Electric Parking Brake Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

Electric braking systems are a relatively new development in the industry, but they have the potential to grow significantly. In 2024, the market is expected to reach $ 3.16 billion and is expected to reach $ 11.35 billion by 2032. This growth represents a CAGR of 17.29%. The growing demand for the latest vehicle technology, combined with the growing demand for vehicle safety and comfort, is expected to drive the demand for electric braking systems. The market is expected to grow rapidly as more and more manufacturers integrate electric braking systems into their vehicle designs. Among other things, the growing popularity of electric and hybrid vehicles, which are often equipped with electric braking systems, is expected to contribute to this growth. The increasing development of vehicle electronics and the increasing automation of vehicles will also have a positive effect on the market. In addition, the industry's leading manufacturers, such as Continental AG, ZF Friedrichshafen AG and Robert Bosch, are constantly improving electric braking systems and are therefore expected to be the main beneficiaries of this development. Strategic alliances and the integration of electric braking systems with other vehicle safety systems will also have a positive effect on the future development of the market.

Regional Market Size

Regional Deep Dive

Electric parking brakes are used in vehicles, and they are used in automobiles and trucks. In North America, the market is characterized by the strong presence of automobile manufacturers and the growing trend towards electric and hybrid vehicles. In Europe, the rapid uptake of electric parking brakes is due to the increasingly strict regulations on safety and the drive towards sustainable mobility. The growth in Asia-Pacific is driven by rising vehicle production and a growing middle class, while in the Middle East and Africa, electric parking brakes are slowly being introduced as part of the modernization of the automobile industry. Latin America, which lags behind, is beginning to show an interest in electric parking brakes, as vehicle safety becomes an important issue.

Europe

• The European Union has implemented stringent regulations aimed at reducing carbon emissions, which has led to increased demand for electric parking brakes as part of the overall push for greener automotive technologies.
• Companies like Volkswagen and BMW are leading the charge in EPB innovation, with recent projects focusing on integrating EPB systems into their electric vehicle lineups, enhancing both safety and convenience for consumers.

Asia Pacific

• China's automotive market is rapidly adopting electric parking brakes, driven by government incentives for electric vehicles and a growing emphasis on safety features in new car models.
• Japanese automakers, such as Toyota and Honda, are investing heavily in EPB technology, with recent innovations aimed at improving the reliability and efficiency of these systems in hybrid and electric vehicles.

Latin America

• Brazil is seeing a gradual increase in the adoption of electric parking brakes, driven by rising consumer awareness of vehicle safety and the introduction of new models featuring advanced braking technologies.
• Local automotive manufacturers are beginning to explore partnerships with global suppliers to integrate EPB systems into their vehicles, reflecting a shift towards modern automotive technologies.

North America

• The National Highway Traffic Safety Administration (NHTSA) has introduced new safety regulations that encourage the adoption of advanced braking systems, including electric parking brakes, which are expected to enhance vehicle safety and performance.
• Major automotive manufacturers like Ford and General Motors are investing in EPB technology as part of their transition to electric vehicles, integrating these systems into their new models to improve efficiency and user experience.

Middle East And Africa

• The automotive market in the Middle East is gradually modernizing, with countries like the UAE promoting electric vehicles and advanced braking systems, including EPBs, as part of their sustainability initiatives.
• Local manufacturers are beginning to collaborate with international companies to develop EPB systems tailored to the regional market, focusing on enhancing vehicle safety and performance.

Did You Know?

“Electric parking brakes can reduce the weight of a vehicle by up to 2.5 kg compared to traditional mechanical systems, contributing to improved fuel efficiency.” — Automotive Engineering International

Segmental Market Size

The electric brake market plays a key role in the automobile industry, which is currently experiencing stable growth due to the growing demand for advanced vehicle safety and convenience. The market is mainly driven by the tightening of government regulations on vehicle safety and the rising popularity of electric and hybrid vehicles, which often use electric brakes for space and weight savings. Furthermore, the increasing sophistication of automotive electronics has made it easier to install electric braking systems on new models. The current market situation is that the technology has been broadly adopted, and the leading carmakers, such as Tesla, BMW and Ford, have been able to integrate the system into their latest models. The main application areas of electric regenerative braking systems are in passenger cars, commercial vehicles and electric vehicles. The main advantages of regenerative braking systems are their convenience and ease of use, especially when they are automatically activated and deactivated. Moreover, the trend towards sustainable development and the trend towards low emissions have further driven the development of electric regenerative braking systems, which are also in line with the trend towards electrification in the automobile industry. The key technology in this field is the advanced sensors and software algorithms that improve the function and reliability of the regenerative braking system.

Future Outlook

The electric parking brake is a market whose growth is to be expected from 2024 to 2032, with a forecasted rise from $3.16 billion to $11.35 billion, a CAGR of 17.29%. The main driving forces of this market are the increasing use of advanced driver assistance systems (ADAS) and the growing demand for electric vehicles (EVs) which will represent a significant share of new vehicle sales. By 2032, the systems will be installed on more than 70% of new vehicles, demonstrating the importance of their role in ensuring vehicle safety and comfort. Moreover, technological developments, such as the integration of electric parking brakes with automatic driving functions and the development of new sensors, will also contribute to the market's growth. The favorable framework created by the government's policy of reducing CO2 emissions and promoting electric mobility will also favor the market. The emergence of smart cities and the growing emphasis on vehicle electrification will also support the market's growth. In view of the increasing functionality of electric parking brakes, the market is expected to develop, opening up new opportunities for the entire automotive value chain.