26 C
New York
Monday, June 24, 2024
HomeResearchThe Electric Parking Brake Market is expected to reach $ 9.47 billion...

The Electric Parking Brake Market is expected to reach $ 9.47 billion by 2031, replacing mechanical brakes with motors for easier use.

Date:

Related stories

spot_imgspot_img


The Electric Parking Brake Market Size was valued at USD 2.89 billion in 2023 and is expected to reach USD 9.47 billion by 2031 and grow at a CAGR of 16% over the forecast period (2024-2031).

Market Drivers

The Electric Parking Brake Market is fueled by a confluence of factors. Firstly, the expanding global automotive industry, particularly in developing nations, creates a strong demand for new vehicles, and electric parking brakes (EPBs) are increasingly seen as a desirable feature. Growing consumer focus on safety is a major driver. EPBs offer advantages over traditional handbrakes, like automatic activation/deactivation and hill-hold assist, which prevent accidental rolling and increase safety, especially for drivers in hilly areas or crowded cities. Rising disposable incomes and a preference for feature-rich vehicles are pushing demand for EPBs. They offer a sleek and modern feel in the car’s interior with a button replacing the bulky handbrake lever, and features like automatic brake hold improve convenience. Stricter government regulations mandating advanced safety features in automobiles are acting as a tailwind for the EPB market. As car manufacturers strive to meet these regulations and differentiate themselves in a competitive market, EPBs are becoming a more common inclusion.

Get a Report Sample of Cyber Security Insurance Market @https://www.snsinsider.com/sample-request/2131

Segment Analysis

By System Type

  • Cable Pull System
  • Electric-Hydraulic Caliper Systems

By System

Electric parking brakes come in two flavors are cable pull and electric-hydraulic. While cable pull systems are simpler, the market favors electric-hydraulic options. This is because they’re like a dream team, combining the best of both worlds. Electric systems offer fancy features and easy integration with other car tech, while hydraulics provide the muscle and precision needed for safe braking. This winning combo of convenience and performance makes electric-hydraulic caliper systems the clear champion. They deliver improved responsiveness and braking power, exactly what drivers crave. This translates to a growing demand for these systems as car manufacturers strive to offer both safety and a smooth driving experience.

By Vehicle Type

  • Light Commercial Vehicle
  • Passenger Vehicle
  • Heavy Commercial Vehicle

By Vehicles

Electric parking brakes are finding a major niche in passenger cars, the most common vehicle type on the road. This growth is fueled by two trends. First, the booming auto industry, particularly in developing nations, is creating a vast market for new cars, many with electric parking brakes as a desirable feature. Second, these brakes offer significant advantages to drivers. Features like automatic application and hill-hold assist make driving safer, especially in crowded cities or hilly areas. Additionally, the growing popularity of compact cars and sedans with electric parking brakes is expected to propel this segment forward. These systems not only provide better control and convenience but also contribute to a sleek, modern feel in the car’s interior.

The Economic Impacts of the Russia-Ukraine War and Crisis

The war in Ukraine has cast a shadow on the electric parking brake market in a few key ways. Disrupted supply chains are a major concern. Both Russia and Ukraine are significant players in the automotive parts industry, and the conflict has caused shortages and price hikes for essential materials. This can lead to production slowdowns for car manufacturers, impacting the demand for electric parking brakes that are often included as features. Secondly, sanctions and rising energy costs are squeezing profits for carmakers. This can lead them to cut costs on features like electric parking brakes, prioritizing essential components. Finally, consumer spending might take a hit as the war fuels inflation and economic uncertainty. This could lead to a dip in demand for new cars, including those with electric parking brakes. However, the long-term impact remains to be seen. The focus on safety features in cars might still push demand for EPBs in the future, despite the current headwinds.

Want Detailed Insight on this Research, Drop your Enquiry Here @ https://www.snsinsider.com/enquiry/2131

Regional Analysis

The Asia Pacific region is poised to dominate the electric parking brake market, fueled by a perfect storm of growth factors. Booming economies in China and India, with their massive populations and expanding middle classes, are creating a surge in car demand. This translates to a larger market for vehicles equipped with electric parking brakes, seen as a desirable feature. Additionally, the Asia Pacific region is a powerhouse for Original Equipment Manufacturers (OEMs) and their suppliers, creating a strong local ecosystem for electric parking brake system development. The rising popularity of Electric Vehicles (EVs) and Hybrids in the region further propels the market. These vehicles often come standard with electric parking brakes due to their integration with regenerative braking systems, making them a natural fit for the growing EV and Hybrid market in Asia Pacific.

New developments in the market for Electric Parking Brakes Market

  • Manufacturers are concentrating on the downsizing and integration of electric parking brake systems. This allows for reduced weight, sleeker interior designs, and better connection with other vehicle technology, such as regenerative braking in electric vehicles.
  • These features improve driver safety and convenience, making EPBs even more appealing to carmakers.
  • By remaining up to date on rival developments and customer preferences, you may gain a competitive advantage and customize your services to changing market demands.
  • The study can assist you in identifying prospective issues, such as supply chain disruptions or economic slowdowns, allowing you to plan ahead of time for mitigation.

The Major Key Players Are:

  • ZF Friedrichshafen AG (Germany),
  • Continental AG (Germany),
  • Aisin Seiki Co., Ltd. (Japan),
  • Mando-Hella Electronics Corp. (South Korea),
  • DURA Automotive Systems (US),
  • Küster Holding GmbH (Germany),
  • TBK Co., Ltd. (Tokyo),
  • Svenska Kullagerfabriken AB (Sweden),
  • Hyundai Mobis Co., Ltd. (South Korea),
  • Wuhu Bethel Automotive Safety Systems Co., Ltd (China),
  • Zhejiang Wanchao Electric Appliance Co., Ltd. (China) and other key players.

Recent Development

  • In Jan. 2024: Tata Motors began delivering their new electric Punch.ev featuring a redesigned front fascia, digital displays, and a sunroof. Built on a new platform supporting various drivetrains and fast charging, it boasts an extended electric range of 300-600 km.
  • In 2021, BOSCH announced that it developed a new EPB system called “iBooster” that integrates braking and hydraulic systems in electric and hybrid vehicles.
  • In Aug 2021, Z.F. Friedrichshafen AG announced that it developed a new EPB system that offers improved safety and convenience features for electric and hybrid vehicles. The new system integrates with cars, such as regenerative braking and electric motor control, for better energy efficiency.
  • In July 2021, Hyundai Mobis announced the development of a new EPB with a unique patented actuator mechanism that reduces vehicle noise and vibrations for smoother and more precise braking performance.

Access Detailed Research Insight with Full TOC and Graphs @https://www.snsinsider.com/reports/electric-parking-brake-market-2131

Our Related Report

Automotive Power Modules Market

Automotive Electronic Brake System Market

Automotive Smart Antenna Market

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img