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Electric Parking Brake Market is Growing at CAGR of 12.4% to Achieve USD 5.29 Billion by 2033

Electric Parking Brake Market

The global electric parking brake market is expected to witness remarkable growth, with a projected compound annual growth rate (CAGR) of 12.4%. By the year 2033, the market is anticipated to reach a valuation of US$ 5.92 billion, a significant increase from its 2023 valuation of US$ 1.83 billion.

Electric parking brakes, commonly referred to as electronic parking brakes (EPB), represent a shift in braking technology. Unlike traditional mechanical systems like hand levers or foot pedals, EPBs utilize electric motors to engage the brake. They serve the crucial function of securing a vehicle in its parked position, whether on an incline or a level surface, effectively preventing unintended rolling or sliding.

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In a world increasingly concerned with environmental sustainability and the need to reduce carbon emissions, the electric vehicle (EV) revolution is taking center stage. With governments worldwide pushing for cleaner transportation solutions and consumers growing more eco-conscious, the demand for electric vehicles is on an upward trajectory.

A Shift Towards Electric Mobility

The global automotive landscape is undergoing a significant transformation, with traditional internal combustion engine (ICE) vehicles being gradually phased out in favor of electric alternatives. This shift is primarily driven by the urgent need to combat climate change and reduce our dependency on fossil fuels. As governments worldwide implement stricter emission standards and offer incentives to promote EV adoption, consumers are increasingly opting for electric vehicles.

The Role of Electric Parking Brakes

One critical component in this EV revolution is the Electric Parking Brake. Unlike traditional handbrakes or foot-operated parking brakes, EPBs are electronically controlled systems that offer several advantages. They not only free up valuable cabin space but also enhance safety and convenience for drivers. EPBs are becoming a standard feature in most new electric and hybrid vehicles.

Factors Behind the Growth

Several factors are contributing to the remarkable growth of the Electric Parking Brake market:

  1. Safety Concerns: As electric vehicles become more prevalent, the need for advanced safety features is paramount. EPBs offer superior control and stability when engaged, reducing the risk of accidents during parking.
  2. Increased EV Production: The growing number of electric vehicles on the market directly correlates with the demand for EPBs. Leading automakers are expanding their electric vehicle lineups, further boosting EPB adoption.
  3. Urbanization: With the world’s population increasingly shifting to urban areas, parking spaces are becoming scarcer. Electric Parking Brakes, with their space-saving design, are an ideal solution for compact city cars.
  4. Consumer Preference: As consumers become more accustomed to the convenience of EPBs, their preference for these systems is growing. EPBs offer a smooth and effortless parking experience, especially in stop-and-go traffic.
  5. Regulatory Support: Governments and regulatory bodies are actively promoting the adoption of electric vehicles and associated technologies. This support includes funding for research and development in the EPB sector.

Competitive Scenario

Major players in the electric parking brake market are actively pursuing strategies such as acquisitions, partnerships, investment initiatives, research and development endeavors, and technological advancements to bolster and broaden their global footprint.

Innovative Breakthrough by Continental AG

In 2021, Continental AG introduced a pioneering parking brake system tailored specifically for electric vehicles. This groundbreaking technology represents a significant advancement over conventional electric parking brake systems, as it offers superior performance and safety attributes while being lighter and less intricate.

Key Segments of Electric Parking Brake Industry Research

  • By Type:
    • Electric-hydraulic Caliper Systems
    • Cable-pull Systems
  • By Component:
    • Electronic Control Units
    • Electric Parking Brake Actuators
    • Electric Parking Brake Switches
  • By Vehicle Type:
    • Passenger Cars
    • Light Commercial Vehicles
    • Heavy Commercial Vehicles
  • By Region:
    • North America
    • Latin America
    • Europe
    • Asia Pacific & China
    • Middle East & Africa

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The rising demand for electric vehicles is driving substantial growth in the Electric Parking Brake market. As EVs become the norm rather than the exception, EPBs are poised to play a pivotal role in enhancing safety, convenience, and overall driving experience in the world of electric mobility. This growth not only benefits the automotive industry but also contributes to a greener and more sustainable future for us all.

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