Park by Wire Market Report 2025 (Global Edition)

Global Park by Wire Market Report 2025 Market Size Split by Type Outlook: (Electric-hydraulic Caliper Systems, Cable-pull Systems), by Application Outlook: (Passenger Vehicle, Light Commercial Vehicle...

Park by Wire Market Report Description

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Park by Wire Market Insights Video

Competitive Landscape of the Park by Wire Market

Many competitors are innovating to obtain a competitive edge in the fiercely competitive Park by Wire Market. To improve system efficiency and dependability, businesses are concentrating on combining cutting-edge sensor technologies, artificial intelligence, and machine learning. It's normal practice to work together with automakers to create specialized solutions. The market is seeing a large investment in R&D to enhance product safety and interoperability with electric and driverless vehicles. Two important elements affecting competition are still cost optimization and regulatory compliance. The global market is becoming more competitive as a result of new players challenging established businesses with affordable solutions.

In December 2020, CNXMotion unveiled Brake-to-Steer (BtS), a system that enhances driver safety by adding a layer of directional control to highly automated and driverless vehicles. It utilizes technology building blocks from its parent firms, Nexteer Automotive and Continental. (Source: https://www.continental.com/en-us/press/press-releases/cnxmotion-brake-to-steer/) In March 2020, ZF introduced the industry's first front electric park brake (EPB), expanding the range of EPB systems to a greater number of vehicles. Thanks to this approach, car manufacturers can now outfit smaller cars with sophisticated braking systems and design their interiors without the traditional park brake pedal and handbrake lever. (Source: https://press.zf.com/press/en/releases/release_15683.html)

Top Companies Market Share in Park by Wire Industry: (In no particular order of Rank)

• TRW
• KUSTER
• Continental
• DURA
• AISIN
• Mando
• Bethel.
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Regional Analysis of the Park by Wire Market

Which Region Dominates the Park by Wire Market in 2024?

According to Cognitive Market Research, North America currently dominates the Park by Wire market, and the region is expected to have significant growth during the projected period. North America's Park by Wire market has been growing rapidly due to the rising adoption of connected and driverless cars as well as advanced driver assistance systems (ADAS). The emphasis on technological innovation and the legislation that promotes advanced automotive safety features drive demand in the United States. Canada has a major market for electric automobiles, which occasionally feature park-by-wire technology, as consumer demand for these vehicles grows. There are opportunities since manufacturers are prioritizing lightweight and compact components to increase fuel efficiency. Working together, OEMs and IT firms can strengthen the park-by-wire system ecosystem and accelerate market expansion.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). Innovative automotive technology and the growing popularity of electric vehicles (EVs) are driving growth in the Asia-Pacific Park by Wire market. The quick development of autonomous car technology and government incentives for EV adoption are driving the market in China. Growth in Japan, a country renowned for its sophisticated automobile industry, is fueled by advancements in safety features and small car designs. The goal of South Korea is to include park-by-wire technology in high-end, premium automobiles. As smart mobility and vehicle electrification programs gain traction, emerging regions like India and Southeast Asia provide potential. The region's emphasis on economical, lightweight car components helps park-by-wire systems expand.

The current report Scope analyzes Park by Wire Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Switzerland, Luxembourg, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, India, Australia, Singapore, Taiwan, South East Asia, Rest of APAC)
• Latin America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East (Saudi Arabia, Turkey, UAE, Egypt, Qatar, Rest of Middle East)
• Africa (Nigeria, South Africa, Rest of Africa)

The above graph is for illustrative purposes only.

North America Park by Wire Market Analysis

According to Cognitive Market Research, the global Park by Wire market size was estimated at USD 22514.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 9005.80 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Park by Wire market with a market size of USD 7105.58 million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period. The use of cutting-edge technology like electronic control units and electric-hydraulic caliper systems, which improve Park by Wire systems' performance in both passenger cars and electric vehicles (EVs), is propelling the US market.
• The Canada Park by Wire market had a market share of USD 1080.70 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. As Park by Wire systems provide better control and less mechanical complexity in electric cars, they are becoming more popular in Canada as EV adoption rises, particularly in metropolitan areas.
• The Mexico Park by Wire market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 819.53 million in 2024.

