Electric Parking Brake Market - By Type, By Component, By Vehicle, By Sales Channel & Forecast, 2024 - 2032

Electric Parking Brake Market Size

Electric Parking Brake Market was valued at USD 2.6 billion in 2023 and is projected to grow at a CAGR of over 16.8% between 2024 and 2032. One key driver in the electric parking brake (EPB) market is the increasing demand for advanced safety features in vehicles.
 

EPBs enhance vehicle safety by providing better control over braking systems, especially on inclines. They also offer convenience with features like auto-hold and electronic emergency braking. The push for higher safety standards and regulatory requirements for advanced braking systems is fueling market growth. As automotive manufacturers focus on integrating more sophisticated technologies, EPBs are becoming a standard feature in modern vehicles.
 

For instance, in November 2023, ADVICS announced that the company would be expanding its product range with new electric parking brake (EPB) actuator kits, designed for easy installation and automatic engagement of parking brakes. These kits include OE production parts from Japan and installation hardware. The new parts, available under part numbers ACR001 and ACR002, cover over eight million vehicles in operation. The announcement was made at the 2023 Automotive Aftermarket Parts Expo (AAPEX) in Las Vegas. ADVICS and AISIN World Corp. of America will handle distribution, with the new products already in stock.
 

Another driver in the electric parking brake market is the push towards enhanced vehicle efficiency and reduced weight. EPBs eliminate the need for traditional mechanical linkages and components, leading to lighter and more compact brake systems. This weight reduction improves overall vehicle fuel efficiency and performance. As manufacturers aim for better fuel economy and lower emissions, EPBs are increasingly favored for their contribution to these goals. This trend is driving the adoption of EPBs across various vehicle segments.
 

One significant challenge in the market is the high cost of the system and its maintenance. EPBs often involve sophisticated electronic components and advanced technology, making them more expensive than traditional mechanical brakes. The initial installation cost can be a barrier for some consumers, and aftermarket parts may also carry higher price tags. Additionally, maintenance and repair costs tend to be higher due to the complexity of the electronic systems. This financial burden can impact consumer adoption and market growth.
 

Electric Parking Brake Market Trends

A major trend in the electric parking brake industry is the integration of EPB systems with advanced driver assistance systems (ADAS). Modern vehicles increasingly feature ADAS technologies, such as automated parking and collision avoidance, which require sophisticated braking solutions. EPBs, with precise control and automation capabilities, complement these systems by providing enhanced safety and convenience. This integration allows for features like auto-hold and automatic release in various driving scenarios. As ADAS technology evolves, the demand for EPB systems that can seamlessly work with these advanced features continues to grow.
 

For instance, in May 2023, Continental launched MK 120 ESC brake system for electronic stability control and parking in China, marking its first global production. This advanced system features enhanced efficiency, reduced weight, and compact design, improving energy savings and vehicle range. It also incorporates automotive cybersecurity features and over-the-air (OTA) functionality. Initially produced in Shanghai, Continental plans to expand production to Europe, Japan, and India. The MK 120 ESC supports modern trends like electrification and automated driving and is designed to meet high international safety and security standards.
 

Electric Parking Brake Market Analysis

Based on vehicle type, the market is segmented into passenger and commercial vehicles. In 2023, the passenger vehicles segment accounted for over 84% of the market share and is expected to exceed USD 8 billion by 2032. Passenger vehicles dominate the market primarily due to the widespread adoption of advanced safety and convenience features. EPBs offer ease of use with simple button activation, enhancing driver comfort and vehicle control. Additionally, the trend toward increased automation and smart features in passenger vehicles drives demand. Automakers are integrating EPBs to meet stringent safety regulations and consumer preferences for high-tech solutions. Furthermore, the growing emphasis on reducing vehicle weight and improving fuel efficiency aligns well with the benefits of EPB systems. These factors collectively make EPBs a popular choice in passenger vehicles.
 

Based on the sales channel, the market is divided into OEMs and Aftermarket. The OEM segment held around 87% of the market share in 2023 due to several key factors. OEMs drive market growth by integrating EPBs into new vehicle models as standard features, aligning with industry trends toward automation and advanced safety systems. They leverage EPBs to enhance vehicle design flexibility, reduce weight, and improve overall performance, appealing to both consumers and manufacturers.
 

Additionally, OEMs benefit from economies of scale, which reduce production costs and enable competitive pricing. Continuous innovation and development of EPB technology by OEMs help meet evolving regulatory requirements and consumer expectations. Furthermore, OEMs often collaborate with suppliers to ensure the production of high-quality and reliable EPB systems, further boosting market adoption. This integration into new vehicles helps establish EPBs as a standard feature, driving their market presence and growth.
 

