An electric parking brake is installed in an automotive to stop or holds the vehicle on the flat ground or hill roads. The vital advantage of using electronic parking brake is that it has less components, compact, robust and light weight as compared to traditional mechanical brake system. Electric parking brake works in function with electronic control unit (ECU), actuator mechanism and electric switch which guarantees optimum brake power and efficient operation. Electric parking brake system also comprises driver support functions such as hill start assist functions, which assist the driver to stabilize or stop the vehicle on steep or hilly road.
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The major factors responsible for the growth of electric parking brake market are stringent government regulations regarding road safety, growing adoption of automated vehicle technology, upsurge in the demand for driver assisted systems, and increasing demand for fuel efficient vehicles. The primary driver which propels the demand of electric parking brake market in the vehicles due to reduced weight and ease of convenience as compared to mechanically operated brakes, which eventually improves the fuel economy and reduced carbon emissions. The utilization of electronic control unit (ECU) along with integration of other electric components such as rear camera in the vehicle offers maximum safety to the driver and passenger, which further increases the growth of electric parking brake market. Increasing demand for safety, luxury, convenience increases the demand for electric parking brake market. However, high cost of electric parking brake and lack of skilled technician staff to asses or install the system is subjected to hinder the growth of the market.
Globally, automotive industry is experiencing noteworthy technological advancements in the conventional systems. In order to substitute the typical lever operated hand brake system, vendors devised a novel electric parking brake. Primary drivers of global electric parking brake market include, growing diffusion of autonomous vehicle technology and growing inclination towards road safety. Moreover, espousal of electric parking brake permits substantial weight saving compared to conventional mechanical parking brake systems which supports in enhanced fuel economy and reduce carbon emissions. Electronic control of electric parking brake comes along with the integration of other safety technologies, thus boosts the demand for electric parking brake, globally. Earlier, electric parking brake technology was subjected only to premium passenger cars, which was limiting its growth, however the safety regulations and decline in manufacturing cost has resulted into its growing implementation across all vehicle type.
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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.
Analysis by Region:
On the basis of region, the global electric parking brake market is segmented into North America, Latin America, Europe, Japan, Asia-Pacific excluding Japan(APEJ) and MEA. Among these regions, the APEJ electric parking brake market is projected to exhibit relatively higher growth in the global electric parking brake market with a CAGR of over 9.0% during the forecast period. Revenue from the electric parking brake market in North America and Europe is expected to collectively account for more than 35% of the global electric parking brake market revenue in 2018. 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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Global Electric Parking Brake Market Highlighting Regional Revenue Share Dominance during 2018-2027
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