The global Electric Parking Brake (EPB) system market size was USD 3.22 Billion in 2022 and is expected to register a revenue CAGR of 7.3% over the forecast period, according to the latest report by Reports and Data.
Rising production and sales of high-end and luxury automobiles, resulting in increased usage of EPB systems. Due to a growth in discretionary money, consumers are more prepared to pay more on high-end automobiles that provide cutting-edge safety features, convenience, and luxury. Premium vehicles are ideal for EPB systems since they exceed traditional mechanical parking brakes in terms of safety and performance. Furthermore, the incorporation of EPB systems in mid-range automobiles is another factor driving market revenue development.
Additionally, the growing demand for environmentally friendly and fuel-efficient vehicles is expected to contribute to the revenue growth of the market. Governments worldwide are implementing stringent emission standards in response to increasing public awareness of environmental concerns. This has compelled automakers to develop vehicles with reduced carbon footprints. EPB systems, utilizing electric motors instead of hydraulic systems, are more fuel-efficient and emit fewer pollutants compared to traditional mechanical parking brakes.
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The increasing need for environment-friendly and fuel-efficient vehicles is indeed expected to drive market revenue growth for Electronic Actuator Parking Brake (EPB) systems. Governments worldwide are implementing stricter emission standards due to growing public awareness about environmental issues. This has resulted in automakers being compelled to develop cars with smaller carbon footprints. EPB systems contribute to this goal by being more fuel-efficient compared to conventional mechanical parking brakes. They achieve this by utilizing Electronic Actuator motors instead of hydraulic systems, which helps reduce emissions.
In addition to environmental concerns, the implementation of automated driving technology is also a significant driver for market revenue growth of EPB systems. Advanced Driver Assistance Systems (ADAS), which encompass features like autonomous emergency braking, lane departure warning, and adaptive cruise Actuator, rely on EPB systems as a crucial component. Contemporary automobiles equipped with these ADAS functions require an EPB system that can be integrated with the vehicle's braking Actuator unit. As automated driving technology becomes more prevalent, the demand for EPB systems in vehicles is increasing as a necessity for these advanced features.
Overall, the combination of the need for environment-friendly vehicles and the growing implementation of automated driving technology contributes to the market growth of EPB systems. Automakers are recognizing the importance of these systems in meeting regulatory requirements, enhancing fuel efficiency, and providing the necessary functionality for advanced driver assistance features.
some leading companies operating in the global Electric Parking Brake (EPB) System Market.
Electric Parking Brake (EPB) system include ZF Friedrichshafen AG, Continental AG, Aisin Seiki Co. Ltd., Robert Bosch GmbH, Hyundai Mobis, Wabco Holdings Inc., Knorr-Bremse AG, Mando Corporation, TBK Co. Ltd., and Hitachi Automotive Systems Ltd.
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Some Key Highlights from the Report
- The Electronic Control Unit (ECU) segment is expected to hold the largest market share during the forecast period. This is attributed to its ability to enhance the overall performance of the electronic parking brake system. The ECU is responsible for managing and monitoring the functions of the parking brake system. It controls the application and release of the brake, monitors the system's operation, and detects any errors or malfunctions. With the increasing demand for electric vehicles and the need for advanced parking brake systems in these vehicles, the market for ECUs is projected to witness significant growth. The Electronic Parking Brake System, with its advanced braking capabilities, enhances vehicle control, safety, and driver comfort while driving.
- The OEM segment contributed significantly to revenue. The growing demand for electric parking brake systems in new automobiles is to thank for the OEM market's rise. Electric parking brake systems are becoming more common in modern automobiles due to their convenience, safety features, and usability. This market is growing as a result of OEMs' continued R&D spending to improve the performance and dependability of their electric parking brake systems. Furthermore, the OEM business is developing as a result of rising demand for premium autos and the transition to electrification.
- The Asia-Pacific region is expected to lead the Electric Parking Brake System Market. The area is quickly urbanizing, in addition to possessing some of the world's fastest-growing economies, including China and India. The market for electronic parking brake systems in the region is growing as the number of passenger cars and commercial vehicles on the road increases, as does the desire for cutting-edge automotive technology.
The global market is further segmented into type and application:
Component Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Electronic Control Unit
- Actuator
- Switch
Sales Channel Outlook (Revenue, USD Billion; 2022 - 2032)
- OEM
- Aftermarket
Vehicle Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Passenger Cars
- Commercial Vehicles
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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