Persistence Market Research
Electric Parking Brake Market: Introduction
The electric parking brake is gradually replacing the conventional hand brake which is operated by mechanical lever linked with wire & rope. Electric parking brake actually adds new functionality to the automotive vehicle, and it can be installed in automotive vehicles of any size and power capacity. Moreover, an electric parking brake is operated by a switch in the cabin that electronically applies the braking effort and holds the vehicle in place during parking. Electric parking brake also prevents the vehicle from rolling down on a gradient or hill. The electric parking brake (EPB) is electronically controlled and consists of the EPB switch, the electronic control unit (ECU) and the EPB caliper.
Global electric parking market is triggered by the adoption of advanced driver assistance systems (ADAS) in all the segments of vehicle, in order to provide safety, comfort and convenience to driver. Globally, the technology of electric parking brake which was pioneered in the year 2000 is now gaining traction worldwide.
Electric Parking Brake Market Dynamics
Globally, automotive industry is witnessing significant technological advancements in the conventional systems. In order to replace the usual lever operated hand brake system, manufacturers devised a modern electric parking brake. Some of the key drivers of global electric parking brake market include, increasing penetration of autonomous vehicle technology and increasing concerns towards road safety. Furthermore, Adoption of electric parking brake allows significant weight saving compared to mechanical parking brake systems which aids in enhanced fuel economy and reduced emissions. Electronic control of electric parking brake allows for integration with other safety technologies, thus drives the global electric parking brake market. Previously, electric parking brake technology was limited to premium passenger cars, which was limiting its growth.
In order to cater car manufacturers’ expectations to reduce cost, weight and size, manufacturers are offering caliper integrated versions. In this system, the controls and power stages are integrated into the ESC controller. Moreover, manufacturers are striving to develop low cost electric parking brake system for compact and mid-size vehicles. With the aim of providing smart functionality & identifying when to apply and release the electric parking brake, manufacturers are integrating ECU into the vehicle’s network architecture. This facilitates the evaluation of data from engine, transmission, position of clutch, throttle and wheel sensors.
Global Electric Parking Brake Market: Market Segmentation
Global electric parking brake market can be segmented on the basis of product type and application of use.
On the basis of product type, global electric parking brake market can be segmented as
On the basis of application, global electric parking brake market can be segmented as
Global Electric Parking Brake Market: Regional Outlook
Global electric market is expected to grow at moderate CAGR in European region, due to relatively high adoption of electric parking brake technology in the region. In Americas region, investments in new auto factories in Mexico and developing auto ancillary business are providing firm potential for supply of electric parking brake components. Consequently adoption of electric parking brake technology is expected to witness significant growth in the region. Sales of automotive in U.S. are expected to remain stagnant for coming few years. Middle East and Africa, a laggard in this technology, is likely to observe strong and consistent automobile sales growth and thus, electric parking brake market is anticipated to grow at significant rate in the region. In Asia Pacific region adoption of this technology is increasing significantly. China, being one of the prominent auto market is expected to boost annual automobile sales with installation of electric parking brakes.
Electric Parking Brake Market: Key Participants
Examples of some of the market participants in the global electric parking brake market discerned across the value chain include
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