The global Automotive Park Lock Actuators Market Study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments -By Type (Electric Parking Lock Actuators, Hydraulic Parking Lock Actuator), By Application (Electric Vehicle (EV), Hybrid Electric Vehicle (HEV), Internal Combustion Engine (ICE)).
The Automotive Park Lock Actuators Market is witnessing significant growth in 2024, driven by the increasing demand for advanced safety features and automation in vehicles. Park lock actuators play a crucial role in enhancing vehicle safety by ensuring that the transmission is securely locked in the park position, preventing unintended vehicle movement. The market is expected to exceed USD 1 billion by the end of the year, supported by advancements in electric and hybrid vehicle technologies. Key manufacturers such as Bosch and Continental are at the forefront, focusing on developing innovative park lock actuator solutions that integrate seamlessly with modern vehicle systems.
The market report analyses the leading companies in the industry including Bitron, Dura-Shiloh, EFI Automotive, Johnson Electric, JOPP, Kongsberg Automotive, Robert Bosch GmbH, Schaeffler, Stoneridge Inc, Valeo Service, Vitesco Technologies, ZF Friedrichshafen AG, Zhaowei Machinery & Electronics Co. Ltd, and others.
A significant trend in the Automotive Park Lock Actuators market is the rise in the electrification of vehicle components, driven by the automotive industry's shift towards electric and hybrid vehicles. As manufacturers increasingly incorporate advanced electronic systems to enhance vehicle safety and convenience, park lock actuators have evolved to support these innovations. Electrically-operated park lock actuators offer improved response times, enhanced security features, and reduced weight compared to traditional mechanical systems. Moreover, the integration of these actuators with other electronic components, such as automatic transmission systems and advanced driver-assistance systems (ADAS), provides a seamless user experience and contributes to the overall efficiency of modern vehicles. This trend is expected to continue as automakers seek to enhance vehicle performance and align with regulatory requirements for safety and emissions, ultimately propelling growth in the park lock actuators market.
The growing demand for enhanced vehicle safety features is a major driver of the Automotive Park Lock Actuators market. With increasing awareness of road safety and the implementation of stricter regulations globally, automotive manufacturers are prioritizing safety innovations to protect drivers and passengers. Park lock actuators play a crucial role in preventing unintended vehicle rollaway incidents by securely locking the transmission in the park position when the vehicle is stationary. As consumers seek vehicles equipped with advanced safety systems, automakers are integrating these actuators into their designs to meet market expectations and regulatory standards. The proliferation of safety-focused technologies, such as electronic stability control and automatic emergency braking, further underscores the importance of reliable park lock systems in enhancing vehicle safety, thereby driving demand in the market.
A significant opportunity for growth in the Automotive Park Lock Actuators market lies in their integration with autonomous driving technologies. As the automotive industry moves towards fully autonomous vehicles, the need for sophisticated systems that can manage various driving functions autonomously becomes increasingly critical. Park lock actuators can be integrated into the broader suite of vehicle control systems, allowing for automatic locking and unlocking of the transmission based on the vehicle's operational status and the driver's intent. This capability not only enhances safety and convenience but also supports the functionality of self-parking features, which are becoming increasingly prevalent in modern vehicles. Companies that focus on developing advanced park lock actuators compatible with autonomous driving systems will find lucrative opportunities in this evolving market, positioning themselves at the forefront of innovation as the industry transitions toward autonomous mobility solutions.
Electric parking lock actuators hold the largest segment in the automotive park lock actuators market by type, primarily due to the widespread shift toward electric and automated vehicle systems. These actuators are increasingly favored over hydraulic systems as automakers move towards full electrification of vehicle components for improved energy efficiency and reduced mechanical complexity. Electric parking lock actuators provide a faster, more reliable, and precise operation compared to traditional hydraulic systems, which rely on fluid pressure. Their integration with modern electronic control units (ECUs) enhances overall vehicle safety and performance, particularly in autonomous and semi-autonomous driving systems. Additionally, electric actuators are more compact and lightweight, contributing to vehicle weight reduction, which is critical for fuel efficiency and meeting stringent emission standards. As the automotive industry embraces electrification, the demand for electric parking lock actuators continues to grow, making them the dominant choice in this market segment.
The electric vehicle (EV) segment is the fastest-growing segment in the automotive park lock actuators market by application, driven by the accelerating global shift towards sustainable transportation. As governments worldwide enforce stricter emissions regulations and promote electric vehicle adoption through subsidies and incentives, the demand for EVs is surging. Automotive manufacturers are investing heavily in EV technology, and with this growth comes the increasing need for specialized components such as electric parking lock actuators. These actuators are critical for EVs due to their compatibility with fully electric powertrains and integration with advanced electronic systems, ensuring enhanced safety and operational efficiency. The rise of electric mobility, coupled with advancements in autonomous driving, is pushing the EV segment to outpace traditional internal combustion engine (ICE) and hybrid electric vehicle (HEV) markets, making it the fastest-growing application for park lock actuators.
