Electrical Park Brakes: An Innovative Solution to Boost Vehicle Safety

Highlights:

• Introduction
• Latest developments in the EPB market
• Product launches in the sector

Electrical park brake (EPB) is a digitally controlled electronic braking system that features a switch to control the vehicle’s parking function. Also called an electronic parking brake, the system uses an actuator and control unit to send electrical signals to the brake pads installed near the rear wheels. Generally, these solutions are used alongside the main mechanical brakes to improve the overall functionality and safety of the vehicle. In case the main system fails or is unable to stop the vehicle effectively, EPBs act as a sort of emergency brake to progressively stop and bring the car to a halt. In the last few years, the growing integration of advanced electronic systems in modern vehicles has led to a surge in the applicability of electrical park brakes.

Recent trends in electrical park brakes generating new investment opportunities

In the last few years, the important advantages offered by EPBs have made them an essential component of modern automobiles. Electronic parking brakes can be operated using a single button, which makes them extremely easy to use as compared to conventional systems. Unlike regular handbrakes, which require mechanical force to slow down the rear wheels, EPB is activated using electrical signals, thus increasing its precision and accuracy.

Moreover, the use of digital technologies increased the reliability and efficiency of electrical park brakes. Recently, several automobile manufacturing companies have started integrating these devices with other systems such as electronic stability control (ESC), advanced driver-assistance systems (ADAS), and anti-lock braking systems (ABS). The amalgamation of these solutions aids in enhancing features like automatic brake application on slopes, thereby improving overall vehicle control. The growing number of road accidents has led to a surge in demand for comprehensive automobile safety features, which has positively impacted the electrical park brake (EPB) market. Apart from this, since the communication between the control unit, actuator, and the brake pads takes place electronically, the rate of wear and tear is much less compared to traditional devices. This increases the lifespan of the braking solution, bringing down the cost of maintenance and repair.

Launch of innovative products by multinational companies helping the industry dominate

The electrical park brake system (EPB) industry accounted for $3.5 billion in 2023 and is anticipated to gather a revenue of $14.3 billion by 2033, citing a CAGR of 15.6% during 2024-2033. The growing investments by automobile OEM companies in these innovative braking systems are predicted to strengthen the position of the market. For instance, in March 2020, Zahnradfabrik Friedrichshafen AG, an advanced mobility products supplier, announced the launch of the first-ever Front Electric Park Brake. Designed for small cars, the product was developed to improve the safety and comfort of the vehicle. The solution provides various features like auto-hold, stop-and-go, etc., which assist drivers in controlling the automobile more effectively.

Similarly, in November 2023, ADVICS, an automobile braking systems manufacturer, unveiled new EPB actuator kits. Developed to latch onto the automobile’s caliper, these systems simplify the braking process, thereby allowing the driver to slow down the speed of their vehicle with a mere push of a button. The press release issued by the company highlighted that the new product was compatible with the Toyota and Lexus models that were launched between 2018-2023.

To sum it up, the electrical park brake (EPB) market held a significant market share in the past few years and is anticipated to grow rapidly in the coming period. The growing awareness regarding vehicle safety has contributed to the expansion of the industry in recent times. Additionally, the integration of advanced technologies in modern vehicles is predicted to strengthen the position of the market in the near future.

For more information on the leading growth drivers and investment opportunities in the landscape, contact our experts here!

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