High global demand for passenger automobiles is driving the market growth
Over the past ten years, electrical parking brakes (EPB) have become widely employed in passenger cars. Passenger vehicles are the predominant form of road transportation in many parts of the world. Annual production of new cars is around 70 million. Passenger cars account for a sizable share of automobiles. In the world, utility vehicles, passenger automobiles, and trucks are the most widely used modes of transportation. The constant enhancement of each design element, including performance, materials, engines, mechanics, and fuels (including electric power supply), pollution reduction, aerodynamics, entertainment, aesthetics, autonomous control, and ergonomics, is the focus of significant investment.
The fundamental growth engine for the automotive sector is the demand for passenger cars and other vehicles, driven by an increase in income.
In 2020, the US will produce almost 18 million passenger vehicles, making it the second-largest manufacturer in the world. The European Union, China, the United States, and Japan, the world's top four auto markets, account for most of the world's passenger car production due to demand from the expanding middle class in developing nations, where consumers frequently bought their first personal passenger vehicle, manufacturing and sales surged in China, India, and Brazil during the five years. China is now the top nation producing passenger cars, surpassing industrialized nations like the United States and Japan.
Therefore, the market CAGR for electric parking brakes is anticipated to be driven by the increased demand for passenger cars with reliable parts over the forecast period.
The safety of automobiles has become a major worry as a result of the sharp rise in car ownership and the constant improvement in vehicle speed, with active safety taking center stage in scientific study. Statistics show that between 2015 and 2020, the number of fatal car accidents increased from 34,292 to 64,587, an increase of 15.8%; the number of people who own private cars increased from 65,140 to 120,590, an increase of 81.6%; and the number of people who have been driving for one year increased from 26 million to 29 million, an increase of 13.5%.
Individuals frequently utilize the brakes when driving a car, yet they frequently fail to apply the handbrake. Therefore, improper handbrake use or system failure frequently causes more traffic accidents. In 2021, 182 million individuals worldwide lost their lives in traffic collisions. In 2020, traffic accidents will be the third most common cause of diseases and injuries worldwide.
Additionally, the pertinent data state that the economic losses from traffic accidents represented 2% of GDP in high-income countries and 1% in low-income ones. The annual cost of damage from automobile accidents is estimated to be over USD 690 billion. As a result, worldwide high and innovative technology development in the automobile industry has made vehicle safety technology one of its topics. Traditional parking brake systems, which function mechanically and are activated by a parking brake lever or foot pedal, have been superseded by EPB systems. Women and older people find the EPB system more convenient.
Because of this, the electric parking brake market revenue will experience growth over the upcoming years.
The increasing emphasis on vehicle safety and the growing adoption of advanced driver-assistance systems are driving the transition towards electric parking brakes, which offer enhanced control and convenience in modern automotive design.
U.S. Department of Transportation
