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 Shares
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.
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North America’s market size was estimated at USD 391.15 million in 2024, with a CAGR of 15.77% from 2024 to 2032.
Key Company
Bosch Stoneridge
Bitron
Valeo
Schaeffler
ZF
Kongsberg Automotive
Market Segmentation (by Type)
Electric Vehicle (EV): The adoption of EVs is a major driver for park lock actuators, ensuring precise and reliable locking mechanisms.
Hybrid Electric Vehicle (HEV): HEVs also contribute significantly to the market, leveraging advanced actuator technologies for enhanced performance.
Market Segmentation (by Type)
Electric Parking Lock Actuators: These actuators offer precise and efficient control, making them ideal for modern vehicles.
Hydraulic Parking Lock Actuators: Hydraulic systems provide robust performance, particularly in heavy-duty applications.
Geographic Segmentation
North America: USA, Canada, Mexico
Europe: Germany, UK, France, Russia,
Italy, Rest of Europe
Asia-Pacific: China, Japan, South Korea,
India, Southeast Asia, Rest of Asia-Pacific
South America: Brazil, Argentina, Columbia, Rest of South America
The Middle East and Africa: Saudi Arabia,
UAE, Egypt, Nigeria, South Africa, Rest of MEA
https://www.statsmarketresearch.com/global-automotive-
