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Automotive and Transportation

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The electric parking brake market is projected to grow from USD 3.16 billion in 2023 to USD 12.53 billion by 2031, with a CAGR of 18.92%.


Market Overview:

The electric parking brake, EPB market is evolving with a great speed in the automobile industry due to technological advances and increased importance on car safety and efficiency. These advanced braking systems replace handbrakes with electronic control features, which improve functionality, convenience, and safety. Predominantly used in passenger cars, particularly in the luxury and premium segments, the use of EPBs has also gained momentum within mid-range and commercial vehicles in recent times due to better performance.

The market is growing due to the increasing adoption of advanced driver-assistance systems and the strict government regulations in terms of vehicle safety and emissions. EPBs are also part of weight reduction and better fuel efficiency, which is aligned with the global drive towards sustainability and electrification in the automotive sector. Moreover, the adoption of electric and hybrid vehicles complements the EPB market as well because these systems can easily integrate with the modern architectures of vehicles.

It holds that high rates of electrification for vehicles and also advanced safety features make North America and Europe regional leaders while Asia Pacific will be next to explode as the vehicle business picks up with rapid increases in incomes.

The EPB market is significant because of the role it plays in promoting improved vehicle safety, low-intervention driving, and finally, fully autonomous technologies. Its adoption reflects greater trends in automotive innovation-emphasis on connectivity, automation, and sustainability, making it the cornerstone of future mobility solutions.

Market Dynamics:

Drivers

  1. Rising Adoption of Electric and Hybrid Vehicles: EPBs complement electrified powertrains, boosting their demand amid the global shift towards sustainable mobility.
  2. Improved Convenience and Reduced Driver Effort: The automation of parking brakes enhances user convenience, particularly in urban settings.

Restraints

  1. High Costs of EPB Systems: The initial installation and maintenance costs can deter adoption, particularly in cost-sensitive markets.
  2. Complexity in Integration: Compatibility issues with traditional vehicle architectures pose challenges for manufacturers.

Opportunities

  1. Expansion in Emerging Markets: The growing automotive sector in regions like Asia-Pacific and Latin America presents significant growth opportunities.
  2. Collaboration with Electric Vehicle (EV) Manufacturers: Partnering with EV makers can open new revenue streams for EPB manufacturers.

Challenges

  1. Competition from Traditional Braking Systems: Conventional handbrakes remain dominant in cost-sensitive segments, limiting EPB adoption.
  2. Consumer Awareness: Lack of knowledge about the benefits of EPBs in some regions can hinder market penetration.

Electric Parking Brake Market

Key Players:

  • Aisin Seiki Co. Ltd. (Japan)
  • Continental AG (Germany)
  • DURA Automotive Systems (US)
  • TBK Co. Ltd. (Tokyo)
  • Hyundai Mobis Co.Ltd. (South Korea)
  • Küster Holding GmbH (Germany)
  • Mando-Hella Electronics Corp. (South Korea)
  • Svenska Kullagerfabriken AB (Sweden)
  • ZF Friedrichshafen AG (Germany)
  • Wuhu Bethel Automotive Safety Systems Co. Ltd (China)
  • Zhejiang Wanchao Electric Appliance Co. Ltd. (China)

Market Segmentation:

By System Type

  • Cable Pull System
  • Electric-Hydraulic Caliper Systems

By Vehicle Type

  • Light Commercial Vehicle
  • Passenger Vehicle
  • Heavy Commercial Vehicle

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East

Covid 19 Analysis:

The COVID-19 pandemic has caused a significant disruption in the global electric parking brake (EPB) market, mainly due to supply chain disruptions and reduced vehicle production. Automotive manufacturing facilities were temporarily shut down, which delayed the production and integration of EPBs. Economic uncertainty and reduced consumer spending also led to a decline in new vehicle sales, especially in 2020, further affecting the demand for EPB systems.

Nevertheless, the pandemic also highlighted the need for digital transformation and automation and thus spurred advanced vehicle technologies into adoption. With economies picking up the pace of growth, the automobile industry experienced a rebound, fueled by a surging demand for electric and hybrid vehicles, wherein EPBs often are part of standard fitments.

This focus of governments on sustainable mobility and strict safety regulations post the pandemic has further strengthened the market's growth trajectory. The long-term outlook for the EPB market is positive as vehicle electrification and safety innovation have provided momentum to the market, even though short-term setbacks were unavoidable.

Regional Analysis:

North America leads in EPB adoption due to high demand for advanced vehicle safety features and a strong presence of luxury and premium vehicle manufacturers. The region's focus on electrification and stringent safety regulations further bolster market growth.

Europe holds a significant market share, driven by stringent emission norms, rising adoption of electric vehicles (EVs), and advancements in ADAS technologies. Leading automotive OEMs in Germany, France, and the UK contribute to the widespread implementation of EPB systems in both premium and mid-range vehicles.

The Asia-Pacific region is poised for the highest growth during the forecast period, fueled by rapid urbanization, increasing disposable incomes, and a booming automotive industry in countries like China, India, and Japan. Government incentives for EV adoption and the growing penetration of smart vehicle technologies are also key drivers.

Latin America and the Middle East & Africa are emerging markets, with growth supported by increasing vehicle sales and improving economic conditions. However, cost constraints and limited consumer awareness of EPB systems pose challenges in these regions.

