Electric Parking Brake Market Analysis

Electric Parking Brake Market Overview:

Global Electric Parking Brake Market Size was valued at USD 2.64 Billion in 2023. The electric parking brake market industry is projected to grow from USD 3.16 Billion in 2024 to USD 11.35 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.29% during the forecast period (2024 - 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

Electric Parking Brake Market Trends

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.

Electric Parking Brake Market Segment Insights:

Electric Parking Brake System Type Insights

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.

Figure 1: Global Electric Parking Brake Market, by System Type, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Electric Parking Brake Vehicle Type Insights

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.

Electric Parking Brake Regional Insights

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, 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.

Electric Parking Brake Key Market Players & Competitive Insights

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.

Key Companies in the electric parking brake market 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)


• Zhejiang Wanchao Electric Appliance Co. Ltd. (China)

Electric Parking Brake Industry Developments

January 2024: The newly launched Punch.ev is now being delivered to car dealerships throughout India by Tata Motors.

The overall design of the Punch.ev looks almost identical to that of the ICE version. But it does have a different front fascia which features a blanked-out grille and an LED light bar. The front bumper and headlamp setup is similar to the Nexon facelift.

Tata Motors has also made some changes inside the car. The Punch.ev gets a floating touchscreen infotainment system and digital instrument cluster. It comes with a new air-conditioning module as well as a 2-spoke steering wheel that seems quite upmarket for a car this size. The vehicle also receives an electronic parking brake and sunroof.

The Punch.ev is underpinned by Tata’s new ‘acti.ev’ platform. The fresh EV architecture supports AWD, RWD and FWD drivetrains and a 7.2 kW to 11 kW onboard charger for AC fast charging and DC fast charging up to 150 kW. The Indian automaker claims that its battery pack boasts an energy density 10% greater than before; depending on capacity it can offer between 300-600 km range.

November 2023: ADVICS, famous for its brake system products, has announced electric parking brake (EPB) actuator kits in North America These kits are designed to clamp onto a vehicle’s caliper making it easier to apply the parking brake.

Electric parking brakes have become common on modern cars because they let drivers put them on or take them off with just one button push EPBs are more convenient and efficient than traditional ones which required physical effort An actuator or motor gear unit (MGU) is key part of the EPB system — this DC motor generates braking force If it goes wrong there could be costly repairs involved ADVICS’s new product range presents users with high-quality aftermarket solutions made in Japan complete with all necessary installation hardware.

Electric Parking Brake Market Segmentation:

Electric Parking Brake System Type Outlook (USD Billion, 2018-2032)

• Cable Pull System


• Electric-Hydraulic Caliper Systems

Electric Parking Brake Vehicle Type Outlook (USD Billion, 2018-2032)

• Light Commercial Vehicle


• Passenger Vehicle


• Heavy Commercial Vehicle

Electric Parking Brake Regional Outlook (USD Billion, 2018-2032)

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America