Global Automotive Park Lock Actuators Market Size, Share & Trends Analysis Report, Forecast Period, 2024-2030

The Automotive Park Lock Actuators market is experiencing robust expansion, with market size projected to increase from XX billion in 2023 to xx billion by 2030, demonstrating a consistent year-over-year growth rate of %. Automotive Park Lock Actuators Market Size, Share, Competitive Landscape and Trend Analysis Report, by Types (Electric Parking Lock Actuators, Hydraulic Parking Lock Actuators), by applications (Electric Vehicle (EV), Hybrid Electric Vehicle(HEV)) And regions ({regionNms}) : Industry Forecast and Opportunity Analysis for 2023 - 2030

An automobile park lock actuator is an electromechanical component designed to lock the patient carriage’s motion by engaging the vehicle transmission into the park position. It is a very important safety feature installed in most modern systems, especially in cars that rely on automatic gear systems. The market for automotive park lock actuators is growing for various reasons, including manufacturing growth, increasing safety measures, and adoption of advanced driver assistance systems (ADAS). As the technology of vehicles enhances and the era of autonomous driving technologies begins, the need for reliable and effective park lock actuators is expected to increase.

Automotive Park Lock Actuators Report Highlights

Report Metrics	Details
Forecast period	2019-2030
Base Year Of Estimation	2023
By Product Type	Electric Parking Lock Actuators, Hydraulic Parking Lock Actuators
Key Market Players	Bitron Dura-Shiloh Valeo Vitesco Technologies ZF Schaeffler EFI Automotive Stoneridge Kongsberg Automotive Bosch JOPP Group Zhaowei Johnson Electric
By Region

Automotive Park Lock Actuators Market Trends

The market for automotive park lock actuators is expected to experience an upward shift owing to certain factors, such as the deepening appetite for vehicle safety systems and the improving conditions for electric and autonomous vehicles. With the introduction of stringent safety measures, safety-orientated simple lock parking systems are embraced by both manufacturers and end-users to further protect parked cars. It is particularly expected that integration of the above-mentioned devices into electric and hybrid models will stimulate the expansion of the said market, as these kinds of vehicles are in need of enhanced safety and automation features. In addition to that, the evolution of technology in autonomous driving has also necessitated the installation of sophisticated devices like park lock actuators, whose function is to keep the vehicle ceaselessly parked regardless of the mode of driving. From a regional perspective, the Asia Pacific is likely to record robust growth on account of its developed automobile manufacturing sector and increased safety consciousness in the vehicles. In particular, China, Japan, and India are fuelling this growth with their huge automotive industry and high consumption of both passenger and commercial vehicles. In the same line, North America and Europe are also growing at a moderate rate with the help of the legal requirements and the growing number of electric and self-driving vehicles. The two regions, in particular, are striving to install more advanced safety devices, such as parking lock systems, which include park lock actuators, to respond to demand from consumers as well as restraining laws on safety.

Automotive Park Lock Actuators Market Leading Players

The key players profiled in the report are Bitron, Dura-Shiloh, Valeo, Vitesco Technologies, ZF, Schaeffler, EFI Automotive, Stoneridge, Kongsberg Automotive, Bosch, JOPP Group, Zhaowei, Johnson Electric

Growth Accelerators

The primary factors propelling the growth of the automotive park lock actuator market are the rising need for automatic transmission systems and increased safety features. Since most of the drivers are inclined to use most of the automatic transmission systems as they are more convenient, the demand for park lock actuators has gone up. This is because park lock actuators ensure that vehicles do not move from the parking position when parked, avoiding unwanted movements. Moreover, the growing concern about vehicle safety is also a major factor in the adoption of park lock actuators in today's vehicles, as there are many restrictions concerning safety. Notably, the increase in vehicle manufacturing, particularly in developing nations, has played a significant role in the growth of the park lock actuators market. This goes in hand with the increasing concern of the consumers with regards to vehicle safety, which makes the actuators a big selling point for the vehicle manufacturers. The rise in manufacturing electric and hybrid vehicles is also a contributing factor because such vehicles will need actuators that make sure the parking works smoothly regardless of the drivetrain systems in place.

