Electric Parking Brake Market Size, Share, and COVID-19 Impact Analysis, By Vehicle Type (Passenger Vehicles and Commercial Vehicles), By System (Cable-Pull System and Electric-Hydraulic Caliper system), By Sales Channel (OEM and Aftermarket), and by Regional Forecast, 2024-2032

The Electric Parking Brake or EPB system is used in modern vehicles. Unlike traditional parking brakes, which use the mechanical lever and actuator to pedal down the brake's shoe pads, the EPB system uses electric motors or actuators to apply and release the brake. They are activated by a switch or button located on central consoles or dashboard

The primary advantage of electric parking systems is their convenience and ease of user access. Because they are electronically operated, they require less effort and are particularly helpful in vehicles with automatic transmissions. Additionally, the EPB system can be integrated with various systems like hill start assist and cruise control to enhance the safety and experience of the user.

BOSCH announced in 2021 that it developed a new EPB system called "iBooster" that integrates braking and hydraulic systems in electric and hybrid vehicles.

The electric parking brake system is becoming increasingly popular due to its convenience, safety, and integration capabilities. However, they can be more expensive to repair or replace than traditional parking brake systems and may require specialized diagnostic equipment and tools to service. But as technology rapidly increases their service time, cost and effort will be reduced significantly.

Impact of COVID-19 on the Electric Parking Brake Market

COVID-19 had a significant impact on the automotive, and the electric parking brake market was also affected by it; the disruption in the supply chain and decreased demand for vehicles was the critical point. Many countries worldwide implemented strict sanctions and lockdowns on the movement of components and goods, disrupting the market logistics. People staying at home and using fewer passenger vehicles also led to a decrease in demand for sales service of these systems.

Post COVID-19 increased demand for safety and comfort features in vehicles as consumers prioritize health and well-being in their purchasing decisions. EPB systems are a key feature that can enhance the overall driving experience and reduce the risk of accidents and injuries.

Another impact of the EPB market has been the acceleration of vehicle electrification and automation trends, as consumers and governments seek to reduce carbon emissions and improve mobility efficiency. EPB systems are essential to electric and hybrid vehicles as they enable regenerative braking and provide additional safety features, automatic hill-hold, and release.

Key Insights

The report will cover the following key insights:

• Key Industry Developments – Mergers, Acquisitions, and Partnerships.


• Porter's Five Forces Analysis.


• Technological Developments.


• Impact of COVID-19 on the Electric Parking Brake Market.

Analysis by Vehicles 

Passenger cars are the largest and most produced market segment of the electric parking brake System, making up a significant portion of the vehicle on the road. The growing demand for cars in emerging countries and economic emergence in coming years will lead to the growth of manufacturers of electric parking brakes. This can be advanced safety and comfort features in passenger cars as they provide better control and convenience for the drivers, especially in congested urban areas. Additionally, the growing popularity of compact cars and sedans equipped with brake systems is expected to drive growth in this segment.

Analysis by Sales Channel 

The electric parking brake system market can be analyzed based on OEM and aftermarket. OEM brake systems are installed during the production and assembly of the vehicle; these systems are produced by critical players in the market and supplied to automotive manufacturers for direct installation. Suppliers with long-term contracts with manufacturers dominate the OEM market; this segment is highly competitive and requires a high level of technical expertise for manufacturing.

Overall, the OEM segment of the market tends to be larger than the aftermarket, as most vehicles are sold with OEM fittings. However, the market will rise rapidly, and the aftermarket segment will grow with it in the coming years due to the increasing age of vehicles on the road and the demand for required aftermarket parts.

Analysis by Region 

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The Asia Pacific region is expected to be the largest market segment due to the growing demand for vehicles in countries such as China and India, which have the largest population and a growing middle-class sector. This region is also home to major OEM manufacturers and suppliers, which drive OEM electric parking brake system growth. Also rise in E.V. and Hybrids will be a factor in the development of this region.

Key Players Covered

ZF Friedrichshafen AG (Germany), Continental AG (Germany), Wabco Holdings Inc. (U.S.), Knorr-Bremese AG (Germany), Aisin Seiki Co., ltd. (Japan), Kuster Holding GmbH (Germany), Hyundai Mobis Co., Ltd. (Korea), Mando Corporation (Korea), TBK Co., Ltd. (Japan), BOSCH GmbH (Germany), Tata Motors Ltd. (India), Mahindra and Mahindra Ltd. (India), Eicher Motors Ltd. (India).

Segmentation

Key Industry Developments

• In 2021, BOSCH announced that it developed a new EPB system called "iBooster" that integrates braking and hydraulic systems in electric and hybrid vehicles.


• In Aug 2021, Z.F. Friedrichshafen AG announced that it developed a new EPB system that offers improved safety and convenience features for electric and hybrid vehicles. The new system integrates with cars, such as regenerative braking and electric motor control, for better energy efficiency.


•  In July 2021, Hyundai Mobis announced the development of a new EPB with a unique patented actuator mechanism that reduces vehicle noise and vibrations for smoother and more precise braking performance.


• In May 2021, Knorr-Bremese AG announced that it acquired a majority stake in Kiepe Electric. The acquisition is expected to strengthen Knorr-Bremese's position in the EPB market and enhance its capabilities in integrated system development for electric and hybrid vehicles.