Prophecy Market Insights latest research report on the Electric Parking Brake Market Provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.
Covina, Nov. 15, 2023 (GLOBE NEWSWIRE) — Electric parking brake is also called as electric park brake or electric parking brake and thus controlled electronically. The switch is activated in electric parking brake where it sends a signal to the electric motor for applying brakes.
Pros: Electric parking brakes provides greater control with adding valuable features such as interior styling and space management. Further, reduction in power consumption and advancement in modern automotive engineering propel the market growth.
Cons: Faulty electric system and high cost of manufacturing restrain market growth.
The Electric Parking Brake Market is a segment of the automotive industry focused on providing electronic systems to replace traditional handbrakes in vehicles. Electric parking brakes offer various benefits, including space-saving designs, improved safety, and additional functionality.
Key Highlights –
- In March 2020, ZF launched new first industrial front electric park brake which is ideal for small vehicles. The new launched product offers enhanced safety and comfort and thus, replace the manual lever by compact switch and offers greater flexibility.
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|Electric Parking Brake Market Value (2022)||US$ 3.4 Billion
|Electric Parking Brake Market Projected Value (2032)
|US$ 7.2 Billion|
|Electric Parking Brake Market CAGR (2022 – 2032)
|No. of Pages||172|
|Revenue forecast, company share, competitive landscape, growth factors, and trends
Electric Parking Brake Market-segmentation analysis:
- By Type (Electric-hydraulic Calliper Systems, and Cable-pull Systems)
- By Application (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles)
- By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)
Key players in the global electric parking brake market include,
- TRW Automobile Inc.
- KUSTER Company
- Continental Automotive GmbH
- DURA Automotive Company
- AISIN Seiki Co.
- Mando Corporation
- SKF AB
- Hyundai Mobis
- Wuhu Bethel
- Zhejiang Wanchao.
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Trends in the Electric Parking Brake Market
- Increasing demand for integrated EPB systems: Integrated EPB systems combine the EPB system with other vehicle systems, such as the ABS system and ESP system. This offers a number of advantages, such as improved performance and reduced weight.
- Growing adoption of electromechanical EPB systems: Electromechanical EPB systems are becoming increasingly popular, as they offer a number of advantages over traditional hydraulic EPB systems, such as improved efficiency and reduced maintenance requirements.
- Rising demand for smart EPB systems: Smart EPB systems are equipped with sensors that can monitor the condition of the EPB system and the vehicle. This data can be used to improve the safety and efficiency of EPB operations.
Challenges in the Electric Parking Brake Market
- High cost of EPB systems: EPB systems are more expensive than traditional parking brake systems. This may limit the adoption of EPBs in budget-friendly vehicles.
- Lack of awareness about EPB systems: There is a lack of awareness about EPB systems among consumers. This may limit the adoption of EPBs in the market.
The electric parking brake (EPB) market is expected to grow rapidly in the coming years, driven by the increasing demand for safety and comfort features, the growing adoption of ADAS and autonomous driving technologies, the rising demand for luxury vehicles, and government regulations. The key players in the market are focusing on developing new products and expanding their presence in emerging markets to maintain their market share.
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