In its research report, Market Research Future (MRFR), emphasizes that the Global Automotive Actuator Industry 2020 is expected to grow exponentially over the review period, securing a substantial market valuation and a healthy 8% CAGR over the review period.
Drivers and Restraints
Autonomous vehicles are poised to install various actuators with advances in technology to improve safety and comfort. The demand for Automotive Actuators Market Forecast is steadily growing due to the relentless increase in manufacturing and sales of automobiles (LCVs, passenger cars, HCVs, and off-road vehicles) worldwide. Sensors, hardware controllers, software programs, and actuators are considered the foundation of current and future automotive systems. Automotive actuators improve vehicle efficiency and performance by supporting engine flywheel rotations, controlling engine idle speed, engine torque, among others, which is likely to boost growth opportunities on the market for automotive actuators. The technological developments, increased research development activities, huge investments by key players, among others, would further propel the development of the market over the evaluation period. The increased use of electronics in the automotive industry is likely to fuel the growth of the demand for automotive actuators over the next few years.
The market for actuators is expected to grow, as manufacturers are now focused on making automated systems that will require actuators. This can also be used in air crafts, and demand is rising as a result of increased air traffic and full automation. Accordingly, actuator demand is growing globally. Increasing a wide variety of applications in industries where high machinery entails increased global demand for actuators. However high costs incurred in producing actuator devices that impede potential actuator market development.
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By type, the Automotive Actuator Market Size has been segmented into the electric actuator, hydraulic actuator, and pneumatic actuator. The electric actuator segment is slated to witness massive demand due to its large-scale deployment in the automotive sector.
By application type, the global automotive actuators market is divided into the throttle actuator, brake actuator, fuel injection actuator, and others.
By vehicle type, the automotive actuators market is segmented into Light Commercial Vehicles (LCV), passenger cars, and Heavy Commercial Vehicles (HCV).
The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.
The global market for automotive actuators was segmented by region into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is expected to be the global market leader for automotive actuators. Asia Pacific's emerging markets such as India and China are growing as automakers' manufacturing hubs which are slated to have a positive impact on revenue generation from the market for automotive actuators. The cost-effective opportunities for automotive sector growth and expansion are reducing production costs which will further complement market expansion. The growing population coupled with a per capita income increase, is promoting the region's proliferation of vehicle sales and boosting the vehicle actuators industry.
Increased RD activities and a booming automotive sector will boost the growth of the European market for car actuators. Also, the growing technological developments in the German automotive industry and the demand for autonomous and semi-autonomous vehicles will further propel the expansion of the market. North America's technologically advanced automotive sector, coupled with the involvement of key market players, favors the region's growth and expansion of the demand for automotive actuators. The rest of the world will see modest demand growth over the projected period.
The Automotive Actuators Market key market players operating in the global market as identified by MRFR are Aptiv PLC (U.S.), Hella KGaA Hueck Co. (Germany), Continental AG (Germany), Robert Bosch GmbH (Germany), Denso Corporation (Japan), and Stoneridge Inc. (U.S.). Wabco Holdings Inc. (Belgium), Nidec Corporation (Japan), Mitsubishi Electric Corporation (Japan), and Sonceboz SA (Switzerland), are among others.
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