electric parking brake system market REPORT OVERVIEW
The global electric parking brake system market size was in USD 10280 million 2022. As per our research, the composite packaging market is expected to reach USD 19540 million by 2028, exhibiting a CAGR of 11.3% during the forecast period.
The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
Within the electric parking brake system market share, an advanced technological solution is presented to address vehicle parking and braking needs. This system serves as a replacement for the conventional manual handbrake, incorporating an electronic mechanism that takes charge of activating the parking brake in an automated manner. By utilizing electronic control units, actuators, and sensors, the system guarantees the achievement of effective and dependable parking performance, ultimately elevating both safety levels and user convenience.
COVID-19 Impact:
"Safety Emphasis among Population to Fuel Market Growth "
The significance of safety features in vehicles was underscored by the pandemic, prompting manufacturers to prioritize advanced systems like the Electric Parking Brake. Consequently, this shift in focus contributed to a rise in both interest and demand for vehicles that come equipped with these technology-driven safety enhancements. Global supply chains were thrown into disarray by lockdowns and restrictions, impacting the accessibility of essential components necessary for producing the Electric Parking Brake System. As a result, manufacturing, production, and sales were impeded due to ensuing delays and shortages.
LATEST TRENDS
"Integration with Vehicle Connectivity and Integration with Advanced Driver Assistance Systems to Fuel Market Growth "
Integration with Vehicle Connectivity pertains to the assimilation of Electric Parking Brake Systems into the wider array of interconnected features present in modern vehicles. This trend involves amalgamating the functionalities of the electric parking brake with digital platforms, mobile applications, and other intelligent technologies to augment user convenience, authority, and safety. Through integration with vehicle connectivity, operators gain the capability to remotely manage their Electric Parking Brake System via their smartphones or other linked devices. This signifies that they can activate or disengage the parking brake even when not physically situated inside the vehicle. This attribute proves beneficial in scenarios where a driver seeks to secure the vehicle from a distance or make preparations for departure prior to embarking on the journey. The integration of Electric Parking Brake Systems with Advanced Driver Assistance Systems (ADAS) was aimed at bolstering safety measures. These integrated systems could collaborate with other safety functionalities like automatic emergency braking and collision avoidance, culminating in a more comprehensive safety suite.
electric parking brake system market SEGMENTATION
- By Type
Based on Type Electric Parking Brake System Market share is classified as Caliper Integrated EPB, Cable Puller EPB, and Other.
- By Application
Based on Application Electric Parking Brake System Market is classified as Sedans, SUVs, and Others.
DRIVING FACTORS
"Safety and Convenience to Fuel Market Growth "
The predominant factor propelling the market is the heightened safety and convenience provided by electric parking brake systems. These systems deliver increased precision in control and automation, mitigating the potential for vehicle rollaway and enhancing parking on slopes. In contrast to conventional handbrakes, which may be unintentionally released or insufficiently engaged, electric parking brakes provide a more dependable and uniform approach to ensuring a vehicle's security.
"Regulatory Standards to Stimulate Market Progress"
Governments and regulatory bodies worldwide enforcing more rigorous safety standards and directives have compelled the integration of sophisticated safety elements, such as electric parking brake systems, into vehicles. This reason could propel the market growth in the forecasted period.
RESTRAINING FACTORS
"High Initial Costs to Harm Market Growth "
Implementing electric parking brake systems can incur higher costs in comparison to traditional handbrake mechanisms, potentially resulting in elevated production expenses and dissuading price-conscious consumers. This factor could be a major contributor of the decline in electric parking brake system market growth.
electric parking brake system market REGIONAL INSIGHTS
"North America to Drive Market owing to momentum gain by Electric parking brake systems "
In North America, the uptake of electric parking brake systems was on the rise, propelled by the region's emphasis on cutting-edge automotive technologies and safety enhancements. Consumers in this area were displaying a keen attraction to vehicles furnished with contemporary conveniences, such as electric parking brakes. Furthermore, the market growth was bolstered by more stringent safety regulations and the prevalence of larger vehicle types like SUVs and trucks.
KEY INDUSTRY PLAYERS
"Multitude of companies that specialize in industrial brake systems"
Prominent figures within the Electric Parking Brake System Market include significant industry players. Among them is Aisin, a major Japanese automotive component manufacturer renowned for its mastery in areas such as transmission systems, drivetrain technology, and brake systems. Their involvement extends to the active development of electric parking brake systems. Among these, notable industry players encompass Aisin Seiki Co., Ltd., Continental AG, and ZF Friedrichshafen AG.
List of Market Players Profiled
- ZF TRW (Germany)
- Continental (Germany)
- Küster (Germany)
REPORT COVERAGE
The future demand for the Electric Parking Brake System Market is covered in this study. The Research report includes the Impact of Safety Emphasis due to the Covid-19 Impact. The report covers the latest trends in Integration with Vehicle Connectivity. The paper includes a segmentation of the Electric Parking Brake System Market. The research paper includes the driving factors that are Safety and Convenience to Fuel Market Growth. The report also covers information on Regional Insights where the region which has emerged leading market for Electric Parking Brake Systems.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 10280 Million in 2022 |
Market Size Value By |
US$ 19540 Million by 2028 |
Growth Rate |
CAGR of 11.3% from 2022 to 2028 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types and Applications |
Frequently Asked Questions
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What value is the global Electric Parking Brake System Market expected to touch by 2028?
The global Electric Parking Brake System Market size is expected to reach USD 19540 million by 2028.
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What CAGR is the global Electric Parking Brake System Market expected to exhibit by 2028?
The global Electric Parking Brake System Market is expected to exhibit a CAGR of 11.3% by 2028.
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Which are the driving factors of the Electric Parking Brake System Market?
The driving factors of the Electric Parking Brake System Market are safety & convenience, and regulatory standards.
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Which are the key players or most dominating companies functioning in the Electric Parking Brake System Market?
ZF TRW, Continental, Küster are the key players or most dominating companies functioning in the Electric Parking Brake System Market.
