Parking Brakes Market - Forecasts from 2023 to 2028

The global parking brakes market was valued at US$2.814 billion in 2021.

The parking brakes market is estimated to grow at a steady rate during the forecast period. Parking brakes are mechanical or hydraulic braking systems in vehicles that are primarily used to prevent the vehicle from rolling or moving when parked or stationary. Lever brakes, pedal brakes, and electronic brakes are the common types of parking brakes that can be engaged by pulling a lever, pushing a button, or stepping on a pedal, depending on the vehicle's design. The surge in the production of passenger and commercial vehicles has accelerated the demand for parking brakes, thereby boosting the parking brakes market size expansion.

Increased automotive production will be the major market driver

Parking brakes are a crucial safety feature in vehicles which are mandated by regulatory authorities to equip vehicles to meet safety standards. The introduction of new commercial vehicles, electric & hybrid, and autonomous vehicles can propel the parking brakes market growth. According to the European Automobile Manufacturers Association (ACEA) out of 69 million passenger cars produced globally in 2022, China produced 34%, followed by Europe with 19% and North America with 15%. Furthermore, according to the International Energy Agency, around 10 million electric cars were sold worldwide in 2022 and are expected to reach 14 million in 2023.

Consumers prioritize safety features when buying vehicles, and parking brakes are a vital component that enhances the safety and stability of the vehicle when parked. The rise in passenger car production implies a higher demand for the parking brakes which will boost the growth of the parking brakes industry. According to the International Organization of Motor Vehicle Manufacturers (OICA) in 2022, passenger car production in China increased from 21.4 million in 2021 to 23.83 million in 2022, which was an increase of 11.3%. Additionally, as per the Society of Indian Automobile Manufacturers (SIAM) report in 2023, commercial vehicle production in India increased from 7,16,566 units in FY 2021-2022 to 9,62,468 units, in FY 2022-2023.

Europe region is expected to witness a steady CAGR during the forecast period

Europe will hold a significant share of the parking brakes market due to the high production volume of passenger and commercial vehicles in the region. In 2023, the German government announced that people who purchase electric vehicles (EVs) priced up to €40,000 will receive €4,500 and EVs priced between €40,000 and a maximum of €65,000 will receive €3,000 from public funds. This increases the demand and sales of electric vehicles and thus boosts the manufacturing of EVs. Similarly, in 2020, the Spanish government announced a €3.75 billion ($4.2 billion) stimulus program for the country's automotive sector and boosted the sale of low-emission vehicles which was implemented in 2021. These developments boost the production of automobiles, thus expanding the parking brakes market size.

Market Developments

• In May 2022: Aditya Auto Products and Edscha signed a joint venture to develop, manufacture, and distribute parking brakes and strengthen their competitive position in the market.
• In October 2020: Hitachi Automotive introduced a new heavy-duty automated parking brake (APB HD) which offered a considerable weight advantage compared to other systems like the electric Drum-in-Hat and was suitable for a variety of pickup trucks, vans, SUVs, and light commercial vehicles with a gross vehicle weight rating at or below 3.5 tons.
• In 2020: ZF began their production of an electronic parking brake (EPB) that can be mounted on a vehicle's front axle and can be used on subcompact and smaller cars. EPBs replace the hand lever or pedal and associated cables of a mechanical system with an electronically actuated motor on the brake caliper, which is activated by a small dashboard button or switch.

Company Products

• Akebono Electric Brakes: This product is made by AKEBONO BRAKE INDUSTRY CO., LTD to reduce environmental impact, to improve safety for the reduction of traffic accidents, and to be more compatible with the shift towards vehicle electrification and progress of electronic vehicle control.
• Simplex Brakes EPB Si: These electric parking brakes by Continental AG are ideal for use in electric vehicles. In addition to the improved safety and comfort for the customers, it offers the car manufacturers more freedom and options for the vehicle interior design and driver assistance systems installation.
• R7A Spring Applied Air Released (SAAR): Such products were designed and developed by MGM Engineering as an alternative to the manually operated "adjustable" hand-brake lever used to apply and release the "drive-line" parking brakes on school buses and other medium-duty chassis.
• Continental AG's electric parking brake "EPB-Si" with a lightweight drum that was actuated via a highly efficient motor gear unit reduces the power demand, and the new lightweight design reduces the brake mass by around 35%.

Segmentation

By Type

• Lever Brake
• Pedal Brake
• Electronic Brake

By Component

• Lever
• Steel Cables

By Vehicle Type

• Passenger Vehicle
• Commercial Vehicles

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• UK
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Other