Electric Parking Brake Market Trends

Introduction

The electric brake is going through a major transformation as we enter 2024. A combination of macro-factors such as technological developments, regulatory pressures and changing customer preferences are transforming the market. The shift towards electric and driverless vehicles is accelerating the adoption of electric braking systems as manufacturers look to increase vehicle safety and efficiency. Regulations to reduce vehicle emissions and improve vehicle performance are also driving the development of more sophisticated braking systems. Also, customer preferences are changing. The desire for smart, convenient features in vehicles is driving the development of new electric braking systems. These macro-factors are crucial for any stakeholder in the electric brakes market to understand in order to maintain a competitive advantage in a rapidly evolving market.

Top Trends

1. Increased Adoption of Autonomous Vehicles
   Electric parking brakes (EPBs) are being driven by the emergence of self-driving vehicles, as they enhance both safety and control. The EPBs of companies like Hyundai Mobis are already being incorporated into their self-driving cars. Industry reports predict annual growth of 20 per cent in the number of self-driving cars. EPBs are likely to become more sophisticated, affecting the manufacturing process and the supply chain.
2. Regulatory Push for Advanced Safety Features
   The world’s governments are introducing new safety features in all vehicles, including e-brake systems. For example, the European Union now requires all new cars to have stability control, which often includes e-brakes. This regulatory climate is forcing manufacturers to comply and innovate, which may increase costs but also improve their competitiveness. In the future, governments may continue to tighten safety regulations, which could drive e-brake systems.
3. Integration with Smart Vehicle Technologies
   A new form of the smart vehicle is the vehicle-to-everything (V2X) communication system. V2X involves the development of an e-brake by Continental AG, which can communicate with other vehicle systems to optimize performance. The number of vehicles with this capability is expected to reach 500 million by 2025. The effect on operations is to improve the vehicle’s performance and safety, which will increase demand for the product.
4. Focus on Weight Reduction and Fuel Efficiency
   Lighter materials are used more and more in the manufacture of the cabs to save fuel. For example, DURA Automotive Systems is investigating composite materials for the construction of cabs to reduce weight without sacrificing performance. This is part of the industry's efforts to meet increasingly stringent future standards for fuel consumption. This trend towards lighter cabs could lead to major changes in the design and production processes.
5. Growing Demand for Electric Vehicles (EVs)
   The increasing popularity of electric vehicles has a major impact on the EPB market, as EVs are often built with EPBs because of their compactness and efficiency. Strategically important players such as ZF Friedrichshafen AG are investing in EPBs for EVs. The expected share of EVs in new vehicles in Germany in 2030 is expected to rise from a projected 7% in 2018 to around 30% by 2030. The EPB market will thus grow, influencing the production strategies of companies and the market dynamics.
6. Enhanced User Experience through Automation
   And as a result, a growing number of automated car parks have started to include electric personal mobility devices. Mando-Hella is developing a range of EPBs to make these systems easier to operate and therefore more attractive to consumers. As urbanization continues to increase, the demand for these types of technology will increase and will inevitably change the market landscape. The next step may be to develop fully automatic car parks that are based on EPBs.
7. Sustainability and Eco-Friendly Manufacturing
   In the manufacture of EPBs, companies are experimenting with eco-friendly materials and processes. Using the example of the German manufacturer, Kuster Holding, the company is investing in sustainable production methods to reduce the impact on the environment. This is in response to the growing demand for eco-friendly products and the increased regulation of the industry. This could lead to changes in supplier relationships and greater investment in sustainable technology.
8. Rising Competition and Strategic Partnerships
   The market for EPS is experiencing growing competition, and this has led to strategic alliances between the major manufacturers. For example, Aisin Seiki has formed a strategic alliance with the automobile manufacturers to integrate EPS with their vehicle manufacturing technology. This trend is expected to bring about innovations that will change the nature of the market. Future strategic alliances will probably result in the development of next-generation EPS with enhanced capabilities.
9. Technological Advancements in EPB Systems
   The evolution of electric traction is being driven by the progress of technology, with developments such as regenerative braking and improved sensors. Wuhu Bethel Automotive Safety System is one of the leading companies advancing the capabilities of electric vehicles. As the market develops, the market will move towards more sophisticated E-brake systems, which will have a significant impact on the development and production of brakes.
10. Consumer Preference for Advanced Features
    As the market moves towards vehicles with more advanced equipment, including EPBs, consumers are becoming more interested in them. A survey shows that more than 60% of consumers put safety and comfort as the most important factors when choosing a vehicle. This trend is causing carmakers to put EPBs at the forefront of their development strategies. With the growing trend towards EPBs, the market is likely to see a further rise in the number of EPBs.

Conclusion: Navigating the Electric Parking Brake Landscape

In 2024, the electric parking brake market will be extremely competitive and fragmented. The competition will come from both the traditional car manufacturers and the new tech-driven companies. The trend of a greater demand for advanced braking systems is seen in North America and Europe, while Asia-Pacific is experiencing a rapid uptake of the systems as a result of increasing vehicle production. Strategically, vendors are utilizing their capabilities in AI, automation, and sustainability to enhance their products and operational efficiency. The key to success in the evolving market is the ability to offer a wide range of flexible solutions to meet the needs of the consumers. Companies that focus on innovation and agility will be better able to cope with the complexity of the market.