PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616076
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616076
Electric Parking Brake Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032
The Global Electric Parking Brake Market, valued at USD 2.6 billion in 2023, is set to grow at a CAGR of 16.8% between 2024 and 2032. A key driver behind this growth is the increasing demand for advanced safety features in vehicles. EPBs enhance vehicle safety by offering superior control over braking systems, primarily on inclines. They also provide added convenience with features like electronic emergency braking and auto-hold. As safety standards and regulatory requirements for braking systems continue to rise, the adoption of EPBs is expanding.
Automakers are integrating EPBs as standard features, making them essential in modern vehicles. Another major factor driving the market is the push toward reduced weight and improved vehicle efficiency. EPBs eliminate traditional mechanical linkages, resulting in lighter and more compact brake systems. This reduction in weight enhances fuel efficiency and overall vehicle performance.
As manufacturers seek to improve fuel economy and reduce emissions, EPBs are increasingly favored across different vehicle segments, further boosting their adoption. The market is segmented based on vehicle type into passenger and commercial vehicles. In 2023, passenger vehicles accounted for over 84% of the market share and are expected to surpass USD 8 billion by 2032. The dominance of passenger vehicles is due to the widespread adoption of advanced safety and convenience features. With simple button activation, EPBs offer ease of use, enhancing driver comfort and vehicle control.
| Market Scope | |
|---|---|
| Start Year | 2023 |
| Forecast Year | 2024-2032 |
| Start Value | $2.6 Billion |
| Forecast Value | $10.6 Billion |
| CAGR | 16.8% |
The increasing trend toward automation and smart features in passenger vehicles continues to drive demand for EPBs. Additionally, the focus on reducing vehicle weight and improving fuel efficiency aligns perfectly with the benefits of EPB systems. Based on the ownership model, the market is divided into OEMs and Aftermarket. The OEM segment captured approximately 87% of the market share in 2023. OEMs play a significant role in stimulating growth by incorporating electric parking brakes into new vehicle models as common features.
This aligns with the industry's move toward automation and advanced safety systems. OEMs also benefit from economies of scale, lowering production costs and enabling competitive pricing. Continuous innovation and collaboration with suppliers further support the adoption of EPBs across the automotive sector. Asia Pacific dominated the market in 2023, accounting for over 31% of the market share and is expected to exceed USD 3.5 billion by 2032. This growth is driven by the region's automotive manufacturing capabilities, rising vehicle sales, and increasing demand for advanced safety features.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.2 Base estimates and calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimates
- 1.3 Forecast model
- 1.4 Primary research & validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
- 1.5 Market definitions
Chapter 2 Executive Summary
- 2.1 Industry 360° synopsis, 2021 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Supplier landscape
- 3.2.1 EPB manufacturers
- 3.2.2 Component manufacturers
- 3.2.3 OEMs
- 3.2.4 Distributors
- 3.2.5 End-users
- 3.3 Profit margin analysis
- 3.4 Price analysis of electric parking brakes
- 3.5 Technology & innovation landscape
- 3.6 Key news & initiatives
- 3.7 Regulatory landscape
- 3.8 Impact forces
- 3.8.1 Growth drivers
- 3.8.1.1 Increasing demand for advanced safety features
- 3.8.1.2 Push towards enhanced vehicle efficiency and reduced weight
- 3.8.1.3 Technological advancements in braking systems
- 3.8.1.4 Growing adoption of electric and hybrid vehicles
- 3.8.2 Industry pitfalls & challenges
- 3.8.2.1 High cost of EPB systems and maintenance
- 3.8.2.2 Potential reliability issues with electronic components
- 3.8.1 Growth drivers
- 3.9 Growth potential analysis
- 3.10 Porter's analysis
- 3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Type, 2021 - 2032 ($Bn, Units)
- 5.1 Key trends
- 5.2 Cable-pull systems
- 5.3 Caliper integrated systems
Chapter 6 Market Estimates & Forecast, By Component, 2021 - 2032 ($Bn, Units)
- 6.1 Key trends
- 6.2 Electronic control unit (ECU)
- 6.3 Actuator
- 6.4 Switch
- 6.5 Others
Chapter 7 Market Estimates & Forecast, By Vehicle, 2021 - 2032 ($Bn, Units)
- 7.1 Key trends
- 7.2 Passenger vehicles
- 7.3 Commercial vehicles
- 7.3.1 Light commercial vehicles
- 7.3.2 Medium commercial vehicles
- 7.3.3 Heavy commercial vehicles
Chapter 8 Market Estimates & Forecast, By Sales Channel, 2021 - 2032 ($Bn, Units)
- 8.1 Key trends
- 8.2 OEM
- 8.3 Aftermarket
Chapter 9 Market Estimates & Forecast, By Region, 2021 - 2032 ($Bn, Units)
- 9.1 Key trends
- 9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
- 9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Spain
- 9.3.5 Italy
- 9.3.6 Russia
- 9.3.7 Nordics
- 9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 ANZ
- 9.4.6 Southeast Asia
- 9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
- 9.6 MEA
- 9.6.1 UAE
- 9.6.2 South Africa
- 9.6.3 Saudi Arabia
Chapter 10 Company Profiles
- 10.1 ADVICS
- 10.2 Aisin Seiki Co., Ltd.
- 10.3 Akebono Brake Industry Co., Ltd.
- 10.4 Autoliv Inc.
- 10.5 BorgWarner Inc.
- 10.6 Brembo S.p.A.
- 10.7 Continental AG
- 10.8 Denso Corporation
- 10.9 Hitachi Automotive Systems, Ltd.
- 10.10 Hyundai Mobis
- 10.11 JTEKT Corporation
- 10.12 Knorr-Bremse AG
- 10.13 Magna International Inc.
- 10.14 Mando Corporation
- 10.15 Nissin Kogyo Co., Ltd.
- 10.16 Robert Bosch GmbH
- 10.17 TRW Automotive
- 10.18 Valeo SA
- 10.19 WABCO Holdings Inc.
- 10.20 ZF Friedrichshafen AG
