Report Overview:
Parking lock actuators are electromechanical devices designed to control the movement and operation of parking lock systems. These systems play a vital role in securing parking spaces, preventing unauthorized access, and enhancing parking efficiency. Automotive park lock actuators are widely utilized in vehicles to enable seamless locking and unlocking of parking mechanisms, ensuring safety and reliability in various scenarios, including electric and hybrid electric vehicles (EVs and HEVs).
Market Value:
The global Automotive Park Lock Actuators market was valued at USD 1,120 million in 2024 and is projected to reach USD 4,325.45 million by 2032, growing at a compound annual growth rate (CAGR) of 18.40% during the forecast period.
By Types:
• Electric Parking Lock Actuators
• Hydraulic Parking Lock Actuators
