The electronic parking brake is weightless, compact in size which henceforth enhances the fuel economy and reduce carbon emission. The vehicle OEMs are emerging with different innovative technologies to advance the performance of the electric parking brake system, reduce cost, weight and size. Technological advancement and an introduction of electric and hybrid vehicles are majorly anticipated to propel the electric parking brake market over the forecast period across the globe. However, the high cost of Electric Parking Brake and environmental regulation to curb the carbon emission is subjected to hamper the market growth over the forecast period. However, the growth of the market is expected to face hindrance due to the high cost of the electric parking brake and lack of skilled technicians for the electronic system in vehicle.
The electronic parking brake has been used in BMW models since the E6X7 series models which first burst into the scene in 2002. Apart from being the first model to feature the new system, BMW was also the first production car globally to feature electronic parking system.
Though manual parking brakes can lock up the rear wheels and offer an easy way to initiate a slide for the vehicle if desired, it succumbs to electric parking brake. Given manual parking brakes require to have nearly the same tension on it for the brakes to evenly engage, the inapt adjustment may lead the car to roll backwards if parked on hill.
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The sheer absence of manual parking brake lever frees up space on the center console. Moreover, the weight reduction of the vehicle owing to the absence of mechanical hand brake parts has made electric parking brake very popular among stakeholders. In addition, with the sensors in the seat belt, electric parking brake has the capability of seamlessly applying brakes provided driver forgets when exiting the vehicle.
To provide in-depth insights into the pattern of demand for the electric parking brake market, the market is segmented by type. It includes Electric-Hydraulic Caliper System and Cable-Pull System. Electric-Hydraulic Caliper System segment is expected to dominate the electric parking brake market over the forecast period, regarding value, which accounted for more than 65% value share in 2017.
In order to cater automobile manufacturers’ prospects to decrease cost, weight and size, manufacturers are proposing caliper integrated versions. Electric-Hydraulic caliper system controls and power stages which are integrated into the ESC controller. Additionally, automobile manufacturers are endeavoring to develop low cost electric parking brake system for compact and mid-range vehicles. Through the aim of offering smart functionality & identifying when to apply and release the electric parking brake, manufacturers are assimilating electric control units into the vehicle’s network structural design. This facilitates the assessment of data from engine, transmission, position of clutch, throttle and wheel sensors.
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The report also delineates executive summary, overview section, which are aimed at revealing a thorough analysis of the electric parking brake market. Besides, the market overview section peruses into supply chain, cost structure and pricing analysis along with PESTLE analysis to present a thorough analysis on the electric parking brake market. Moreover, the overview section also sheds light on Porters’ Five Force analysis which is known to help in assimilating competitive scenario with regards to electric parking brake market.
APEJ Region Critical in the Electric Parking Brake Market
The APEJ region is estimated to account for more than 25% market share in the global electric parking brake market in 2017, and this share is expected to grow by a massive rate, causing the APEJ market to grab more than 30% market share by the end of 2027. The rapid economic growth and increases in the sales of passenger car in China, India and South Korea is subjected to increase the demand for electric parking brakes over the forecast period.
Electric Parking Brake Market: Competitive Landscape
The robust assessment of competitive landscape of the electric parking brake market heavily banks on Porters’ Five Force Analysis. Furthermore, the Porters’ Five Force Analysis delves into the strategies of the pertinent players in the electric parking brake market. Furthermore, the deep dive analysis of the key players and their business strategies are backed up by company profile, SWOT analysis, product portfolio and recent development, key differentiation, to name a few.
Key competitors in electric parking brake market are Aisin Seiki Co., Ltd., Continental AG, DURA Automotive Systems, TBK Co., Ltd., Hyundai Mobis Co., Ltd., Küster Holding GmbH, Mando-Hella Electronics Corp., Svenska Kullagerfabriken AB, ZF Friedrichshafen AG and Wuhu Bethel Automotive Safety Systems Co., Ltd.
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