Global Electric Parking Brake Market Size study & Forecast, by System Type (Cable Pull System and Electric-Hydraulic Caliper Systems), by Vehicle Type (Light Commercial Vehicle, Passenger Vehicle, and Heavy Commercial Vehicle) and Regional Analysis, 2023-

Global Electric Parking Brake Market Size study & Forecast, by System Type (Cable Pull System and Electric-Hydraulic Caliper Systems), by Vehicle Type (Light Commercial Vehicle, Passenger Vehicle, and Heavy Commercial Vehicle) and Regional Analysis, 2023-2030

Global Electric Parking Brake Market is valued at approximately USD 1.99 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 12% over the forecast period 2023-2030. An electronic parking brake (EPB), is a type of parking brake that operates through electronic control. Instead of using a traditional lever or pedal, the driver activates the brake by pressing a button. When engaged, the EPB electronically applies the brake pads to the rear wheels, holding the vehicle in place securely. The Electric Parking Brake Market is expanding because of factors such as increasing demand for fuel-efficient vehicles and increasing adoption of automated vehicle technology. However, the use of electric parking brakes in automobiles is growing due to decreased weight. An increase in the demand for vehicles with lower fuel consumption. Over the past few decades, the significance of EPBs has steadily grown.

According to Statista in 2020, the global count of fuel cell electric vehicles (FCEVs) stands at around 16,000. However, estimates suggest that there will be a significant compound annual growth rate of approximately 95.4 percent from 2020 to 2030. These projections indicate that the worldwide FCEV fleet is expected to surge to approximately 13 million units by 2030. The increasing adoption of automated vehicle technology has led to the development of electric parking brakes (EPB) that are more efficient and accurate than conventional emergency brake systems. EPBs are equipped with an electronic system that brings your vehicle to a halt when the EPB button is engaged. According to Statista in 2023, the size of the worldwide market for driverless vehicles was around 106 billion dollars. According to projections, the market will be worth more than 2.3 trillion dollars by 2030. Consequently, it is anticipated that the market for autonomous vehicles would expand globally. In addition, technological advancement in electric parking brake and integration of advanced driver assistance systems would create a lucrative growth opportunity. However, high repair costs and complex installation stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Electric Parking Brake Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the rising automotive industry, increasing investments in R&D in the automotive sector, and the presence of key market players in the region is expected to be the primary growth for the North American electric parking brake market. Asia Pacific is the fastest growing region during the forecast period, owing to factors such as the growing automotive industry and the rising demand for personnel vehicles along with safety features, rising disposable income, and growing standard of living is expected to increase the electric parking brake market growth in the Asia-Pacific region.

Major market player included in this report are:
Chassis Brakes International
Continental AG
DURA Automotive Systems LLC
Hyundai Mobis Co.Ltd. (South Korea)
Huayu Automotive Systems co. Ltd.
Mando-Hella Electronics Corp.
Svenska Kullagerfabriken AB (Sweden)
Wuhu Bethel Automotive Co. Ltd.
Zhejiang Wanchao Electric Appliance Co. Ltd. (China)
Hitachi Ltd.

Recent Developments in the Market:
In May 2023, Hitachi created an autonomous driving technology by utilising the findings of 3D sensing of the surrounding vehicle environment, that helps in safely and smoothly passing by incoming vehicles on tight highways and in other situations. Utilising 3D sensing data from new stereo cameras with enhanced cost advantages, Hitachi seeks to increase its cost competitiveness.

Global Electric Parking Brake Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered -System Type, Vehicle Type, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By System Type:
Cable Pull System
Electric-Hydraulic Caliper Systems

By Vehicle Type:
Light Commercial Vehicle
Passenger Vehicle
Heavy Commercial Vehicle

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Chassis Brakes International
Continental AG
DURA Automotive Systems LLC
Hyundai Mobis Co.Ltd. (South Korea)
Huayu Automotive Systems co. Ltd.
Mando-Hella Electronics Corp.
Svenska Kullagerfabriken AB (Sweden)
Wuhu Bethel Automotive Co. Ltd.
Zhejiang Wanchao Electric Appliance Co. Ltd. (China)
Hitachi Ltd.

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