Electric Parking Brake Market is Projected to Reach US$ 11.351 Billion by 2032 | Persistence Market Research
Discover the growth, trends, and challenges in the electric parking brake market. Learn about key players, technology trends, regulatory landscapes, and consumer preferences. Explore opportunities and barriers in this dynamic industry
New York, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Electric Parking Brake Market Overview:
The electric parking brake market has witnessed significant growth in recent years, driven by the increasing adoption of electric and hybrid vehicles, as well as advancements in automotive technology. An electric parking brake is an innovative braking system that replaces the conventional handbrake lever with a button or switch, making it more convenient and space-efficient. This technology offers several advantages, including improved safety, reduced maintenance, and enhanced vehicle aesthetics. As automotive manufacturers continue to prioritize safety and user-friendly features, the electric parking brake market is expected to experience steady growth in the coming years.
Global Electric Parking Brake Market Size was valued at USD 2.2 Billion in 2022. The electric parking brake market industry is projected to grow from USD 2.64 Billion in 2023 to USD 11.351 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 20.00% during the forecast period (2023 - 2032). The market's growth can be attributed to the rising demand for electric and hybrid vehicles, which often come equipped with this advanced braking system. Additionally, the increasing awareness among consumers regarding the benefits of electric parking brakes, such as improved hill-start assistance and enhanced vehicle stability, has further fueled market growth.
Elevate your business strategy with comprehensive market data. Request a sample report now: https://www.persistencemarketresearch.com/samples/17455
Key Market Statistics:
Report Coverage | Details | |
Market Revenue 2022 | US$ 2.2 billion | |
Projected Market Value (2032F) | US$ 11.351 billion | |
Global Market Growth Rate (CAGR 2023 to 2032) | 20 % |
|
Forecast Period | 2023-2032 | |
No. of Pages | 300 Pages | |
Market Segmentation |
| |
Regions Covered | North America; Latin America; Europe; South Asia & Pacific; East Asia; The Middle East & Africa. | |
Key Companies Profiled |
| |
Key Market Players:
Continental AG: Continental AG is a prominent player in the electric parking brake market, known for its cutting-edge automotive technologies. The company offers a range of electric parking brake solutions designed to enhance vehicle safety and comfort.
ZF Friedrichshafen AG: ZF Friedrichshafen AG is a global leader in automotive technology and provides innovative electric parking brake systems that offer precise control and reliability. Their solutions cater to various vehicle types and have gained significant traction in the market.
Aisin Seiki Co., Ltd.: Aisin Seiki Co., Ltd. is a Japanese multinational corporation that specializes in automotive components. They are a key player in the electric parking brake market, providing advanced braking solutions with a focus on safety and efficiency.
TRW Automotive (ZF TRW): ZF TRW, a division of ZF Friedrichshafen AG, is renowned for its electric parking brake systems. With a strong commitment to safety and quality, they have established a solid presence in the global market.
Mando Corporation: Mando Corporation is a South Korean company that has made significant strides in the electric parking brake market. They offer innovative and cost-effective solutions, catering to the evolving needs of the automotive industry.
Technology Trends:
The electric parking brake market is experiencing significant technological advancements aimed at enhancing safety, convenience, and overall vehicle performance. One prominent trend is the integration of electronic control units (ECUs) and smart sensors within electric parking brake systems. These ECUs allow for precise and automated control of the brake force, resulting in improved safety and stability during various driving conditions.
Another noteworthy technology trend is the development of brake-by-wire systems, which eliminate the need for physical connections between the brake pedal and the brake mechanism. Brake-by-wire technology enables more precise modulation of the brake force, optimizing energy efficiency and reducing wear and tear on braking components. Furthermore, it paves the way for the implementation of advanced driver assistance systems (ADAS) and autonomous driving features, as it allows for seamless integration with the vehicle's overall control system.
Regulatory Landscape: The regulatory landscape for electric parking brakes is evolving to address safety concerns and standardize their implementation across different regions. Governments and regulatory bodies are increasingly focusing on mandating advanced safety features, including electric parking brakes, in vehicles to reduce accidents and improve overall road safety.
