What is Global Integrated Electronic Parking Brake System Market?
The Global Integrated Electronic Parking Brake System Market refers to the worldwide industry focused on the development, production, and distribution of electronic parking brake systems that are integrated into vehicles. These systems replace traditional mechanical handbrakes with electronic controls, offering enhanced safety, convenience, and space-saving benefits. The market encompasses various components such as electronic control units, actuators, and sensors, which work together to ensure the efficient functioning of the electronic parking brake system. The adoption of these systems is driven by the increasing demand for advanced safety features in vehicles, stringent government regulations on vehicle safety, and the growing trend of vehicle electrification. The market is characterized by continuous technological advancements, collaborations between automotive manufacturers and technology providers, and the rising popularity of electric and autonomous vehicles. As a result, the Global Integrated Electronic Parking Brake System Market is expected to witness significant growth in the coming years, with a focus on innovation and the development of more efficient and reliable systems.
Passenger Car, Commercial Vehicle in the Global Integrated Electronic Parking Brake System Market:
In the context of the Global Integrated Electronic Parking Brake System Market, passenger cars and commercial vehicles represent two primary segments where these systems are extensively utilized. Passenger cars, which include sedans, hatchbacks, SUVs, and luxury vehicles, are increasingly adopting integrated electronic parking brake systems due to their enhanced safety features, ease of use, and space-saving design. These systems provide a more streamlined and modern interior by eliminating the traditional handbrake lever, allowing for more ergonomic and aesthetically pleasing designs. Additionally, the integration of electronic parking brakes in passenger cars supports advanced driver assistance systems (ADAS) and autonomous driving technologies, contributing to the overall safety and convenience of the vehicle. On the other hand, commercial vehicles, which encompass trucks, buses, and vans, also benefit significantly from the adoption of integrated electronic parking brake systems. In commercial vehicles, these systems offer improved safety and reliability, which are crucial for the transportation of goods and passengers. The electronic control of the parking brake ensures consistent and precise braking performance, reducing the risk of accidents caused by human error. Furthermore, the integration of electronic parking brakes in commercial vehicles can lead to reduced maintenance costs and downtime, as these systems are generally more durable and require less frequent servicing compared to traditional mechanical brakes. The growing demand for commercial vehicles, driven by the expansion of e-commerce and logistics industries, further propels the adoption of integrated electronic parking brake systems in this segment. Both passenger cars and commercial vehicles are witnessing a shift towards electrification and automation, which aligns with the increasing adoption of integrated electronic parking brake systems. As electric vehicles (EVs) and autonomous vehicles become more prevalent, the need for advanced braking systems that can seamlessly integrate with other electronic and automated systems becomes more critical. This trend is expected to drive further innovation and development in the Global Integrated Electronic Parking Brake System Market, catering to the evolving needs of both passenger car and commercial vehicle segments.
OEM, After Market in the Global Integrated Electronic Parking Brake System Market:
The usage of Global Integrated Electronic Parking Brake System Market can be broadly categorized into Original Equipment Manufacturer (OEM) and Aftermarket segments. OEMs are companies that produce parts and equipment that may be marketed by another manufacturer. In the context of integrated electronic parking brake systems, OEMs play a crucial role in the initial design, development, and integration of these systems into new vehicles. Automotive manufacturers collaborate with OEMs to ensure that the electronic parking brake systems are seamlessly integrated into the vehicle's architecture, providing optimal performance and safety. The OEM segment is driven by the increasing demand for advanced safety features and the growing trend of vehicle electrification. As more automotive manufacturers focus on producing electric and autonomous vehicles, the need for integrated electronic parking brake systems that can support these advanced technologies becomes more critical. On the other hand, the aftermarket segment refers to the market for replacement parts, accessories, and services for vehicles after they have been sold by the original manufacturer. In the context of integrated electronic parking brake systems, the aftermarket segment includes the sale of replacement components, repair services, and upgrades for existing vehicles. The aftermarket segment is driven by the need for maintenance and repair of electronic parking brake systems, as well as the desire for vehicle owners to upgrade their braking systems to more advanced and reliable options. The aftermarket segment also provides opportunities for smaller companies and independent service providers to offer specialized products and services related to electronic parking brake systems. Both the OEM and aftermarket segments are essential for the growth and development of the Global Integrated Electronic Parking Brake System Market. While OEMs focus on the initial integration and development of these systems in new vehicles, the aftermarket segment ensures the continued maintenance, repair, and upgrading of electronic parking brake systems in existing vehicles. Together, these segments contribute to the overall expansion and innovation of the market, catering to the diverse needs of vehicle manufacturers and owners.
Global Integrated Electronic Parking Brake System Market Outlook:
The global Integrated Electronic Parking Brake System market was valued at US$ 3121 million in 2023 and is anticipated to reach US$ 4123.3 million by 2030, witnessing a CAGR of 4.1% during the forecast period 2024-2030. This market outlook highlights the significant growth potential of the integrated electronic parking brake system market over the next few years. The increasing demand for advanced safety features, the growing trend of vehicle electrification, and the rising popularity of electric and autonomous vehicles are some of the key factors driving this growth. As automotive manufacturers continue to focus on innovation and the development of more efficient and reliable braking systems, the market is expected to witness substantial advancements and increased adoption of integrated electronic parking brake systems. This growth trajectory underscores the importance of these systems in enhancing vehicle safety, convenience, and overall performance, making them a critical component of modern automotive design and technology.
| Report Metric | Details |
| Report Name | Integrated Electronic Parking Brake System Market |
| Accounted market size in 2023 | US$ 3121 million |
| Forecasted market size in 2030 | US$ 4123.3 million |
| CAGR | 4.1% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | ZF Group, KUSTER, Continental Teves, Bosch, Mando, Bethel Automotive Safety Systems, Zhejiang Asia Pacific Electromechanical, Zhejiang Libang Hexin, Advics (Aisin) |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
