Global Automotive Electronic Parking Brake Market Size By Vehicle Type (Passenger Cars, Commercial Vehicles), By Technology Type (Electrically-actuated, Caliper Integrated, Cable-puller), By Sales Channel (Original Equipment Manufacturers (OEMs), Aftermarket), By Geographic Scope and Forecast, By Geographic Scope and Forecast

Automotive Electronic Parking Brake Market Size and Forecast

Automotive Electronic Parking Brake Market size was valued at USD 2.60 Billion in 2023 and is projected to reach USD 9.01 Billion by 2031, growing at a CAGR of 16.80% from 2024 to 2031.

• An electronic parking brake (EPB) is an advanced braking system that replaces traditional mechanical parking brakes with electronic controls, allowing for easier engagement and disengagement through a button or switch.
• Its primary application is in passenger vehicles, where it enhances convenience, improves vehicle design by freeing up space in the center console, and increases safety by ensuring the brake is applied securely when parked.
• The future of the global automotive electronic parking brake market looks promising, driven by the growing demand for advanced driver-assistance systems (ADAS) and electric vehicles (EVs), as well as regulatory pressures for enhanced safety features.

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Global Automotive Electronic Parking Brake Market Dynamics

The key market dynamics that are shaping the global automotive electronic parking brake market include:

Key Market Drivers:

• Growing Adoption of Electric Vehicles (EVs): The increasing shift toward electric vehicles is a significant driver for the automotive electronic parking brake market. According to the International Energy Agency, the number of electric cars on the road globally surpassed 10 million in 2020, with projections estimating that this figure will reach 145 million by 2030, promoting the use of advanced braking systems.
• Enhanced Safety Features: The rising emphasis on vehicle safety standards is driving the adoption of electronic parking brakes. The National Highway Traffic Safety Administration (NHTSA) reported that approximately 38,000 fatalities occurred in motor vehicle crashes in the U.S. in 2020, highlighting the need for improved safety technologies, including EPBs that provide better control and functionality.
• Increasing Demand for Advanced Driver-Assistance Systems (ADAS): The growing incorporation of ADAS in vehicles supports the adoption of electronic parking brakes. The global ADAS market is projected to reach USD 110 billion by 2027, growing at a compound annual growth rate (CAGR) of 14.7% from 2020, according to a report by Fortune Business Insights, which indicates a parallel rise in demand for integrated EPB systems.
• Regulatory Compliance: Stricter government regulations regarding vehicle emissions and safety are driving the shift toward modern braking systems. The European Union has mandated specific safety standards for vehicles, which are pushing manufacturers to adopt electronic parking brakes for compliance and to enhance overall vehicle performance.

Key Challenges:

• High Manufacturing Costs: The development and integration of electronic parking brakes involve higher production costs compared to traditional systems. This may pose challenges for manufacturers, particularly in price-sensitive markets.
• Technical Complexities: The integration of electronic parking brakes with existing vehicle systems requires advanced technology and expertise. Manufacturers may face difficulties in ensuring compatibility and reliability across different vehicle models.
• Consumer Awareness and Acceptance: A lack of consumer understanding of the benefits and functionality of electronic parking brakes could hinder adoption rates. Educating consumers about the advantages of EPBs remains a challenge for the industry.
• Potential for System Failures: Although electronic systems generally offer improved functionality, the reliance on electronics raises concerns about system failures, which could lead to safety risks. Manufacturers must address these reliability issues to gain consumer trust.

Key Trends:

• Integration with Autonomous Driving Technologies: The trend toward autonomous vehicles is driving the need for advanced braking systems, including electronic parking brakes that can be controlled automatically during parking maneuvers.
• Shift toward Lightweight Materials: Manufacturers are increasingly focusing on using lightweight materials to reduce vehicle weight and improve fuel efficiency. This trend influences the design and production of electronic parking brakes to enhance overall vehicle performance.
• Growth in Shared Mobility Solutions: The rise of ride-sharing and car-sharing services is influencing vehicle design, including the need for automated systems like electronic parking brakes that enhance user convenience and safety.
• Development of Smart Parking Solutions: Innovations in smart parking technologies are emerging, with electronic parking brakes playing a crucial role in enabling automated parking features that improve user experience and efficiency.

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Global Automotive Electronic Parking Brake Market Regional Analysis

Here is a more detailed regional analysis of the global automotive electronic parking brake market:

North America:

• North America is the dominant region in the global automotive electronic parking brake market, primarily driven by the strong presence of key automotive manufacturers and a high adoption rate of advanced automotive technologies. The region’s focus on safety regulations and standards has propelled the integration of electronic parking brakes in vehicles, aligning with consumer preferences for enhanced safety features. In 2023, the North American automotive market was valued at approximately $813 billion, and the electronic parking brake segment is projected to grow at a compound annual growth rate (CAGR) of 8.3% from 2024 to 2030.
• The increasing demand for electric and hybrid vehicles in North America is also contributing to the growth of the electronic parking brake market. As automakers shift towards sustainable solutions, electronic parking brakes offer advantages such as weight reduction and improved energy efficiency. The U.S. Department of Energy reports that electric vehicle sales in North America rose by 45% in 2023, underscoring the growing market for advanced braking systems tailored to these vehicles.