 

Key trends:

  1. Vehicle Electrification Shift: There is an increasing adoption of electric and hybrid vehicles around the globe that will continue to demand more integration of electric parking brakes due to their fit into electrified powertrain architectures and performance.
  2. Adoption to Mid-Range: Electric and electronic parking brakes had so far been used only in the luxury and premium range; however, their increased usage in mid-range vehicles can be attributed to declining production costs as well as consumer appetite for convenience and safety.
  3. Incorporation in the Smart Vehicle Ecosystem: These smart vehicle platforms integrate the EPB systems with themselves with increased connectivity and capability like remote operation and in-transit diagnostics through mobile or an in-vehicle application system.
  4. Focus on Reduction in Weight and Fuel: Since fuel efficiency and vehicular exhaust directly result, automakers are focussed on lightweight EPBs by global policies.

 

Scope of the Report

Details

  Study Period

  2021–2031

  Base Year Considered

  2023

  Forecast Period

  2024–2031

  CAGR Value

18.92%

  Forecast Market Size

US$ 12.53 billion

  Segments Covered

System Type, Vehicle Type, and Region

  Regions Covered

North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa)

  Companies Covered

·         Aisin Seiki Co. Ltd. (Japan)

·         Continental AG (Germany)

·         DURA Automotive Systems (US)

·         TBK Co. Ltd. (Tokyo)

·         Hyundai Mobis Co.Ltd. (South Korea)

·         Küster Holding GmbH (Germany)

·         Mando-Hella Electronics Corp. (South Korea)

·         Svenska Kullagerfabriken AB (Sweden)

·         ZF Friedrichshafen AG (Germany)

·         Wuhu Bethel Automotive Safety Systems Co. Ltd (China)

·         Zhejiang Wanchao Electric Appliance Co. Ltd. (China)

Methodology
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Understanding Your Business Model:
We'll begin by delving deep into your business model, ensuring we understand your industry's nuances, market position, and strategic goals.

Research Process:
Our systematic process includes problem definition, literature review, research design, data collection, analysis, interpretation, and reporting.

1. Data Collection
a) Primary Research:
- The primary research stage involves the direct interaction with industry experts, stakeholders, and target audience through interviews, surveys, and focus group discussions. This step allows us to gather firsthand information, insights, and opinions directly from the key players in the market.
- By conducting primary research, we ensure that our findings are up-to-date, accurate, and reflective of the current market sentiments. This stage also enables us to validate and complement the data obtained from secondary sources.

b) Secondary Research:
- In this initial stage, we gather a wide range of data from various secondary sources, including industry reports, market publications, government databases, and reputable online sources. This step helps us build a foundation of knowledge about the market, its trends, and key players.
- The data collected at this stage provides a comprehensive overview of the industry landscape, enabling us to identify key variables and factors that influence market dynamics.

2. Sampling Strategy:
We Define the target population and employ a sampling strategy that ensures the representation of key segments within the market.
- Sampling Technique: Choose between random, stratified, or purposive sampling.
- Sample Size: Justify the size based on statistical significance and resource constraints.

3. Data Analysis:
- Following the collection of both secondary and primary data, our team of skilled analysts employs advanced statistical and analytical tools to process and analyze the gathered information. This stage involves identifying patterns, trends, correlations, and key market drivers that influence the industry.
- Our data analysis goes beyond mere numerical interpretation; we provide a qualitative assessment that adds depth to understanding market dynamics. This stage is pivotal in transforming raw data into actionable insights for our clients.

a) Quantitative Analysis:
We will employ a structured approach, utilizing surveys and statistical tools to gather and interpret numerical data. A meticulously designed questionnaire will be distributed to a representative sample, ensuring a broad spectrum of responses. Statistical methods will be applied to identify patterns, correlations, and trends, including regression analysis and data visualization. The quantitative analysis will provide an overview of market trends, customer preferences, and key metrics.

b) Qualitative Analysis:
Our qualitative analysis will involve a nuanced exploration of non-numerical data, capturing rich insights into attitudes, opinions, and behaviors. In-depth interviews and focus group discussions will be conducted to gather qualitative data. Thematic coding and content analysis techniques will be applied to categorize and interpret qualitative information systematically. This approach aims to uncover underlying motivations, perceptions, and contextual factors that may not be apparent through quantitative methods. The qualitative analysis will add depth and context to the research findings, offering a comprehensive understanding of the market landscape.

4. Market Sizing
We Determine the total addressable market (TAM) by evaluating the potential demand for the product or service within the target market.

5. Data Procurement Techniques:
We'll employ various methods such as surveys, interviews, focus groups, and a thorough review of existing data sources to ensure a well-rounded dataset.

6. Data Modeling Techniques:
Utilizing advanced statistical methods like regression analysis and data visualization to derive valuable insights from both qualitative and quantitative data.

7. Development:
- PESTEL Analysis: Scrutinizing macro-environmental factors impacting your industry.
- SWOT Analysis: Evaluating internal strengths, weaknesses, and external opportunities and threats.
- Porter's Five Forces: Assessing industry competitiveness.

8. Validation and Calibration:
DMI Validate findings through expert consultations and calibration against multiple data sources to enhance the reliability of estimates.

9. Final Result:
- R-Value: Calculating correlation coefficients to measure relationships in quantitative data.
- T-Value: Conducting statistical tests to gauge the significance of variables.
- Comprehensive Analysis: Delivering a detailed report merging qualitative and quantitative findings with actionable insights and strategic recommendations aligned with your business goals.