A newly published report by Fact.MR establishes that the global market for electric parking brakes is expected to surpass a CAGR of 12% until 2031, clocking a valuation of US$ 4 Bn. Increasing tilt towards hydraulic based vehicular assemblies is majorly driving demand for the market in forthcoming years.
Historically, from 2016 to 2020, electric parking brake sales expanded at over 10% CAGR, reaching a valuation of US$ 1.3 Bn. Prospects somewhat dipped amidst the COVID-19 pandemic, as mandatory shutdowns hindered automotive industry manufacturing processes in the first half of 2020. As relaxations were granted, factory premises resumed operations, restoring said projections.
The electric parking brake features fewer mechanical components and requires less maintenance, as well as providing a highly efficient emergency braking system, intelligent management of malfunctions by the ECU, and more space in the vehicle’s central area. By replacing mechanical levers and cables with an electronic system, the parking brake will provide drivers with more assistance. Also, it frees up space in the dashboard for other purposes.
Key Takeaways from the Market Study
- Global market for electric parking brakes to expand over 3x until 2031
- Electric hydraulic caliper systems to dominate the market, capturing 35% of global revenue
- By vehicle type, light commercial vehicles segment to expand at a CAGR of 8%
- By sales channel, OEMs to emerge as the primary sellers, capturing nearly half of global revenue
- Sales across the U.S to register a staggering 10% CAGR across the forecast period
- Asia to emerge as the most opportunistic market, yielding 60% of total market revenue
- India, China and Japan to emerge as opportunistic investment hubs for manufacturers
“As safety, comfort, and efficiency become more important, consumers are choosing to have high-quality tools installed in their vehicles. In the future, cable pulled systems and hydraulic-electric caliper systems could reduce automobile costs, weight, and size. This will be the decisive factor in propelling the market for electric parking brakes in the upcoming decade.” says a Fact.MR analyst.
Fact.MR has profiled some of the key players in the global electric parking brake market such as Aisin Seiki Co., Ltd., Continental AG, DURA Automotive Systems, TBK Co., Ltd., Hyundai Mobis Co., Ltd., Küster Holding GmbH, Mando-Hella Electronics Corp., Svenska Kullagerfabriken AB, ZF Friedrichshafen AG and Wuhu Bethel Automotive Safety Systems Co., Ltd.
The top market players in the electric parking brake market are focusing on product development and innovation. Electric parking brake manufacturers are focusing on developing technologically advanced and innovative solutions which can meet the changing customer requirements.