Exceptional Growth In Global Electric Parking Brake Market Size, Share To Gain USD USD 17.45 Billion By 2028: Facts & Factors– Report By Introspective Market Research
Market Overview:
Global Electric Parking Brake Market was valued at USD 9.08 billion in 2021 and is expected to reach USD 17.45 billion by the year 2028, at a CAGR of 9.77%.
A system that prevents the vehicle from moving while on level ground or on a hill is known as an electric parking brake. The electric brake system has an advantage over the conventional mechanical brake system because it has fewer components, is smaller, and is simple to operate. The electric parking brake is made up of an ECU (electronic control unit), an electric switch, and an actuator mechanism that makes sure the brakes work as well as they can. Additionally, it is utilized in driver assistance functions like hill start assist. The analyst says that the main factors that will drive the Electric Parking Brake market size in 2020, which is expected to be $825,62 million, are strict environmental regulations about road and traffic safety, increased adoption of automated vehicle technology, and demand for more fuel-efficient vehicles.
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Key Chapter Will Be Provided In The Report
- Patent Analysis
- Regulatory Framework
- Technology Roadmap
- BCG Matrix
- Heat Map Analysis
- Price Trend Analysis
- Investment Analysis
- Company Profiling and Competitive Positioning
- Industry Value Chain Analysis
- Market Dynamics and Factors
- Porter’s Five Forces Analysis
- Pestle Analysis
- SWOT Analysis
Market Dynamics and Factors:
A surge in the adoption of automated vehicle technology is driving the electric parking brake system market. The electric parking brake system is a crucial safety feature that helps prevent accidents by keeping the vehicle stationary when parked on a slope or incline. It is easy to use and provide a more convenient parking experience for drivers. The system can be activated with the push of a button, making it more user-friendly than traditional handbrakes. Electric parking brake systems are more efficient than traditional mechanical parking brakes. They use less energy and can be integrated with other systems in the vehicle to optimize performance and reduce energy consumption.
Collaboration with automotive manufacturers is expected to drive the market of electric parking brake systems. By collaborating with automotive manufacturers, electric parking brake system manufacturers can ensure that their systems are seamlessly integrated with the vehicles’ electronic systems. This ensures better performance, reliability, and compatibility with the vehicle’s other safety and control systems. Collaborating with automotive manufacturers provides an opportunity for electric parking brake system manufacturers to work closely with vehicle designers and engineers to develop innovative solutions that meet the changing needs of the market. This could include developing new features, such as autonomous parking and advanced driver assistance systems.
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Top Key Players Covered In The Electric Parking Brake Market:
- ZF (Germany)
- Continental (Germany)
- Chassis Brakes International (Netherlands)
- Küster (Germany)
- Aisin (Japan)
- Mando (South Korea)
- Hyundai Mobis (South Korea)
- Zhejiang Libang Hexin (China)
- Wuhu Bethel Automotive (China)
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Electric Parking Brake Market Report Highlight:
- By type, the Caliper Integrated EPB segment is anticipated to lead the growth of the Electric Parking Brake market in the forecasted timeframe. Due to the comfortable and safe driving experience and enhanced safety of drivers and vehicles.
- By application, the SUVs segment is expected to have the highest share of the Electric Parking Brake market over the projected period. SUVs are known for their larger size and heavier weight compared to Sedans and other vehicle types, which can make traditional mechanical parking brakes less effective. Electric parking brake systems offer a more efficient and effective solution for SUVs
- The Europe region is expected to have the highest Electric Parking Brake market share over the projected period. Because of the presence of several leading automotive electric parking brakes market players in countries such as Germany.
Key Industry Development:
In Jan 2023, ZF announced a partnership agreement with mobility provider Beep to bring a new-generation autonomous Level 4 shuttle to the U.S. market. The agreement aims to deliver several thousand shuttles to customers over the coming years.
In July 2020, the technology company Continental expanded its product line for independent aftermarket repairs of electric parking brakes. Workshops and dealers can now order original ATE parts, including motors and preassembled caliper-motor units.
Electric Parking Brake Market Segmentation:
By Type
- Caliper Integrated EPB
- Cable Puller EPB
By Application
- Sedans
- SUVs
- Others
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For this report, Introspective Market Research has segmented the Electric Parking Brake Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
North America
- The U.S.
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest Of Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
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Scope of the Report:
The latest research on the Electric Parking Brake market provides a comprehensive overview of the market for the years 2022 to 2028. It gives a comprehensive picture of the global Electric Parking Brake industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter’s five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Electric Parking Brake market. Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind to give business insights and consultancy to help customers make smart business decisions and achieve long-term success in their particular market areas.
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