Emphasis on Security Level (ASILB, ASILC, and ASIL D); Application (Passenger Vehicle and Commercial Vehicle); and Region/Country
The Electronic Park Lock Actuator Market Globally is expected to reach USD 4.67 Billion in 2030 by growing at a CAGR of 6.81%. Government safety regulations to prevent rollaway accidents are a driving force accelerating adoption of electronic park locks. New standards are pushing OEMs to transition away from mechanical systems and implement the latest electronic park lock technologies. Moreover, in the U.S., NHTSA recently finalized updates to Federal Motor Vehicle Safety Standard 102 that mandate secondary rollaway prevention systems on all new vehicles starting in 2022. This move directly spurs the adoption of electronic parking locks to meet the updated requirements. Similar regulation is imminent in Europe and other regions. The Electronic Park Lock Actuator Market is further driven by the implementation of regulations and safety standards, in particular the development of new regulations for electric and hybrid vehicles. These regulations require that these vehicles are equipped with advanced safety features, such as electronic park lock actuators, to guarantee the safety and reliability of the vehicles and provide consumers with a sense of security when purchasing them.
Additionally, Standards like UNECE R139 now also impose strict performance benchmarks for electronic park lock systems related to cybersecurity, durability, and required safety features. OEMs must prove compliance through extensive testing and certification. These standardized tests encourage suppliers to deliver state-of-the-art products.
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. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst security level, the ASIL B segment dominated the market in 2022.”
Based on 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.
“Amongst application, the electric segment generated the highest revenue in 2022.”
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.
“Asia Pacific dominated the market for Electronic Park Lock Actuator market in 2022.”
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, 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 is promoting the use of electric vehicles through incentives and subsidies.
Electronic Park Lock Actuator Market Report Coverage
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1. Market Introduction
2. Research Methodology Or Assumptions
3. Market Synopsis
4. Executive Summary
5. Global Electronic Park Lock Actuator (epla) Market Revenue, 2020-2030f
6. Market Insights By Security Level
7. Market Insights By Application
8. Market Insights By Region
9. Electronic Park Lock Actuator (epla) Market Dynamics
10. Electronic Park Lock Actuator (epla) Market Opportunities
11. Electronic Park Lock Actuator (epla) Market Trends
12. Demand And Supply-side Analysis
13. Value Chain Analysis
14. Pricing Analysis
15. Competitive Scenario
16. Company Profiled
17. Disclaimer
Research Methodology for the Electronic Park Lock Actuator Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Electronic Park Lock Actuator market were the three major steps undertaken to create and analyze the adoption of Electronic Park Lock Actuator in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global electronic park lock actuator market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the Electronic Park Lock Actuator market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Electronic Park Lock Actuator market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report such as security level, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Electronic Park Lock Actuator market. Further, we conducted factor analysis using dependent and independent variables such as security level, and application of the Electronic Park Lock Actuator market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Electronic Park Lock Actuator market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Electronic Park Lock Actuator market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Electronic Park Lock Actuator market, data was split into several segments & sub-segments after studying various parameters and trends in the areas of security level, and application in the global Electronic Park Lock Actuator market.
The main objective of the Electronic Park Lock Actuator Market Study
The current & future market trends of the global Electronic Park Lock Actuator market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
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