The global Electric Parking Brake (EPB) system market is indeed projected to experience significant growth in the coming years. According to the information provided, the market size was USD 3.22 Billion in 2022 and is expected to reach USD 6.07 Billion by 2032. This indicates a rapid revenue Compound Annual Growth Rate (CAGR) of 7.3% during the forecast period.
There are several key factors contributing to this growth. One of them is the increasing production and sales of premium and luxury cars. These high-end vehicles often come equipped with advanced features, including EPB systems, to enhance safety and convenience. As the demand for premium and luxury cars continues to rise, the adoption of EPB systems is expected to increase as well.
Another driving force behind the market growth is the growing consumer demand for fuel-efficient and environment-friendly automobiles. As mentioned earlier, EPB systems are more fuel-efficient compared to conventional mechanical parking brakes. Additionally, they help reduce emissions due to their use of electric motors instead of hydraulic systems. With governments worldwide enforcing strict emission standards and consumers becoming more environmentally conscious, the demand for vehicles equipped with EPB systems is expected to grow.
Furthermore, the increasing use of automated driving technology is also a significant factor in driving market revenue growth. As vehicles incorporate advanced driver assistance features like autonomous emergency braking, lane departure warning, and adaptive cruise control, the integration of EPB systems becomes essential. This necessity for EPB systems in vehicles equipped with automated driving technology further propels the market growth.
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The increasing need for environment-friendly and fuel-efficient vehicles is indeed expected to drive market revenue growth for Electric Parking Brake (EPB) systems. Governments worldwide are implementing stricter emission standards due to growing public awareness about environmental issues. This has resulted in automakers being compelled to develop cars with smaller carbon footprints. EPB systems contribute to this goal by being more fuel-efficient compared to conventional mechanical parking brakes. They achieve this by utilizing electric motors instead of hydraulic systems, which helps reduce emissions.
In addition to environmental concerns, the implementation of automated driving technology is also a significant driver for market revenue growth of EPB systems. Advanced Driver Assistance Systems (ADAS), which encompass features like autonomous emergency braking, lane departure warning, and adaptive cruise control, rely on EPB systems as a crucial component. Contemporary automobiles equipped with these ADAS functions require an EPB system that can be integrated with the vehicle's braking control unit. As automated driving technology becomes more prevalent, the demand for EPB systems in vehicles is increasing as a necessity for these advanced features.
Overall, the combination of the need for environment-friendly vehicles and the growing implementation of automated driving technology contributes to the market growth of EPB systems. Automakers are recognizing the importance of these systems in meeting regulatory requirements, enhancing fuel efficiency, and providing the necessary functionality for advanced driver assistance features.
some leading companies operating in the global Electric Parking Brake System market.
- ZF Friedrichshafen AG
- Continental AG
- Aisin Seiki Co. Ltd.
- Robert Bosch GmbH
- Hyundai Mobis
- Wabco Holdings Inc.
- Knorr-Bremse AG
- Mando Corporation
- TBK Co. Ltd.
- Hitachi Automotive Systems Ltd.
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The global market is further segmented into type and application:
By Component Type Outlook
- Electronic Control Unit
- Actuator
- Switch
By Sales Channel Outlook
- OEM
- Aftermarket
- By Vehicle Type Outlook
- Passenger Cars
- Commercial Vehicles
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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