Electric parking brakes are not only replacing the conventional hand brakes in modern vehicles, but also adding valuable features such as space management, interior styling, and crashworthiness of new automobiles.
In addition, electric brake systems are also facilitating reduction of power consumption as well as vehicle weight, which signifies that electric parking brakes can soon become an integral part of new-age automobiles.
Manufacturers are also focusing on enhancing the safety for light commercial and heavy commercial vehicles with the help of advanced designs of electric parking brakes. Such advancements in modern automotive engineering are transforming run-of-the-mill automotive models, indicating a potential for innovation with the next-generation technologies in the electric parking brakes landscape.
Looking at the growth prospects these systems, Persistence Market Research has provided comprehensive insights on the overall likeliness of the business for OEM giants in the industry.
Brake-By-Wire Technology and Investments in R&D Are Transforming Electronic Parking Brakes Market
The auto-hold brake function in electric parking brake systems is making stop-start traffic a more relaxed affair for customers. Within the automotive segment, there is an increased competition between the key players who are investing significantly in advanced technology. For instance, BMW has announced that the M8 and M8 Competition models will have brake-by-wire technology, a technology adjacent to drive-by-wire technology; which reduces the weight by two kilograms and employs a vacuum-free brake booster to enhance the car’s overall efficiency.
On the other hand self-driving cars are propelling the demand for technologically compatible components like electric parking brakes. Thus leading OEMs and aftermarkets are investing heavily in research & development (R&D) to introduce innovative designs of these systems that can meet the requirements of the autonomous cars industry. Likewise, Hyundai Mobis announced to launch an open innovation center ‘M-Cube’ in Silicon Valley of the US to make a full-fledged commitment to source and invest in startups possessing new technologies for future such as self-driving vehicles.