Europe Park by Wire Market Analysis

According to Cognitive Market Research, the global Park by Wire market size was estimated at USD 22514.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 6754.35 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031.

• The United Kingdom Park by Wire market had a market share of USD 1134.73 million in 2024 and is projected to grow at a CAGR of 6.3% during the forecast period. The development of Park by Wire systems in EVs is accelerated by the UK's steadfast commitment to lowering carbon emissions and promoting electric vehicles.
• The France Park by Wire market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 621.40 million in 2024.
• According to Cognitive Market Research, the German Park by Wire market size was valued at USD 1337.36 million in 2024 and is projected to grow at a CAGR of 5.7% during the forecast period. The strong German auto industry, particularly with firms like BMW and Volkswagen, is a key factor in the development of Park by Wire technologies. This feature is becoming more and more common in luxury cars.
• The Italy Park by Wire market is projected to witness growth at a CAGR of 4.9% during the forecast period, with a market size of USD 580.87 million in 2024.
• The Russia Park by Wire market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 1046.92 million in 2024.
• The Spain Park by Wire market is projected to witness growth at a CAGR of 4.6% during the forecast period with a market size of USD 553.86 million in 2024
• The Luxembourg Park by Wire market is projected to witness growth at a CAGR of 5.6% during the forecast period, with a market size of USD 209.38 million in 2024.
• The Portugal Park by Wire market is projected to witness growth at a CAGR of 5.3% during the forecast period, with a market size of USD 141.84 million in 2024.
• The Greece Park by Wire market is projected to witness growth at a CAGR of 5.8% during the forecast period, with a market size of USD 81.05 million in 2024.
• The Rest of Europe's Park by Wire market is projected to witness growth at a CAGR of 4.2% during the forecast period, with a market size of USD 1046.92 million in 2024.

Asia Pacific Park by Wire Market Analysis

According to Cognitive Market Research, the global Park by Wire market size was estimated at USD 22514.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 5178.34 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Park by Wire market size was valued at USD 2330.25 million in 2024 and is projected to grow at a CAGR of 8.5% during the forecast period. Park by Wire's acceptance is accelerated by China's robust backing for cutting-edge automotive technology, such as intelligent parking systems.
• The Japan Park by Wire market is projected to witness growth at a CAGR of 7.5% during the forecast period, with a market size of USD 714.61 million in 2024.
• The India Park by Wire market had a market share of USD 621.40 million in 2024 and is projected to grow at a CAGR of 10.8% during the forecast period. Park by Wire is becoming more and more well-liked as the Indian auto industry embraces cutting-edge parking and safety systems, particularly in luxury and high-end automobiles.
• The South Korean Park by Wire market is projected to witness growth at a CAGR of 8.1% during the forecast period, with a market size of USD 517.83 million in 2024.
• The Australian Park by Wire market is projected to witness growth at a CAGR of 8.7% during the forecast period, with a market size of USD 269.27 million in 2024.
• The South East Asia Park by Wire market is projected to witness growth at a CAGR of 10.0% during the forecast period, with a market size of USD 357.31 million in 2024.
• The Rest of Asia Pacific Park by Wire market is projected to witness growth at a CAGR of 8.8% during the forecast period, with a market size of USD 367.66 million in 2024.

South America Park by Wire Market Analysis

According to Cognitive Market Research, the global Park by Wire market size was estimated at USD 22514.5 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 1125.73 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Park by Wire market size was valued at USD 481.81 million in 2024 and is projected to grow at a CAGR of 7.0% during the forecast period. Park by Wire systems are becoming more popular as a result of the increasing traffic congestion in Brazilian cities and the growing need for solutions that improve parking convenience.
• Argentina's Park by Wire market had a market share of USD 189.12 million in 2024 and is projected to grow at a CAGR of 7.3% during the forecast period. The market for Park by Wire systems is rising as Argentine consumers look for more contemporary and energy-efficient automobiles, especially luxury and electrified models .
• Colombia Park by Wire market is projected to witness growth at a CAGR of 6.2% during the forecast period, with a market size of USD 100.19 million in 2024.
• Peru Park by Wire market is projected to witness growth at a CAGR of 6.6% during the forecast period, with a market size of USD 92.31 million in 2024.
• Chile Park by Wire market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 81.05 million in 2024.
• The Rest of Latin America's Park by Wire market is projected to witness growth at a CAGR of 5.5% during the forecast period, with a market size of USD 181.24 million in 2024.

