Global Automotive Actuators Market IsExpandingOwing To Growth In The Automotive Industry
The Automotive Actuators are the equipment in a machine that is included both for moving and regulating the car mechanism. This equipment turns any energy or power into movement. In the automotive industry, the actuators find a range of applications both in vehicle manufacturing and in post-market vehicle modification. In both passenger and commercial vehicles, actuators are used massively to control doors, regulate lighting, and control brakes.
The global market demand for automotive actuators in 2019 was projected at around USD 22.8 billion, with an estimated USD 36.8 billion at the end of 2026. It has been anticipated by the industry players and analysts that the global automotive actuators market growth will be growing at a CAGR rate of 7.1% between 2020 to 2026.
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The government’s strict commitment to zero carbon emissions raises the demand for electric vehicles. For example, in Germany, France, the United States, and China government legislation and vehicle emission regulations have been introduced, which have forced car makers to use new technologies to tackle high-emission vehicle emissions. Thereby, certain initiatives are boosting the sales of automotive components, which in turn influencing the demand for automotive actuators.
The growth of the automotive actuators industry during the forecast period is attributed to the world’s booming automotive industry. Furthermore, the strong demand for vehicles like passenger cars has led to increased production of these vehicles. This, in turn, is expected to encourage business growth over the projected years. Also, technological breakthroughs are expected to deliver new business growth routes. In addition, the rising focus on the research activities in the vehicle sector would further enhance market demand during the next six years. Furthermore, the huge demand for fuel-efficient vehicles and the increasing popularity of autonomous and semi-autonomous cars could positively influence the surge of the automotive actuators industry over the projected timeline. Over the forecast era, the need to provide vehicle safety and comfort and increasing digitalization & automation will increase business growth prospects. However, huge costs associated with the manufacture of automotive actuators would limit the expansion of the market over the projected time frame.
Top Market Players
- WABCO Holdings Inc.
- Nidec Corporation
- BorgWarner Inc.
- Mitsubishi Electric Corporation
- Delphi Automotive PLC
- Continental AG
- Robert Bosch GmbH
- Johnson Electric Holdings
- and Denso Corporation
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The automotive actuators market is segmented into type and application. The type segmented has been bifurcated into pneumatic, electromechanical, and hydraulic. The hydraulic segment type is expected to register the highest market growth during the forecast era, due to the huge demand for products in developing countries like India and its widespread accessibility and economic efficiency. The electrical actuators are expected to register higher market growth over the forecast period owing to its unique features such as lower noise levels, compact, lightweight design, and modular installations. Comfort characteristics have become a global standard in the automotive industry and OEMs make every effort to improve their driving experience by installing different actuators. The electrical actuators are typically used in sunroof drive, power tailgate drive, window lift drive, and so on.
These actuators are used in passenger cars and commercial vehicles. The passenger car dominates the automotive actuators market in 2019. This segmental growth is due to an increase in the production of passenger cars to fulfill the unprecedented demands all around the globe. Thereby, certain factors are augmenting the market growth during the forecast timespan. Based on geography, the market has been analyzed into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific region had dominated the global market in terms of revenue and volume in 2019. It is due to major investment done by the leading manufacturers in this region owing to low labor cost. Additionally, high demand for vehicles in this region with China being the world’s largest manufacturer of vehicles. Furthermore, rising disposable income over the past few years has supported the market growth in this region.
Frequently Asked Questions
What are Automotive Actuators?
The actuators are the equipment in a machine that is included both for moving and regulating the car mechanism. This equipment turns any energy or power into movement. In the automotive industry, the actuators find a range of applications both in vehicle manufacturing and in post-market vehicle modification. In both passenger and commercial vehicles, actuators are used massively in order to control doors, regulate lighting, and control brakes.
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What are the key factors driving Automotive Actuators Market expansion?
The global automotive actuators market is growing owing to the growing automotive industry along with the technological advancements in the auto-sector In addition, the huge fuel-efficient vehicle demand and the increasing popularity of autonomous and semi-autonomous cars could positively influence the surge of the automotive actuators industry over the projected timeline.
Which region will make notable contributions towards global Automotive Actuators Market revenue?
Asia Pacific automotive actuators market is anticipated to contribute remarkably towards the overall automotive actuators market size in the coming years. It is due to the demand for vehicles along with China being the world’s largest manufacturer of vehicles.
Which are the key players leveraging Automotive Actuators Market growth?
Some of the leading and top automotive actuator companies in the global automotive actuators market include Wabco Holdings Inc., Johnson Electric Holdings, Hitachi, Stoneridge, Nidec Corporation, BorgWarner Inc., Mitsubishi Electric Corporation, Continental AG, Delphi Automotive PLC, Robert Bosch GmbH, and Denso Corporation.