Europe:

• Europe is the fastest-growing region in the automotive electronic parking brake market, with a projected CAGR of 10.2% from 2024 to 2030. This growth is largely driven by stringent safety regulations and the European Union’s commitment to reducing vehicle emissions. The European automotive market is highly competitive, with manufacturers investing heavily in innovative braking technologies to comply with environmental standards while enhancing vehicle safety. In 2022, Europe accounted for approximately 30% of the global automotive market, valued at around $1.5 trillion.
• The rising popularity of electric vehicles in Europe further fuels the demand for electronic parking brakes. As countries like Germany, France, and the Netherlands implement initiatives to promote electric mobility, the need for advanced braking systems that integrate seamlessly with electric drivetrains is growing. According to the European Automobile Manufacturers Association (ACEA), electric vehicle sales in Europe increased by 55% in 2023, indicating a robust market for innovative braking solutions tailored to these vehicles.

Global Automotive Electronic Parking Brake Market: Segmentation Analysis

The Global Automotive Electronic Parking Brake Market is segmented on the basis of By Vehicle Type, By Technology Type, By Sales Channel, and By Geography.

Automotive Electronic Parking Brake Market, By Vehicle Type

• Passenger Cars
• Commercial Vehicles

Based on Vehicles Type, the Global Automotive Electronic Parking Brake Market is segmented into Passenger Cars and Commercial Vehicles. The Passenger Car segment is dominating, accounting for a significant share due to its widespread adoption and growing consumer preference for personal mobility solutions. This segment benefits from advancements in technology, safety features, and fuel efficiency, appealing to a broad demographic. Conversely, the commercial vehicle segment is experiencing rapid growth, driven by increasing demand for logistics and transportation services, particularly in the e-commerce sector.

Automotive Electronic Parking Brake Market, By Technology Type

• Electrically-actuated EPB
• Caliper Integrated EPB
• Cable-puller EPB

Based on Technology Type, the Global Automotive Electronic Parking Brake Market is segmented into Electrically-actuated EPB, Caliper Integrated EPB, and Cable-puller EPB. The electrically-actuated EPB segment is currently dominating due to its advanced functionality, ease of use, and integration with modern vehicle systems, particularly in electric and hybrid vehicles. This segment benefits from the increasing demand for advanced driver-assistance systems and enhanced safety features. Meanwhile, the caliper integrated EPB segment is the fastest-growing, driven by the trend towards space-saving designs in vehicles and the need for improved braking performance.

Automotive Electronic Parking Brake Market, By Sales Channel

• Original Equipment Manufacturers (OEMs)
• Aftermarket

Based on Sales Channel, the Global Automotive Electronic Parking Brake Market is segmented into Original Equipment Manufacturers (OEMs) and Aftermarket. The Original Equipment Manufacturers (OEMs) segment is dominating due to the increasing integration of advanced braking systems in new vehicle models, driven by safety regulations and consumer demand for enhanced features. However, the aftermarket segment is experiencing rapid growth as vehicle owners seek to upgrade their existing systems for improved safety and convenience, particularly in older vehicles not originally equipped with electronic parking brakes.

Global Automotive Electronic Parking Brake Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

Based on the Geography, the Global Automotive Electronic Parking Brake Market are classified into North America, Europe, Asia Pacific, and Rest of World. North America is the dominant region in the global automotive electronic parking brake market, primarily driven by the strong presence of key automotive manufacturers and a high adoption rate of advanced automotive technologies. Europe is the fastest-growing region this growth is largely driven by stringent safety regulations and the European Union’s commitment to reducing vehicle emissions.

Key Players

The “Global Automotive Electronic Parking Brake Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market Continental AG, Robert Bosch GmbH, ZF Friedrichshafen AG, Aisin Seiki Co., Denso Corporation, Akebono Brake Industry Co., Hyundai Mobis, Lear Corporation.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Global Automotive Electronic Parking Brake Market: Recent Developments

• In August 2024 Continental AG announced the launch of its latest electronic parking brake technology, designed to enhance vehicle safety and provide improved user experience. This new system features advanced diagnostics and integration capabilities, allowing for better performance monitoring and easier maintenance for manufacturers. The company aims to strengthen its position in the automotive market by offering innovative solutions that comply with evolving safety regulations.
• In July 2024 Bosch introduced an upgraded version of its electronic parking brake system, which includes a new feature that allows drivers to engage and disengage the brake using a smartphone app. This development aligns with the growing trend of connected vehicles and smart technologies. The company emphasized that this feature not only enhances convenience but also aims to improve safety by allowing users to manage their vehicle’s parking brake remotely.
• In June 2024 Zhejiang SIDA Technology Co. Ltd. expanded its manufacturing capabilities for electronic parking brakes to meet increasing demand from automotive manufacturers. The company invested in new production lines equipped with advanced automation technologies, which are expected to increase efficiency and reduce production costs. This move positions SIDA as a key player in the market, catering to both domestic and international clients.

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