国泰海通：线控制动技术路径迭代 国产厂商有望换道超车提升市占率

Core Viewpoint - The report from Guotai Junan highlights the three technological paths of line control braking: EHB Two-box, One-box, and EMB, with One-box currently being the mainstream choice and dominated by overseas manufacturers. EMB represents a true full-line control braking system with significant performance advantages, aligning with the trends in intelligent driving, and is transitioning from R&D to mass production [1][2]. Summary by Categories Line Control Braking Technology - Line control braking operates through electrical signals, making it a crucial component of intelligent chassis systems. The evolution of braking systems has progressed from mechanical to hydraulic and now to line control braking, which meets the safety requirements of intelligent driving [1]. Current Market Trends - EHB One-box is the current mainstream choice, with its market share increasing from 20.5% in 2021 to 63.4% in 2024 due to its compact size and low cost. EMB is expected to overcome previous production bottlenecks and is moving towards mass production, with the HBBW system likely to be the first to achieve this [3][4]. Market Outlook - The line control braking market is projected to reach a scale of 25.75 billion yuan by 2030, with EMB expected to achieve a breakthrough in mass production by 2025, reaching a scale of 11.98 billion yuan by 2030. Currently, foreign manufacturers hold over 60% of the EHB market share, while domestic manufacturers are focusing on EMB development [4][5]. Industry Development - As technology and regulatory frameworks advance, EMB is moving towards mass production, and domestic manufacturers are positioned to bypass the hydraulic control domain where foreign players have an advantage. Several domestic companies, including Berteli, Asia-Pacific Shares, and others, are actively engaged in EMB R&D, which is expected to enhance the domestic production rate in the line control braking industry [5].