Park Lock Actuators Market Research Report Information By Product Type (Hydraulic and Electric), Application (Hybrid Electric Vehicle (HEV) and Electric Vehicle (EV)), And By Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South Ame

Park Lock Actuators Market Research Report Information By Product Type (Hydraulic and Electric), Application (Hybrid Electric Vehicle (HEV) and Electric Vehicle (EV)), And By Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) – Global Industry Forecast Till 2030

Market Synopsis

Over the course of the research year, a 15.1% compound annual growth rate (CAGR) is projected for the Park Lock Actuators market industry. Government regulations, technical developments in the automotive sector, and improvements in park lock actuators are all contributing to the steady expansion of the worldwide park lock actuator market.

The market for park lock actuators has grown steadily in recent years due to a number of factors, such as the rising need for sophisticated automotive safety systems, the rising rate of vehicle production, and the growing worries about parking safety. However, another important driver propelling this market is the growing global adoption of electric vehicles. Concerns about pollution to the environment and the depletion of non-renewable resources have fueled the shift to electric vehicles in recent years. As a result, the number of electric cars on the road has been steadily rising, and this trend is expected to continue in the years to come.

It is envisaged that this system will be installed in the upcoming generation of electric vehicles with the goal of enhancing their safety and dependability. Furthermore, it is expected that the market for park lock actuators will continue to expand due to the various global government programs that are being put in place to promote the usage of electric vehicles. For instance, the Indian government recently unveiled a number of incentives, including lower GST rates and tax exemptions, for producers and buyers of electric vehicles. The country's expected growth in demand for electric vehicles as a result of these initiatives is expected to fuel the need for Park Lock Actuators. In conclusion, it is projected that the market for park lock actuators will expand significantly in the years to come due to a number of factors, such as the rising need for cutting-edge automotive safety systems and the rising popularity of electric vehicles.

Insights On Market Segments

Based on the type of product, the hydraulic and electric sectors of the global park lock actuator market are separated.

There are two segments of the worldwide park lock actuator market: hybrid electric vehicles (HEV) and electric vehicles (EVs). The application provides the basis for this categorization.

Regional Views

Asia-Pacific is expected to continue to dominate the Park Lock Actuators market during the forecast period; in terms of revenue, it held the highest share of 40.5% in 2022. The Asia-Pacific Park Lock Actuator Market has grown significantly in recent years due to the introduction of new products and increased market presence of several well-known firms. Bosch, for instance, has created an advanced park lock actuator system that improves dependability, user-friendliness, and safety. In the same spirit, Denso Corporation has developed a brand-new park lock actuator that complies with legal requirements and uses less energy. The employment of environmentally friendly technologies in the car sector, such park lock actuators, has been aggressively promoted by the government.

The Park Lock Actuator Market in North America has experienced multiple changes in recent times due to the introduction of new products and the expansion of market presence by well-known businesses. For instance, Delphi Technologies has developed an advanced park lock actuator system that improves dependability, user-friendliness, and safety.

Due to the rising demand for cutting-edge security features in cars and the growing popularity of electric vehicles, the Middle East and Africa Park Lock Actuator Market is expanding steadily. The park lock actuator market has seen many developments in the Middle East and Africa in recent years.

Key Players:

Johnson Electric Holdings Limited, Kendrion N.V., Dura-Shiloh, EFI Automotive, Methode Sensor Technologies, Vitsco Technologies mbH, and Continental AG are some of the leading companies in the market.