly adopting electric parking brakes to improve overall vehicle performance. The market is projected to grow from 3.16 USD Billion in 2024 to an estimated 18.3 USD Billion by 2035, reflecting a compound annual growth rate of 17.32% from 2025 to 2035, driven by these technological enhancements.

Consumer preferences are evolving towards vehicles that offer enhanced driving experiences, significantly impacting the Global Electric Parking Brake Market Industry. Modern drivers seek convenience and ease of use, which electric parking brakes provide through features such as automatic engagement and disengagement. This shift in consumer behavior is prompting manufacturers to prioritize the integration of electric parking brakes in their vehicle designs. As the automotive industry continues to innovate, the demand for features that enhance the overall driving experience is likely to drive the market forward, reflecting a broader trend towards user-centric vehicle technology.

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.

Figure 2: Global Electric Parking Brake Market Share By Region 2022 (Usd Billion)

Source: Secondary Research, Primary Research, Market Research Future 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.