Global Park Lock Actuators Market Size study, by Product Type (Hydraulic, Electric), by Application (Hybrid Electric Vehicle (HEV), Electric Vehicle (EV)), and Regional Forecasts 2023-2032

Global Park Lock Actuators Market Size study, by Product Type (Hydraulic, Electric), by Application (Hybrid Electric Vehicle (HEV), Electric Vehicle (EV)), and Regional Forecasts 2023-2032

The Global Park Lock Actuators Market is valued at approximately USD 1.61 Billion in 2023 and is anticipated to grow with a healthy growth rate of more than 14.93% over the forecast period 2024-2032. Park lock actuators are essential safety components in automotive systems, enabling secure parking by preventing unwanted vehicle movement. These actuators are particularly crucial for the functionality of self-parking and autonomous driving systems in next-generation vehicles. With the rising popularity of electric vehicles, there is a growing demand for park lock actuators compatible with EV drivetrains. These actuators need to be highly efficient and reliable to meet the unique requirements of electric powertrains. This transition is driven by environmental concerns and the need to reduce dependency on non-renewable energy sources. As EVs inherently require reliable and efficient park lock systems, the demand for advanced park lock actuators is expected to rise significantly.

Advancements in automotive technology are significantly driving the demand for the park lock actuators market. As vehicles increasingly incorporate sophisticated systems such as Advanced Driver Assistance Systems (ADAS) and autonomous driving features, the need for reliable and high-performance park lock actuators grows. These actuators play a crucial role in ensuring vehicle safety by preventing unintended movement and supporting automated parking functions. Innovations such as smart actuators with integrated sensors and connectivity capabilities are becoming essential to meet the demands of modern automotive systems. Additionally, the shift towards electric vehicles, which require specialized actuator systems, further accelerates market growth. As automotive technology continues to evolve, the development of advanced park lock actuators becomes integral to enhancing vehicle safety, convenience, and overall performance.

The key region in the Global Park Lock Actuators Market includes North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2023, Asia-Pacific dominates the market in terms of revenue. The region's dominance is attributed to the rapid urbanization, industrialization, and significant developments in the automotive sector, particularly in countries such as China, Japan, and India. The government's active role in promoting eco-friendly automotive technologies and the presence of major market players contribute to the robust growth of the park lock actuator market in this region. Moreover, North America expected to witness fastest growth during the forecast period 2024-2032, due to the increasing demand for advanced automotive safety systems and the rising adoption of electric vehicles.

Major market players included in this report are:

BorgWarner Inc.

Valeo

Stoneridge Inc.

Vitesco Technologies GmbH

EFI Automotive

Continental AG

Methode Sensor Technologies

Johnson Electric Holdings Limited

Kendrion N.V.

Dura-Shiloh

The detailed segments and sub-segment of the market are explained below:

By Product Type:

Hydraulic

Electric

By Application:

Hybrid Electric Vehicle (HEV)

Electric Vehicle (EV)

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

Rest of Europe

Asia Pacific

China

India

Japan

Australia

South Korea

Rest of Asia Pacific

Latin America

Brazil

Mexico

Rest of Latin America

Middle East & Africa

Saudi Arabia

South Africa

Rest of Middle East & Africa

Years considered for the study are as follows:

Historical year – 2022

Base year – 2023

Forecast period – 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.

Annualized revenues and regional level analysis for each market segment.

Detailed analysis of geographical landscape with Country level analysis of major regions.

Competitive landscape with information on major players in the market.

Analysis of key business strategies and recommendations on future market approach.

Analysis of competitive structure of the market.

Demand side and supply side analysis of the market.

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