Parking Brakes Market Size, Share, Opportunities, And Trends By Type (Lever Brake, Pedal Brake, Electronic Brake), By Component (Lever, Steel Cables), By Vehicle Type (Passenger Vehicle, Commercial Vehicles), And By Geography - Forecasts From 2024 To 2029

The parking brakes market is projected to witness a CAGR of 6.26% during the forecast period to reach a total market size of US$4.51 billion by 2029, up from US$2.949 billion in 2022. 

A parking brake is a mechanical backup brake system that has control of the vehicle’s rear brake, because of its function it is often called an emergency brake, handbrake, or e-brake. These are located to the left of the gas pedals at or between the front seats. They are responsible for keeping the vehicle stationary while it is parked and separate from the regular hydraulic brakes of the vehicles. They come in use if in any case, hydraulic brakes fail to stop the car hence the name “emergency brakes”. They use steel cables and levers; cables are tightened when brakes are applied. They also have a self-locking system built for securing safety.

In addition, the market for parking brakes is expected to expand at a consistent rate in the years ahead. These brakes could be of any system either mechanical or hydraulic braking systems and have a major role in preventing vehicles that are parked or stationary from falling or rolling due to gravity. Common types of brakes that are seen in vehicles are lever brakes, pedal brakes, and electronic brakes which get engaged as soon as the lever gets pulled, or stepping on a pedal or a button is pushed, all depends on the the design and system in the vehicle. The parking brake market will witness an upsurge because of the increasing production and demand of passenger and commercial vehicles which definitely will give rise to parking brakes globally.

Market Driver:

• Increased automotive production is expected to propel the global parking brakes market growth.

Parking brakes are a crucial safety feature in vehicles which are mandated by regulatory authorities to equip vehicles to meet safety standards. With the increasing presence of autonomous vehicles like electric and hybrid vehicles, and advanced commercial vehicles in the world, the industry for parking brakes will ultimately see major growth. Consumers prioritize safety features when buying vehicles, and parking brakes are a vital component that enhances the safety and stability of the vehicle when parked.

The rise in passenger car production implies a higher demand for the parking brakes which will boost the growth of the parking brakes industry. According to the International Organization of Motor Vehicle Manufacturers (OICA), production of cars in China saw a percentage change of 12% i.e. an increase from 23,836,083 in the year 2022 to 26,123.757 in the year 2023. Additionally, as per the Society of Indian Automobile Manufacturers (SIAM) report in 2023, commercial vehicle production in India saw an upward trend from 7,16,566 units in FY 2021-2022 to 9,62,468 units, in FY 2022-2023.

• A rise in the adoption of electric vehicles is anticipated to boost the market demand for parking brakes.

Electric vehicles are being promoted and adopted by consumers for convenience and comfort while driving, this will also bring an advantage for the growth of parking brakes as they are necessary to lock the car in a stationary position and prevent it from moving on its own. Electric vehicles utilize electric brakes system which requires less physical effort by the drivers. According to the International Energy Agency (IEA), April 2024 report around 1 in 3 cars driving on the road will be electric in China while for the USA and European Union almost 1 in every 5 will be electric cars and the sales of electric cars by the end of 2024 is expected to reach a mark of about seventeen million.

Europe region is expected to witness a steady CAGR during the forecast period

Europe will hold a significant share of the parking brakes market due to the high production volume of passenger and commercial vehicles in the region. Electric parking brakes are increasingly popular among new cars, as they require only a button push to engage or disengage.

Similarly, as per the IEA report of August 2023, to support the auto sector and promote sustainable and connected mobility the Spanish government announced a EUR 3.75 billion package in 2020. In addition, the government also approved the Strategic Project for the Recovery and Economic Transformation (PERTE) of Electric and Connected Vehicles, which mobilized EUR 24 billion of investment, including EUR 3.4 billion of public investment as of July 2021. These developments boost the production of automobiles, thus expanding the parking brakes market size.

Market Developments:

• November 2023- ADVICS, a leader in advanced braking technology, introduced new electric parking brake (EPB) actuator kits. These kits are attached to the vehicle's caliper and get the parking brakes engaged automatically. DC motor which is known as an actuator or motor gear unit (MGU)is responsible for producing force brakes which could sometimes malfunction, resulting in costly repairs.
• November 2023- ZF introduced a purely electric brake system for software-defined vehicles, eliminating the need for brake fluid. The system, developed at ZF's development centers in China, the USA, and Germany, generates braking force at each wheel using an electric motor, eliminating the need for hydraulic systems and brake fluid. This innovative technology is expected to be available in a combination of electric and hydraulic brake systems.
• May 2022: Aditya Auto Products and Edscha signed a joint venture to develop, manufacture, and distribute parking brakes and strengthen their competitive position in the market.

Company Products:

• Akebono Electric Brakes- This product is made by AKEBONO BRAKE INDUSTRY CO., LTD to reduce environmental impact, to improve safety for the reduction of traffic accidents, and to be extra compatible with the shift towards the progress of electronic vehicle control and vehicle electrification.
• Simplex Brakes EPB Si- These electric parking brakes by Continental AG are ideal for use in electric vehicles. In addition to the improved safety and comfort for the customers, it offers the car manufacturers more freedom and options for the vehicle interior design and driver assistance systems installation.
• R7A Spring Applied Air Released (SAAR)- Such products were designed and developed by MGM Engineering as an alternative to the manually operated “adjustable” hand-brake lever used to apply and release the “drive-line” parking brakes on school buses and other medium-duty chassis.
• EPB-Si- Continental AG’s electric parking brake "EPB-Si" with a lightweight drum that was actuated via a highly efficient motor gear unit reduces the power demand, and the new lightweight design reduces the brake mass by around 35%.

Market Segmentation:

The parking brakes market is segmented and analyzed as below:

• By Type
  • Lever Brake
  • Pedal Brake
  • Electronic Brake
• By Component 
  • Lever
  • Steel Cables
• By Vehicle Type 
  • Passenger Vehicles
  • Commercial Vehicles
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others