In the United States, for example, the National Highway Traffic Safety Administration (NHTSA) continues to enhance safety standards, with an emphasis on advanced braking systems. In Europe, the European Union's New Car Assessment Programme (Euro NCAP) includes criteria related to electronic parking brakes in their safety assessments. These regulations are pushing automakers to incorporate electric parking brake systems as a standard feature in their vehicles.
Consumer Trends: Consumer trends in the electric parking brake market are influenced by a growing emphasis on convenience, aesthetics, and advanced technology. Modern consumers are increasingly looking for vehicles equipped with electric parking brakes due to their user-friendly operation and space-saving design. The convenience of an electric parking brake button or switch over a traditional handbrake lever appeals to many buyers.
Additionally, consumers are more conscious of vehicle aesthetics, and electric parking brakes contribute to a cleaner and more streamlined interior cabin design, as they eliminate the need for a bulky handbrake lever. As a result, automakers are incorporating electric parking brakes not only for their functionality but also to enhance the overall aesthetics and perceived value of their vehicles.
In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at- https://www.persistencemarketresearch.com/market-research/electric-parking-brake-market.asp
Challenges:
Cost Constraints: One of the primary challenges in the electric parking brake market is managing production costs. The technology involved in electric parking brakes can be relatively expensive compared to traditional mechanical systems, making it essential for manufacturers to find ways to reduce production costs without compromising quality.
Retrofitting and Adoption: Retrofitting electric parking brake systems into existing vehicles can be challenging, as it often requires significant modifications to the vehicle's braking system and electronic components. This poses challenges for aftermarket installations and servicing.
Regulatory Compliance: Meeting the varying regulatory requirements in different regions poses a challenge for manufacturers. Compliance with safety standards and homologation processes can be time-consuming and expensive.
Opportunities:
Increasing Demand for Electric and Hybrid Vehicles: The growing adoption of electric and hybrid vehicles presents a significant opportunity for electric parking brake manufacturers. These vehicles often come equipped with electric parking brakes as a standard feature, contributing to market growth.
Integration with Advanced Driver Assistance Systems (ADAS): The integration of electric parking brakes with ADAS technology offers opportunities for enhanced safety and convenience features. This integration aligns with the growing trend towards semi-autonomous and autonomous driving, creating opportunities for innovation and differentiation.
Environmental Sustainability: As the automotive industry places a greater emphasis on sustainability, electric parking brakes offer the advantage of reduced energy consumption and improved overall vehicle efficiency. This aligns with the industry's efforts to reduce carbon emissions and environmental impact.
Supply Chain Analysis:
The electric parking brake supply chain encompasses several key components and stakeholders. Key elements include electronic control units (ECUs), sensors, actuators, and cables, all of which are crucial for the proper functioning of electric parking brake systems. These components are typically sourced from various suppliers within the automotive industry.
The assembly of electric parking brake systems occurs at the manufacturing facilities of automotive suppliers or directly within the assembly plants of vehicle manufacturers. The seamless integration of these systems into the vehicles requires close collaboration between the automakers and their suppliers to ensure compatibility and reliability.
Global Market Comparison:
The electric parking brake market exhibits regional variations in adoption rates and market dynamics. For example, North America and Europe have witnessed higher adoption rates of electric parking brakes due to stringent safety regulations and consumer demand for advanced features. In contrast, some emerging markets in Asia and Latin America are still in the process of transitioning from traditional handbrakes to electric parking brake systems.
Global market comparison also highlights the importance of catering to specific regional preferences and regulations. Manufacturers must adapt their products and strategies to meet the unique demands and standards of each market, recognizing that what works in one region may not necessarily translate to success in another.
Consumer Adoption Barriers:
While the electric parking brake market is experiencing steady growth and technological advancements, several barriers to consumer adoption still exist. These adoption barriers can influence the rate at which electric parking brakes become standard features in vehicles.
