Electronic Park Lock Actuator (EPLA) Market: Current Analysis and Forecast (2023-2030)

The electronic park lock actuator is a component used in vehicles with an automatic transmission and an electronic parking brake. This actuator is responsible for engaging and disengaging the parking brake when the vehicle is shifted into and out of park mode. It is usually located near the transmission, and its operation is controlled by the vehicle's electronic control unit (ECU). When the driver shifts the transmission into park, the ECU signals the actuator to engage the parking brake; similarly, when shifting out of park, the ECU directs the actuator to release the brake. This electronic system replaces the traditional mechanical parking brake mechanisms, offering improved convenience and safety. The growing demand for safety capabilities in vehicles has caused the improvement of superior electronic park lock actuators that offer higher safety and convenience to drivers. These actuators are designed to prevent rollaway injuries and accidents by automatically locking the parking brake while the car is parked. Rollaway car accidents are extremely dangerous and can cause serious injury or death. For instance, in 2022, according to a study by the National Highway Traffic Safety Administration, rollaway car crashes injure 1,886 individuals and account for 144 deaths on average per year. Rollaway car crashes are often the result of a design or manufacturing defect in the vehicle. Electronic actuation gives steady operation to engage park locks and facilitates eliminate human errors. The latest systems make use of multiple sensors to affirm shifter role, automobile movement, brake pedal application, and different conditions before releasing the park lock. software logic prevents extraordinary unlocking. included car alarms offer further safety. Moreover, New standards like FMVSS 102 now require all passenger vehicles to have secondary protection systems, providing a major impetus for OEMs to adopt electronic park locks. NHTSA estimates these standards could eliminate over 400 rollaway accidents once fully implemented. Therefore, the growing awareness about safety drives the Electronic Park Lock Actuator.

The Electronic Park Lock Actuator market is expected to grow at a steady rate of around 6.81% owing to the growing awareness about safety, and preventing rollaway accidents and injuries.

Based on the security level, the market is divided into ASIL B, ASIL C, and ASIL D. The ASIL B segment dominated the market in 2022 and is expected to show the same fashion in the forecast period. Initially, ASIL B represents a safety-critical standard that necessitates a heightened degree of dependability and strength within the system. This is especially pertinent in industries such as the automotive, aerospace, and medical device fields, where safety is of paramount importance. Moreover, the internationally acclaimed ASIL B standard is supported by numerous organizations, such as the International Organization for Standardization (ISO). This makes it simpler for businesses to meet regulatory and industry standards.

Based on application, the market is bifurcated into passenger vehicles and commercial vehicles. The passenger vehicle segment holds a significant market share in 2022 and is expected to showcase the same trend in the forecast period due to its ease and convenience. Passenger vehicles have established a dominant market share in the Electronic and Electrical Product Liability Act (EPLA) due to several contributing factors. Primarily, the significant size of the passenger vehicle market, with millions of units sold worldwide each year, offers a sizeable potential customer base for EPLA-compliant products. Passenger vehicles must have several safety systems such as airbags, ABS, and ESC to meet safety regulations.

For a better understanding of the market adoption of the shipbuilding industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The Asia Pacific Electronic Park Lock Actuator market dominated the market and is expected to behave in the same fashion in the forecast period due to a combination of factors, including growing interest in sustainable transportation, increased urbanization, advancements in battery technology, government support, and increased investment. Consequently, demand for automobile components, such as the electronic park lock actuator, which helps to facilitate the efficient and safe parking of vehicles, has grown substantially. Furthermore, governments and regulatory bodies across the Asia Pacific region have implemented stringent safety regulations with the aim of reducing accidents and enhancing vehicle safety standards. To meet these requirements, electronic park lock actuators equipped with sensors and integrated into the vehicle's electronic control system have been employed. Furthermore, Governments in the Asia Pacific region are promoting the use of electric vehicles through incentives and subsidies.

Some of the major players operating in the market include: Stoneridge Inc., Vitesco Technologies GmbH, OECHSLER AG, BorgWarner Inc., EFI Automotive, ZF Friedrichshafen AG, Valeo, Methode Sensor Technologies, Pegasus Actuators GmbH, Johnson Electric Holdings Limited.