Park Lock Actuators Market Size was valued at USD 1,377.1 Million in 2022. The Park Lock Actuators market industry is projected to grow from USD 1,5715.1 Million in 2023 to USD 5,606.2 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 15.1% during the forecast period (2023 – 2032). 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.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Park Lock Actuator market has been witnessing steady growth in recent years, owing to a range of factors such as the increasing demand for advanced automotive safety systems, rising production of vehicles, and growing concerns over parking safety. However, one of the other key drivers of this market is the surging adoption of electric vehicles worldwide. The transition towards electric vehicles has gained momentum in recent years, driven by concerns over environmental pollution and the depletion of non-renewable resources. As a result, the number of electric vehicles on the road has been steadily increasing, and this trend is expected to continue in the coming years. With electric vehicles requiring actuators to ensure safe and reliable parking, the demand for Park Lock Actuators is expected to surge in the foreseeable future. Several key developments have recently occurred in the Park Lock Actuator market. For instance, BorgWarner, a leading supplier of advanced technology solutions for combustion, hybrid, and electric vehicles, announced the development a new Park Lock Actuator system in 2021.
This system is designed to provide enhanced safety and reliability for electric vehicles and is expected to be deployed in the next generation. Moreover, several governments across the globe are taking initiatives to promote the adoption of electric vehicles, which is expected further to fuel the growth of the Park Lock Actuator market. For instance, the Indian government recently announced a range of incentives for electric vehicle manufacturers and buyers, including reduced GST rates and tax exemptions. Such initiatives are likely to increase the demand for electric vehicles in the country, which is expected to drive the demand for Park Lock Actuators. In conclusion, the Park Lock Actuator market is expected to witness significant growth in the coming years, owing to various factors, such as the increasing demand for advanced automotive safety systems and the rising adoption of electric vehicles. With several key players investing in the development of advanced Park Lock Actuator systems and governments taking initiatives to promote the adoption of electric vehicles, the future of the Park Lock Actuator market looks bright.
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. These products are available in different sizes, designs, and power ratings to meet the diverse needs of different customers. The electric products in the Global Park Lock Actuator Market are known for their reliability, durability, and high-performance capabilities. They are also designed to be easy to install and operate, making them a popular choice among automotive manufacturers and end-users worldwide. With advancements in technology and innovation, the market is expected to see continued growth and development in the coming years.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
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 Global Park Lock Actuator Market offers a variety of electric products specifically designed for use in HEVs. These products include high-voltage solenoid actuators, electromechanical actuators with integrated electronics, and custom-designed actuators for specific vehicle models. As the demand for HEVs continues to grow, the Global Park Lock Actuator Market is expected to see an increase in the development of specialized electric products to meet the specific needs of this market segment.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In terms of revenue, Asia-Pacific held the largest share of 40.5% in the Park Lock Actuators market in 2022 and is expected to maintain its dominance during the forecast period. The Asia-Pacific Park Lock Actuator Market has seen significant developments in recent years, with several leading companies introducing new products and expanding their market presence. For instance, Bosch has introduced an advanced park lock actuator system that offers improved safety, reliability, and ease of use. Similarly, Denso Corporation has developed a new park lock actuator that is energy-efficient and compliant with government regulations. The government has been playing an active role in promoting the use of eco-friendly technologies in the automotive industry, including park lock actuators.
For example, the Indian government has announced plans to promote electric vehicles and reduce dependence on fossil fuels. This has encouraged companies to develop more sustainable and energy-efficient products to meet the growing demand for eco-friendly automobiles. Moreover, several companies have been forming strategic partnerships and collaborations to leverage their expertise and capabilities in developing innovative products. For instance, Magna International has formed a joint venture with Huayu Automotive Systems to develop advanced park lock actuators and other automotive components. Overall, the Asia-Pacific Park Lock Actuator Market is expected to continue growing in the coming years, driven by advancements in technology, increasing demand for automobiles, and the government's focus on promoting sustainable technologies in the automotive industry.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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 government has been promoting the use of eco-friendly and energy-efficient technologies in the automotive industry, including park lock actuators. The Europe Park Lock Actuator Market has witnessed significant developments in recent years, driven by the increasing demand for advanced automotive safety and security features. Several leading companies in the market have been introducing new products and expanding their market presence. For instance, Continental AG has developed an advanced park lock actuator that offers improved safety and reliability.
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. Some recent activities by companies in the region include expanding their production facilities, investing in research and development to improve their products, and entering into strategic partnerships to gain a competitive advantage in the market.
With a strong presence across different verticals and geographies, the Park Lock Actuators market is highly competitive and dominated by established, pure-play vendors. Over 10 vendors cater to this market, and they continually innovate their solutions to meet the evolving needs of businesses by adopting new technologies to make business more effective. These vendors have a robust geographic footprint and partner ecosystem to cater to diverse customer segments. The Park Lock Actuators market is highly competitive, with many vendors offering similar products and services.
The major players in the market include 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. BorgWarner has unveiled its “Project Charging Forward” strategy which is focused on the acceleration of electrification portfolio. This is estimated to bring company’s electric vehicle (EV) revenue to approximately 45% in 2030 from less than 3% in 2021. The company is aggressively growing its electrification portfolio through organic investments and technology-focused mergers & acquisitions. BorgWarner is focused on opportunities to gain scale, to improve diversity in technology, geographical presence, & customers and to vertically integrate its EV portfolio.
The Park Lock Actuators Market is a consolidated market due to increasing competition, acquisitions, mergers, and other strategic market developments and decisions to improve operational effectiveness.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 1,377.1 Million |
| Market Size 2023 | USD 1,5715.1 Million |
| Market Size 2032 | USD 5,606.2 Million |
| Compound Annual Growth Rate (CAGR) | 15.1 % (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | Europe, North America, Asia-Pacific, Middle East & Africa, and South America |
| Countries Covered | The U.S, Germany, Canada, U.K., Italy, France, Spain, Japan, China, Australia, India, South Korea, Brazil, and others. |
| Key Companies Profiled | 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. |
| Key Market Opportunities | ·      Growing demand for smart and safe vehicles boosts park lock actuator market growth |
| Key Market Dynamics | ·      Advancements in park lock actuators and government mandates driving market growth ·      Surging adoption of electric vehicles drives growth in park lock actuator market |
Frequently Asked Questions (FAQ) :
The Park Lock Actuators Market size is expected to be valued at USD 1,377.1 Million in 2022.
The global market is projected to grow at a CAGR of 15.1% during the forecast period, 2023-2032.
Asia-Pacific had the largest share of the global market.
The key players in the market are 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.
The Electric category dominated the market in 2022.
Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
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