Lack of Familiarity: Many consumers are accustomed to traditional handbrake levers and may be hesitant to embrace the change to electric parking brakes. The lack of familiarity with the operation and functionality of these systems can deter some from choosing vehicles equipped with them.
Repair and Maintenance Concerns: Electric parking brake systems, with their electronic components and sensors, can be perceived as more complex to repair and maintain compared to traditional mechanical systems. Concerns about potential repair costs and the availability of qualified technicians to service these systems may deter adoption.
Retrofitting Challenges: Retrofitting an electric parking brake into an existing vehicle can be technically challenging and expensive. This barrier can limit the aftermarket adoption of electric parking brakes, as many consumers may be reluctant to invest in such modifications.
Cost Considerations: Electric parking brake systems can be more expensive to manufacture and install compared to traditional handbrake mechanisms. This cost difference can translate into higher vehicle prices, which may discourage price-sensitive consumers from choosing vehicles equipped with electric parking brakes.
Future Outlook:
Despite these adoption barriers, the future outlook for the electric parking brake market remains promising. Several factors are expected to contribute to the continued growth and adoption of electric parking brakes in the automotive industry.
Regulatory Push: As safety regulations continue to evolve and become more stringent, electric parking brakes are likely to become mandatory in a growing number of regions. This regulatory push will drive automakers to include these systems in their vehicles, increasing their adoption rates.
Advancements in Technology: Ongoing advancements in electric parking brake technology will address some of the existing consumer concerns. Manufacturers are likely to develop more user-friendly and reliable systems, mitigating apprehensions related to unfamiliarity and maintenance.
Integration with ADAS: The integration of electric parking brakes with advanced driver assistance systems (ADAS) will further boost adoption. These integrated systems offer enhanced safety features, such as automatic parking and emergency braking, which can attract consumers seeking the latest in automotive technology.
Electric and Hybrid Vehicle Growth: The growth of electric and hybrid vehicles, which frequently come equipped with electric parking brakes, will contribute significantly to market expansion. As these eco-friendly vehicles gain popularity, the adoption of electric parking brakes will naturally follow suit.
Consumer Education: Manufacturers and dealerships will likely invest in consumer education efforts to familiarize potential buyers with the benefits and operation of electric parking brakes. Increased awareness and understanding can help overcome adoption barriers.
Collaborations and Partnerships:
Collaborations and partnerships have become increasingly important in the electric parking brake market as companies seek to leverage each other's strengths, drive innovation, and expand their market presence. Several notable collaborations and partnerships have emerged in recent years, shaping the future of this dynamic market.
Automotive Manufacturers and Technology Suppliers: Many automotive manufacturers are collaborating with technology suppliers to develop and implement advanced electric parking brake systems in their vehicles. These partnerships aim to enhance safety, convenience, and overall performance. For example, BMW collaborates with Bosch for its electric parking brake technology, emphasizing the importance of such alliances.
Tier 1 Suppliers and Component Manufacturers: Tier 1 automotive suppliers often partner with specialized component manufacturers to source critical components and subsystems for electric parking brake systems. These collaborations help ensure the availability of high-quality components while optimizing production efficiency.
Research Institutions and Industry Players: Research institutions and industry players are teaming up to drive innovation in electric parking brake technology. These partnerships facilitate the development of cutting-edge features and improvements in system reliability. Such collaborations contribute to pushing the technological boundaries in the market.
Cross-Industry Collaborations: Electric parking brake manufacturers are exploring partnerships with companies in related industries, such as electric vehicle charging infrastructure providers. This collaboration enables seamless integration of electric parking brakes into the broader ecosystem of electric mobility.
About Persistence Market Research:
Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges.
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.
Contact
Persistence Market Research
Teerth Technospace, Unit B-704
Survey Number - 103, Baner
Mumbai Bangalore Highway
Pune 411045 India
Email: sales@persistencemarketresearch.com
Web: https://www.persistencemarketresearch.com
LinkedIn | Twitter