By Type
Electric Parking Lock Actuators
Hydraulic Parking Lock Actuator
By Application
Electric Vehicle (EV)
Hybrid Electric Vehicle (HEV)
Internal Combustion Engine (ICE)
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)
Bitron
Dura-Shiloh
EFI Automotive
Johnson Electric
JOPP
Kongsberg Automotive
Robert Bosch GmbH
Schaeffler
Stoneridge Inc
Valeo Service
Vitesco Technologies
ZF Friedrichshafen AG
Zhaowei Machinery & Electronics Co. Ltd
*- List Not Exhaustive
TABLE OF CONTENTS
1 Introduction to 2024 Automotive Park Lock Actuators Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Covered
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain
2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations
3 Executive Summary
3.1 Global Automotive Park Lock Actuators Market Size Outlook, $ Million, 2021 to 2032
3.2 Automotive Park Lock Actuators Market Outlook by Type, $ Million, 2021 to 2032
3.3 Automotive Park Lock Actuators Market Outlook by Product, $ Million, 2021 to 2032
3.4 Automotive Park Lock Actuators Market Outlook by Application, $ Million, 2021 to 2032
3.5 Automotive Park Lock Actuators Market Outlook by Key Countries, $ Million, 2021 to 2032
4 Market Dynamics
4.1 Key Driving Forces of Automotive Park Lock Actuators Industry
4.2 Key Market Trends in Automotive Park Lock Actuators Industry
4.3 Potential Opportunities in Automotive Park Lock Actuators Industry
4.4 Key Challenges in Automotive Park Lock Actuators Industry
5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Automotive Park Lock Actuators Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook
6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts
7 Global Automotive Park Lock Actuators Market Outlook by Segments
7.1 Automotive Park Lock Actuators Market Outlook by Segments, $ Million, 2021- 2032
By Type
Electric Parking Lock Actuators
Hydraulic Parking Lock Actuator
By Application
Electric Vehicle (EV)
Hybrid Electric Vehicle (HEV)
Internal Combustion Engine (ICE)
8 North America Automotive Park Lock Actuators Market Analysis and Outlook To 2032
8.1 Introduction to North America Automotive Park Lock Actuators Markets in 2024
8.2 North America Automotive Park Lock Actuators Market Size Outlook by Country, 2021-2032
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Automotive Park Lock Actuators Market size Outlook by Segments, 2021-2032
By Type
Electric Parking Lock Actuators
Hydraulic Parking Lock Actuator
By Application
Electric Vehicle (EV)
Hybrid Electric Vehicle (HEV)
Internal Combustion Engine (ICE)
9 Europe Automotive Park Lock Actuators Market Analysis and Outlook To 2032
9.1 Introduction to Europe Automotive Park Lock Actuators Markets in 2024
9.2 Europe Automotive Park Lock Actuators Market Size Outlook by Country, 2021-2032
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Automotive Park Lock Actuators Market Size Outlook by Segments, 2021-2032
By Type
Electric Parking Lock Actuators
Hydraulic Parking Lock Actuator
By Application
Electric Vehicle (EV)
Hybrid Electric Vehicle (HEV)
Internal Combustion Engine (ICE)
10 Asia Pacific Automotive Park Lock Actuators Market Analysis and Outlook To 2032
10.1 Introduction to Asia Pacific Automotive Park Lock Actuators Markets in 2024
10.2 Asia Pacific Automotive Park Lock Actuators Market Size Outlook by Country, 2021-2032
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Automotive Park Lock Actuators Market size Outlook by Segments, 2021-2032
By Type
Electric Parking Lock Actuators
Hydraulic Parking Lock Actuator
By Application
Electric Vehicle (EV)
Hybrid Electric Vehicle (HEV)
Internal Combustion Engine (ICE)
11 South America Automotive Park Lock Actuators Market Analysis and Outlook To 2032
11.1 Introduction to South America Automotive Park Lock Actuators Markets in 2024
11.2 South America Automotive Park Lock Actuators Market Size Outlook by Country, 2021-2032
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Automotive Park Lock Actuators Market size Outlook by Segments, 2021-2032
By Type
Electric Parking Lock Actuators
Hydraulic Parking Lock Actuator
By Application
Electric Vehicle (EV)
Hybrid Electric Vehicle (HEV)
Internal Combustion Engine (ICE)
12 Middle East and Africa Automotive Park Lock Actuators Market Analysis and Outlook To 2032
12.1 Introduction to Middle East and Africa Automotive Park Lock Actuators Markets in 2024
12.2 Middle East and Africa Automotive Park Lock Actuators Market Size Outlook by Country, 2021-2032
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Automotive Park Lock Actuators Market size Outlook by Segments, 2021-2032
By Type
Electric Parking Lock Actuators
Hydraulic Parking Lock Actuator
By Application
Electric Vehicle (EV)
Hybrid Electric Vehicle (HEV)
Internal Combustion Engine (ICE)
13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
Bitron
Dura-Shiloh
EFI Automotive
Johnson Electric
JOPP
Kongsberg Automotive
Robert Bosch GmbH
Schaeffler
Stoneridge Inc
Valeo Service
Vitesco Technologies
ZF Friedrichshafen AG
Zhaowei Machinery & Electronics Co. Ltd
14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise
By Type
Electric Parking Lock Actuators
Hydraulic Parking Lock Actuator
By Application
Electric Vehicle (EV)
Hybrid Electric Vehicle (HEV)
Internal Combustion Engine (ICE)
Global Automotive Park Lock Actuators Market Size is valued at $1.7 Billion in 2024 and is forecast to register a growth rate (CAGR) of 5.1% to reach $2.5 Billion by 2032.
Emerging Markets across Asia Pacific, Europe, and Americas present robust growth prospects.
Bitron, Dura-Shiloh, EFI Automotive, Johnson Electric, JOPP, Kongsberg Automotive, Robert Bosch GmbH, Schaeffler, Stoneridge Inc, Valeo Service, Vitesco Technologies, ZF Friedrichshafen AG, Zhaowei Machinery & Electronics Co. Ltd
Base Year- 2023; Estimated Year- 2024; Historic Period- 2018-2023; Forecast period- 2024 to 2032; Currency: Revenue (USD); Volume