LONDON--(EON: Enhanced Online News)--The global automotive electronic parking brake (EPB) market is expected to grow at a CAGR of more than 8% during the forecast period, according to Technavio’s latest report.
“Another important driver is the increasing electronic content per vehicle. Consumers expect offerings that provide safety, performance, stability, and comfort. These technologies are being refined and improved every day for use in vehicles. Such changes in the automotive industry will drive innovative technologies like EPB to growth”
In this report, Technavio covers the market outlook and growth prospects of the global automotive EPB market for 2016-2020. The market size has been derived from OE stock fit of EPB in passenger cars, and its penetration in the overall passenger cars market is assessed for validation.
One of the most important drivers of this market is original equipment manufacturers (OEMs) and tier-1 suppliers prioritizing weight reduction of braking systems. There is an aggressive movement happening among vendors to this end. This is also one of the main reasons hydraulics have been omitted from braking-systems which has led to the development of the brake-by-wire (BBW) technology. In addition to weight reduction, such systems also improve fuel economy of automotive.
“Another important driver is the increasing electronic content per vehicle. Consumers expect offerings that provide safety, performance, stability, and comfort. These technologies are being refined and improved every day for use in vehicles. Such changes in the automotive industry will drive innovative technologies like EPB to growth,” says Siddharth Jaiswal, one of the lead market research analysts at Technavio for automotive electronic research.
Technavio’s research study segments the EPB market into the following regions:
EMEA: largest EPB market
|The EBP market in EMEA along accounted for 5.4 million units in 2015. With improving car sales in the Eurozone and equipping vehicles with EPB by OEMs, analysts at Technavio forecast the market to grow at a CAGR of 10.48%, which is significantly higher than the global average.|
The increased preference of EPBs among OEMs is evident from the high investments in the region for digital technologies to enhance human-machine interface (HMI) and safety. Another related trend is observed through patent filing, which brought forth the applications for over 6,000 patents in 2015. Of these, a majority in the field of automotive electronics were related to safety and autonomous vehicles. While most of this growth is from European countries, the oil-rich Middle East is an excellent market for luxury vehicles.
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“Awareness on automotive safety standards in APAC is almost on par with developed regions such as Europe and the US, which is creating a demand for more efficient and safe systems. The markets which previously focused on fuel economy, low maintenance costs, and affordable pricing, now concentrates on safety and accessibility features. Since these are the quickest growing markets for vehicles, the rising awareness levels on safety features will prove beneficial for the EPB adoption in the long run,” says Siddharth.
Additionally, the regional Chinese players will most likely follow the globally established players and innovate EPB products to win over the existing market leaders in the market. Also, several globally established vendors like TRW and Continental are collaborating with OEMs to increase the penetration in APAC. The price sensitive APAC market will react positively to this change due to increasing GDP of the region.
So far, the Americas have been slow to adopt EPBs due to high preference towards automatic transmission vehicles. Despite this, the market is expected to showcase a CAGR of 7.13% in the market forecast period. This will mainly be driven by the increasing acceptance of advanced driver assistance systems (ADAS) in the passenger cars market, which will boost the EPB market.
The United States New Car Assessment Program (US NCAP) has formulated a rating system and added several features of ADAS in this system. This will boost the market by pushing manufacturers to include new safety systems in their vehicles. With most manufacturers striving to achieve top ratings, will create a healthy competition which is beneficial to the market. This creates a potential opportunity for luxury car OEMs which will positively impact on the market growth.
The top vendors in the global EPB market highlighted in the report are:
- Aisin Seiki
- ZF TRW
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