Middle East Park by Wire Market Analysis

According to Cognitive Market Research, the global Park by Wire market size was estimated at USD 22514.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 450.29 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031..

• The GCC Countries Park by Wire market is projected to witness growth at a CAGR of 7.5% during the forecast period, with a market size of USD 192.72 million in 2024. Luxurious cars with cutting-edge parking systems like Park by Wire are highly sought after in the GCC.
• The Egypt Park by Wire market is projected to witness growth at a CAGR of 7.0% during the forecast period, with a market size of USD 47.28 million in 2024.
• The South Africa Park by Wire market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 71.15 million in 2024. Premium cars are starting to use Park by Wire systems as South Africa's automotive sector expands, especially with the rise of foreign manufacturers.
• The Turkey Park by Wire market is projected to witness growth at a CAGR of 6.2% during the forecast period, with a market size of USD 38.72 million in 2024.
• The Nigeria Park by Wire market is projected to witness growth at a CAGR of 5.8% during the forecast period, with a market size of USD 47.28 million in 2024.
• The Rest of the MEA Park by Wire market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 53.13 million in 2024.

Park by Wire Market Analysis

How are Segments Performing in the Global Park by Wire Market?

Park by Wire Market Type Segment Analysis

According to Cognitive Market Research, Electric-hydraulic Caliper Systems are likely to dominate the Park by Wire Market over the forecast period. The Park by Wire market is seeing an increase in demand for electric-hydraulic caliper systems because of its capacity to blend the accuracy and efficiency of electronic control with the dependability of hydraulic brakes. In electric and hybrid vehicles, where sophisticated braking solutions are essential, these technologies are being used more and more. Their smooth interaction with semi-autonomous and autonomous driving technology improves the performance and safety of vehicles. Stricter regulations and increased consumer demand for cars with cutting-edge safety features are also fueling the use of braking systems. These systems' capacity to scale across a variety of vehicle segments contributes to their commercial expansion.

The Cable-pull Systems are the fastest-growing segment in the park-by-wire market. In the Park by Wire market, cable-pull systems continue to be in high demand because of their affordability and extensive use in standard and mid-range automobiles. Because they provide a less complicated option than entirely electronic alternatives, these systems are appealing to producers who cater to consumers on a tight budget. Because cable-pull systems increase total vehicle efficiency, their growth is further supported by the increased emphasis on lightweight vehicle components. Their durability and dependability have also been improved by design and material advances, guaranteeing constant performance. Although there may be a slow change in demand toward fully electronic systems, cable-pull solutions are still essential in areas where there is a significant need for reasonably priced vehicle technologies.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Park by Wire Industry. Request a Free Sample PDF!

Park by Wire Market Application Segment Analysis

According to Cognitive Market Research, the Passenger Vehicle segment holds the largest share of the market. One of the main market segments propelling demand for Park by Wire systems is passenger cars. Manufacturers are incorporating cutting-edge technologies like Park by Wire into passenger cars more frequently because of the automobile industry's increased focus on automation, safety, and fuel efficiency. These solutions improve interior design freedom, remove the need for conventional mechanical links, and offer precise control. This desire is further fueled by the growing popularity of hybrid and electric vehicles, as Park by Wire effortlessly integrates with their electronic design. The market is further supported by consumer preference for cars with cutting-edge parking assistance systems, especially in cities with a shortage of parking spots.

In the Park by Wire Market, the Light Commercial Vehicle has been expanding at a rapid pace. Park by Wire systems are becoming more and more popular among light commercial vehicles (LCVs) since small-scale freight operations and logistics need increased operational safety and efficiency. Vehicle fuel efficiency and load capacity are improved by these technologies, which lessen the weight and complexity of conventional parking brake devices. As advanced driver-assistance systems (ADAS) are increasingly being used in LCVs, Park by Wire's integration ensures accurate parking control and flexibility for last-mile and urban delivery situations. Demand is further increased by the growing popularity of electric LCVs, as Park by Wire enhances their electronic systems with smooth compatibility and cutting-edge features.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

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Sumedha Gosavi

Research Associate at Cognitive Market Research

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