Global automotive actuators market is projected to grow at a steady CAGR during the forecast period due to increasing number of advanced automated systems in vehicles and rising number of electric vehicles across the globe. Based on vehicle type, the market has been segmented into passenger cars, light commercial vehicle, heavy commercial vehicle. The passenger car is projected to be the fastest growing market until 2028 due to growing demand and income of consumer.
Electronic control systems in commercial and passenger vehicles integrate automotive actuators, which are indispensable components. These actuators primarily control various automobile mechanisms and convert and supply energy from sources like electricity and hydraulics to set them in motion. Automotive actuators include internal relays within the engine system, which activate control valves, regulate throttles for directing airflow in climate management systems, operate power liftgates, and adjust engine flywheel rotation speed and torque to optimize overall vehicular efficiency and performance. Additionally, these actuators are extensively used in industrial procedures to operate valves, fluid couplings, and dampers. At present, hydraulic, electric, and pneumatic variants of automotive actuators are commercially available.
The automotive industry’s significant expansion has led to an increasing demand for downsizing vehicle engines to improve fuel efficiency, primarily driving the automotive actuators market’s growth. Moreover, extensive installation of automotive actuators in cars has been facilitated due to rising security concerns and growing incidences of road accidents caused by drunken driving, rash driving, and control loss. Besides, several countries’ governments promote incorporating electric and hydraulic automotive actuators in vehicles to promote environmental consciousness, contributing to the market growth. These mechanical systems do not require fuel that causes internal combustion in the engine and produces greenhouse gas (GHG) emissions. The market growth is also propelled by the introduction of intelligent automotive actuators with smart sensors, control units, and the Internet of Things (IoT) solutions to sense the speed and movement of the vehicle and calculate the distance between the object and the automobile. Additionally, growing sales of autonomous cars and the widespread installation of automotive actuators in heating, ventilation, and air conditioning (HVAC) systems and refrigerants are creating a positive outlook for the market.
Amidst ongoing lockdown due to COVID-19, automobile sales have plummeted in 2018, consumer inclination towards features in vehicle such as power windows and automotive light are expected to propel the market growth until 2028.
Regionally, in 2022, Asia-Pacific lead the automotive actuators market with China leading the market share in the region. Increasing sales and production of automobile in the region are expected to drive the market for automotive actuators as these assists increasing vehicle mileage.
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The major player operating in Global Automotive Actuators Market are Valeo S.A., Mitsubishi Electric Corporation, Denso Corporation, Robert Bosch GmbH, Wabco Holdings Inc., Stoneridge Inc., Hitachi, Ltd., Johnson Electric Holdings Limited, Nidec Corporation, Continental AG etc. Most of the companies are doing good with developing new products along with new advanced technologies to stay strong in the Global Automotive actuators market. Many companies are merging with other companies as a part of a strategy for good dealing and to cope with market competition.
Objective of the Study:
- To analyse and forecast the market size of automotive actuators market, in terms of value and volume.
- To classify and forecast global automotive actuators market based on vehicle type, Electric Vehicle, and regional distribution.
- To identify drivers and challenges for global automotive actuators market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global automotive actuators market.
- To conduct the pricing analysis for automotive actuators market.
- To identify and analyse the profile of leading players involved in the manufacturing of global automotive actuators market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the suppliers which could not be identified due to the limitations of secondary research. TechSci Research analysed the service offerings, distribution channels and presence of all major collaboration manufacturer across the globe.
TechSci Research calculated the market size of Global Automotive Actuators Market using a bottom-up approach, where data for various end user industries and its application across various product types were recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analysing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company website, news articles, press releases, company annual reports, investor presentations and financial reports were also used by TechSci Research.
Key Target Audience:
- Automotive Actuators Manufacturers
- Automotive OEMs
- Traders, Distributors, and Suppliers
- Industry associations and experts
- Research organizations and consulting companies.
- Research Institutes
- Industry associations
- Market research and consulting firm.
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as collaboration manufacturer and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
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About TechSci Research:
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