In 2023, the Asia Pacific region accounted for a market share of over 31% and is expected to exceed USD 3.5 billion by 2032. Asia Pacific dominates the electric parking brake (EPB) market due to several converging factors. The region is a major hub for automotive manufacturing, with numerous global and local car manufacturers integrating EPBs into their vehicles to meet rising safety and convenience standards. Rapid urbanization and increasing disposable incomes drive high vehicle sales and demand for advanced features in countries like China and India. Additionally, supportive government policies and incentives for automotive technology advancements boost market growth. The region's focus on reducing vehicle weight and enhancing fuel efficiency aligns well with EPB benefits. Competitive manufacturing costs and established supply chains further reinforce the region's dominance. Technological advancements and local production capabilities enable quick adaptation and widespread adoption of EPB systems.
 

The North American electric parking brake market is characterized by a strong focus on safety and convenience features in vehicles. The region's automotive industry is driven by stringent safety regulations and consumer preferences for advanced braking systems. High adoption rates of EPBs are supported by robust automotive manufacturing and a shift towards more automated driving solutions. Key players in the market are actively investing in innovation and technology to meet evolving demands. Additionally, the growing popularity of electric and hybrid vehicles is boosting the EPB market. The competitive landscape is marked by a mix of domestic and international manufacturers.
 

In Europe, the market is driven by stringent safety and environmental regulations, which push for advanced braking technologies. The region has a high rate of adoption of EPBs due to its focus on vehicle efficiency and reducing emissions. European car manufacturers are integrating EPBs to comply with safety standards and enhance vehicle performance. The market is also influenced by a strong presence of OEMs and suppliers, fostering innovation and competition. The increasing demand for electric and autonomous vehicles further supports EPB market growth. Europe's emphasis on sustainability and technology advancement continues to shape the market dynamics.
 

Electric Parking Brake Market Share

ZF Friedrichshafen AG, Continental AG, and Aisin Seiki Co., Ltd. held a significant market share of over 46% in the Electric Parking Brake (EPB) market in 2023. These companies are leading players in the EPB market, driving growth through their advanced braking technologies and innovations. ZF Friedrichshafen AG is known for its high-performance EPB systems that enhance vehicle safety and control.
 

Continental AG offers cutting-edge EPB solutions with a focus on efficiency and integration with other vehicle systems. Aisin Seiki Co., Ltd. provides advanced EPB technologies that support the latest trends in vehicle automation and electrification. Their contributions to the EPB market are pivotal in advancing automotive safety and performance.
 

Electric Parking Brake Market Companies

Major players operating in the electric parking brake industry are:

• Aisin Seiki Co., Ltd.
• Continental AG
• Denso Corporation
• Hyundai Mobis
• Magna International Inc.
• Robert Bosch GmbH
• Valeo SA
• ZF Friedrichshafen AG
   

Electric Parking Brake Industry News

• In November 2023, ADVICS revealed plans to broaden its product line with new Electric Parking Brake (EPB) actuator kits, designed for straightforward installation and automatic brake engagement. These kits feature original equipment (OE) parts from Japan along with necessary installation hardware. The new parts, identified by part numbers ACR001 and ACR002, are compatible with over eight million vehicles currently in use. This announcement was made at the 2023 Automotive Aftermarket Parts Expo (AAPEX) in Las Vegas. Distribution will be managed by ADVICS and AISIN World Corp. of America, with the new products already available in stock.
   
• In May 2023, Continental introduced the MK 120 ESC brake system for electronic stability control and parking in China, marking its inaugural global production. This state-of-the-art system boasts improved efficiency, lighter weight, and a compact design, which enhances energy savings and vehicle range. It also includes cybersecurity measures and over-the-air (OTA) capabilities. Initially manufactured in Shanghai, Continental intends to extend production to Europe, Japan, and India. The MK 120 ESC is aligned with contemporary trends such as electrification and automated driving, and it adheres to stringent international safety and security standards.
   

The electric parking brake market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue ($ Mn/Bn) and Volume (Units) from 2021 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Type

• Cable-Pull Systems
• Caliper Integrated Systems

Market, By Component

• Electronic Control Unit (ECU)
• Actuator
• Switch
• Others

Market, By Vehicle

• Passenger Vehicles
• Commercial Vehicles
  • Light Commercial Vehicles
  • Medium Commercial Vehicles
  • Heavy Commercial Vehicles

Market, By Sales Channel

• OEM
• Aftermarket

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • Saudi Arabia
  • South Africa