Park Lock Actuators Market is predicted to reach USD 5,606.2 million at a CAGR of 15.1% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Park Lock Actuators Market”.

The global park lock actuator market is consistently growing due to the Increasing advancements in park lock actuators and government mandates driving market growth across globe and technological advancement within the automotive industry. Park lock actuators are key safety subsystems that enable self-parking aid and autonomous driving/parking operations in next-generation vehicles. The Vehicle when stopped in neutral, park lock seems to be the function that prevents unwanted movement.

The Park Lock Actuators market is estimated to register a CAGR of 15.1% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Park Lock Actuators market - BorgWarner Inc., Valeo, Stoneridge Inc., Vitesco Technologies mbH, EFI Automotive , Continental AG , Methode Sensor Technologies , Johnson Electric Holdings Limited , Kendrion N.V. , and Dura-Shiloh.

Market Highlights

The global Park Lock Actuators market is accounted to register a CAGR of 15.1% during the forecast period and is estimated to reach USD 5,606.2 million by 2032.

The Park Lock Actuator market presents a significant opportunity for growth in the automotive industry as the demand for technologically advanced systems continues to rise. With consumers increasingly concerned about vehicle safety and convenience, there is a growing demand for systems that offer advanced automation and functionality. In recent years, several key players in the market have been investing heavily in developing advanced park lock actuator systems. For example, Kongsberg Automotive, a leading supplier of automotive components, has developed a range of park lock actuators that offer advanced automation and functionality, such as automatic release when the vehicle is started. Moreover, governments across the globe are also taking initiatives to promote the adoption of electric vehicles, which could further drive the demand for park lock actuator systems. For example, the European Union has announced plans to ban the sale of new gasoline and diesel cars by 2035, which is expected to accelerate the adoption of electric vehicles. As electric vehicles become more prevalent, the demand for advanced park lock actuator systems is expected to rise significantly. Furthermore, with the increasing adoption of smart mobility solutions, such as autonomous driving and connected cars, the demand for advanced park lock actuator systems is expected to increase further. As vehicles become more connected and automated, the need for advanced park lock actuator systems that offer seamless integration with other vehicle systems is expected to rise. In conclusion, the growing demand for technologically advanced park lock actuator systems presents a significant opportunity for the market to expand its growth potential. With innovative solutions and government support, the market is expected to continue its upward trajectory in the coming years, providing new avenues for growth and expansion for market players.

Access full report @ https://www.marketresearchfuture.com/reports/park-lock-actuators-market-21424

Segment Analysis

The global Park Lock Actuators market has been segmented based on Product Type and Application.

Based on the product type, the global park lock actuator market is segmented into hydraulic and electric. The electric segment held the majority share in 2022, contributing around ~ 68.8% to the market revenue. The Global Park Lock Actuator Market offers a wide range of electric products designed for various applications in the automotive industry. These products are primarily used to control the park lock function in vehicles, ensuring safety and security for drivers and passengers. Some of the most common electric products in the Global Park Lock Actuator Market include solenoid actuators, electromechanical actuators, rotary actuators, and linear actuators.

Based on application, the global park lock actuator market is segmented into hybrid electric vehicle (HEV), and electric vehicle (EV). The Hybrid Electric Vehicle (HEV) segment held the majority share in 2022 contributing around ~ 55.8% to the market revenue. Hybrid Electric Vehicles (HEVs) have become increasingly popular in recent years due to their improved fuel efficiency and lower emissions. In the Global Park Lock Actuator Market, HEVs have a unique application that requires specialized electric products. HEVs require park lock actuators that can handle the high voltage and power demands of the hybrid drivetrain system. These actuators are typically more complex than those used in traditional gasoline vehicles and must be designed with the latest technologies and materials to ensure reliable and safe operation.

Regional Analysis

Based on application, the global park lock actuator market is segmented into hybrid electric vehicle (HEV), and electric vehicle (EV). The Hybrid Electric Vehicle (HEV) segment held the majority share in 2022 contributing around ~ 55.8% to the market revenue. Hybrid Electric Vehicles (HEVs) have become increasingly popular in recent years due to their improved fuel efficiency and lower emissions. In the Global Park Lock Actuator Market, HEVs have a unique application that requires specialized electric products. HEVs require park lock actuators that can handle the high voltage and power demands of the hybrid drivetrain system. These actuators are typically more complex than those used in traditional gasoline vehicles and must be designed with the latest technologies and materials to ensure reliable and safe operation. The North America Park Lock Actuator Market has seen several developments in recent years, with leading companies introducing new products and expanding their market presence. For instance, Delphi Technologies has developed an advanced park lock actuator system that offers improved safety, reliability, and ease of use. Similarly, BorgWarner has introduced an energy-efficient park lock actuator that complies with government regulations.

The Middle East and Africa Park Lock Actuator Market is witnessing steady growth due to the increasing demand for advanced security features in vehicles and the rising adoption of electric vehicles. In recent years, there have been several developments in the park lock actuator market in the Middle East and Africa region. The South America Park Lock Actuator market has seen significant developments in recent years. Companies are constantly innovating to produce more efficient and reliable lock actuators to meet the increasing demand for security solutions.

Key Findings of the Study

• The global Park Lock Actuators market is expected to reach USD 5,606.2 million by 2032, at a CAGR of 15.1% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market, imperative factors, such as the significant number of investments in Asia-Pacific, making it the primary contributor to the market share.


• Based on Product Type, the Electric segment was attributed to holding the largest market in 2022, with an approximate market share of 68.8%.


• BorgWarner Inc., Valeo, Stoneridge Inc., Vitesco Technologies mbH, EFI Automotive , Continental AG , Methode Sensor Technologies , Johnson Electric Holdings Limited , Kendrion N.V. , Dura-Shiloh, and Others are the key market players.