PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1538640
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1538640
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.
Table of Contents
Chapter 1. Global Park Lock Actuators Market Executive Summary
- 1.1. Global Park Lock Actuators Market Size & Forecast (2022-2032)
- 1.2. Regional Summary
- 1.3. Segmental Summary
- 1.3.1. By Product Type
- 1.3.2. By Application
- 1.4. Key Trends
- 1.5. Recession Impact
- 1.6. Analyst Recommendation & Conclusion
Chapter 2. Global Park Lock Actuators Market Definition and Research Assumptions
- 2.1. Research Objective
- 2.2. Market Definition
- 2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
- 2.3.3.1. Availability
- 2.3.3.2. Infrastructure
- 2.3.3.3. Regulatory Environment
- 2.3.3.4. Market Competition
- 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
- 2.3.4.1. Regulatory frameworks
- 2.3.4.2. Technological Advancements
- 2.3.4.3. Environmental Considerations
- 2.3.4.4. Consumer Awareness & Acceptance
- 2.4. Estimation Methodology
- 2.5. Years Considered for the Study
- 2.6. Currency Conversion Rates
Chapter 3. Global Park Lock Actuators Market Dynamics
- 3.1. Market Drivers
- 3.1.1. Increasing advancements in park lock actuators
- 3.1.2. Increased Adoption of Electric Vehicles (EVs)
- 3.1.3 Rising Vehicle Safety Regulations
- 3.2. Market Challenges
- 3.2.1. Complexity in Integration
- 3.2.2. Maintenance and Reliability Issues
- 3.3. Market Opportunities
- 3.3.1. Growing Focus on Autonomous Vehicles
- 3.3.2. Growth in Vehicle Production
Chapter 4. Global Park Lock Actuators Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
- 4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
- 4.3. Top investment opportunity
- 4.4. Top winning strategies
- 4.5. Disruptive Trends
- 4.6. Industry Expert Perspective
- 4.7. Analyst Recommendation & Conclusion
Chapter 5. Global Park Lock Actuators Market Size & Forecasts by Product Type 2022-2032
- 5.1. Segment Dashboard
- 5.2. Global Park Lock Actuators Market: Product Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Hydraulic
- 5.2.2. Electric
Chapter 6. Global Park Lock Actuators Market Size & Forecasts by Application 2022-2032
- 6.1. Segment Dashboard
- 6.2. Global Park Lock Actuators Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Hybrid Electric Vehicle (HEV)
- 6.2.2. Electric Vehicle (EV)
Chapter 7. Global Park Lock Actuators Market Size & Forecasts by Region 2022-2032
- 7.1. North America Park Lock Actuators Market
- 7.1.1. U.S. Park Lock Actuators Market
- 7.1.1.1. Product Type breakdown size & forecasts, 2022-2032
- 7.1.1.2. Application breakdown size & forecasts, 2022-2032
- 7.1.2. Canada Park Lock Actuators Market
- 7.1.1. U.S. Park Lock Actuators Market
- 7.2. Europe Park Lock Actuators Market
- 7.2.1. U.K. Park Lock Actuators Market
- 7.2.2. Germany Park Lock Actuators Market
- 7.2.3. France Park Lock Actuators Market
- 7.2.4. Spain Park Lock Actuators Market
- 7.2.5. Italy Park Lock Actuators Market
- 7.2.6. Rest of Europe Park Lock Actuators Market
- 7.3. Asia-Pacific Park Lock Actuators Market
- 7.3.1. China Park Lock Actuators Market
- 7.3.2. India Park Lock Actuators Market
- 7.3.3. Japan Park Lock Actuators Market
- 7.3.4. Australia Park Lock Actuators Market
- 7.3.5. South Korea Park Lock Actuators Market
- 7.3.6. Rest of Asia Pacific Park Lock Actuators Market
- 7.4. Latin America Park Lock Actuators Market
- 7.4.1. Brazil Park Lock Actuators Market
- 7.4.2. Mexico Park Lock Actuators Market
- 7.4.3. Rest of Latin America Park Lock Actuators Market
- 7.5. Middle East & Africa Park Lock Actuators Market
- 7.5.1. Saudi Arabia Park Lock Actuators Market
- 7.5.2. South Africa Park Lock Actuators Market
- 7.5.3. Rest of Middle East & Africa Park Lock Actuators Market
Chapter 8. Competitive Intelligence
- 8.1. Key Company SWOT Analysis
- 8.2. Top Market Strategies
- 8.3. Company Profiles
- 8.3.1. BorgWarner Inc.
- 8.3.1.1. Key Information
- 8.3.1.2. Overview
- 8.3.1.3. Financial (Subject to Data Availability)
- 8.3.1.4. Product Summary
- 8.3.1.5. Market Strategies
- 8.3.2. Valeo
- 8.3.3. Stoneridge Inc.
- 8.3.4. Vitesco Technologies GmbH
- 8.3.5. EFI Automotive
- 8.3.6. Continental AG
- 8.3.7. Methode Sensor Technologies
- 8.3.8. Johnson Electric Holdings Limited
- 8.3.9. Kendrion N.V.
- 8.3.10. Dura-Shiloh
- 8.3.1. BorgWarner Inc.
Chapter 9. Research Process
- 9.1. Research Process
- 9.1.1. Data Mining
- 9.1.2. Analysis
- 9.1.3. Market Estimation
- 9.1.4. Validation
- 9.1.5. Publishing
- 9.2. Research Attributes