Automotive Park Lock Actuators Market Segmentation analysis

The Global Automotive Park Lock Actuators is segmented by Type, Application, and Region.
By Type, the market is divided into Distributed Electric Parking Lock Actuators, Hydraulic Parking Lock Actuators . The Application segment categorizes the market based on its usage such as Electric Vehicle (EV), Hybrid Electric Vehicle(HEV). Geographically, the market is assessed across key Regions like {regionNms} and others, each presenting distinct growth opportunities and challenges influenced by the regions.

Competitive Landscape

Speaking of the competitive scenario, the automotive park lock actuators market has major companies such as BorgWarner, Valeo, Stoneridge, Vitesco Technologies, Continental AG, and Johnson Electric Holdings. These companies are putting a lot of emphasis on research and development in order to enhance their actuator systems and come up with new ones focusing on the electrical and hydraulic types used in contemporary vehicles. The market is also subject to rising competition on the part of the manufacturers since there is a demand to improve the products’ performance and reliability without compromising the security requirements. Furthermore, the Asia-Pacific region is also becoming a key region in terms of market growth as a result of the large capital injections into automotive technologies and increase in the automotive manufacturing industries, making them the key players in the global park lock actuator market.

Challenges In Automotive Park Lock Actuators Market

The automotive park lock actuator market also faces certain challenges, which can mostly be attributed to technological complexities and integration issues. As vehicles increasingly adopt electric and autonomous systems, maintaining appropriate levels of integration for park lock actuators with sophisticated systems like automated driving systems becomes a problem. On top of this, the manufacturers have to pump a lot of finances on research and development projects so that they cope with the changing safety regulations and market demands, which in turn increases the challenge of spending on innovation as well as containing the costs. The other challenge is that it is massively competitive for players in the aftermarket, especially now that vehicle safety systems have become a must for consumers. Hence companies should not only put their eye on the dependability of the products but also work on how to make their products better by making them more durable, less costly in terms of servicing, and functioning well in adverse conditions. This kind of competition, along with these needless technological developments, places a heavy burden on resources and also curtails the abilities to dominate the market for smaller market players.

Risks & Prospects in Automotive Park Lock Actuators Market

The market for parking lock actuators has ample opportunities with the ongoing development of vehicle technologies such as electric vehicles and autonomous driving. The transition towards electric vehicles, including the increased levels of emissions restrictions and the demand for greener movement, has resulted in the increased consumption of electric parking lock actuators. This is because these actuators are needed to ensure safety and increased performance in electric vehicles due to the presence of complex electronics in the vehicles. In addition, the rise of self-driving vehicles and corresponding technologies is yet another growth area. Self-driving cars will require locked-down park-in and park-out capabilities, increasing the demand for advanced and much more reliable park lock systems. Businesses are focusing on developing next-generation actuator technologies suited for autonomic systems, which also incorporate safe and automatic parking of such systems. This demand, together with the rising demand for autonomous vehicles by users of in-vehicle systems, allows for significant growth prospects in the automotive park lock actuator market.

Key Target Audience

The primary target segment in the automotive park lock actuators market consists of automotive manufacturers (OEMs) committed to enhancing vehicle security. These devices are embedded in most modern vehicles to ensure the parking brake is applied when the vehicle is in ‘park’ position and hence are essential in passenger as well as commercial vehicles.,, Furthermore, the automotive aftermarket dedicated to vehicle maintenance and acquiring even the simplest repair components has turned out to be an additional very important audience. Fleet owners, particularly manufacturers of commercial vehicles, also require dependable park lock actuators as a way of improving the safety of their vehicles and securing them from rollaway.

Merger and acquisition

The market of car lock actuators recently witnessed notable M&As aimed at improving technological and market capabilities of the players involved. For instance, in 2023, BorgWarner Inc. established an acquisition of one of the key players in the actuators’ segment with a view to enhancing its advanced automotive products, specializing in electric and hybrid vehicles. This decision comes in line with the growing need for advanced park lock systems that offer improved safety and automation. In this way, Valeo has also been interested in investing in some technology companies that will help install smart actuators in their systems. Moreover, other companies, such as Stoneridge Inc., are pursuing sideways integration by merging with other companies in order to enhance their actuator technology. Instruments like these can also be seen as part of a strategy that is increasingly present in the automotive sector, as carmakers are spending money on high-tech tools due to a growing desire that has been created to provide safety and comfort in vehicles.