Automotive Electric Parking Brake Market: Comprehensive Evaluation Of The Market Via In-Depth Qualitative Insights
The electronic parking brake system is lightweight and easy to operate, as compared to the mechanical parking brakes. The conventional mechanical parking brakes comprise a hand lever and wires connected to the rear brakes. The driver has to pull a lever, which applies the brakes, in a conventional mechanical parking brake. The effort required to do this is considerably more than that of the electronic parking brake system. These advantages are primarily driving the automotive electronic parking brake market. Vehicle manufacturers are emphasizing on the reduction in vehicle weight in order to comply with the emission norms.
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Therefore, automakers are preferring lightweight technologies such as electronic parking brakes, instead of bulky mechanical systems. Additionally, electronic parking brakes are highly reliable. Therefore, consumers prefer electronic parking brakes owing to their enhanced safety. Consistent increase in adoption of electric vehicles is another driver of the automotive parking brakes market. Demand for luxury and premium class vehicles is significantly rising across North America and Europe owing to high per capita income, higher standard of living, and availability of well-developed infrastructure in these regions. This, in turn, is boosting the demand for electronic parking brakes.
A major restraint of the automotive parking brake market is the higher cost of the system. The cost of electronic parking brakes is higher than the conventional mechanical parking brakes, as they contain an electronic control unit, electronic switches, and actuators.
The automotive electronic parking brakes market can be segmented based on type, technology, vehicle type, sales channel, and geography. In terms of type, the automotive parking brake market can be segregated into two segments. Caliper integrated electronic parking brake systems are a more advanced version of the electronic parking brake system, which apply the parking brakes through an electric motor and an ECU. The caliper integrated system segment is likely to witness rapid increase in demand during the forecast period.
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Based on technology, the automotive electronic parking brake market can be classified into two segments. Luxury and premium class vehicles are being incorporated with automatic electronic parking brake systems, which automatically apply brakes based on vehicle parameters such as door opening, seat belt usage, gas pedal force, engine running, and transmission position. Increased demand for premium and luxury class vehicles across North America and Europe is likely to offer lucrative opportunities for the automotive electronic parking brake market.
In terms of sales channel, the automotive electronic parking brake market can be split into two segments. The OEM segment dominates the automotive electronic parking brake market owing to ease of implementation and consumer preference. Installation of an electronic parking brake system by the OEM is less expensive and much easier. In terms of vehicle type, the automotive electronic parking brake market can be classified into two segments. Passenger vehicles witnessed a significant demand for electronic parking brakes, especially luxury and premium class vehicles. Vehicle owners prefer electronic parking brakes, which are more reliable than mechanical parking brakes, due to higher vehicle safety. Therefore, the automotive electronic parking brake market is dominated by the passenger vehicle segment.
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Based on geography, the automotive electronic parking brake system market is classified into five prominent regions. North America and Europe dominate the global automotive electronic parking brake market owing to enhanced awareness about the vehicle safety, increased preference for sophisticated electronic system owing to higher per capita income, and significant demand for luxury and premium class vehicles in these regions.
Key players operating the global automotive electronic parking brake market include ZF Friedrichshafen AG, Continental AG, SKF, Electronic Mobility Controls, KÜSTER Unternehmensgruppe, TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION, Brembo S.p.A., Allegro MicroSystems, LLC, AISIN SEIKI Co., Ltd., MANDO-HELLA Electronics Corp., and WABCO. In September 2017, ZF Friedrichshafen AG introduced the first electronic parking brake system for commercial vehicles.
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