Automotive Actuators Market Growing at Stellar CAGR of over 7.1% during FY 2021-2028

Posted May 6, 2022 by sararaposo9

Automotive actuators market was valued at USD 22.8 billion in 2019 and is estimated to register a substantial CAGR of over 7.1% during the forecast period, 2021–2028.
Automotive actuators market was valued at USD 22.8 billion in 2019 and is estimated to register a substantial CAGR of over 7.1% during the forecast period, 2021–2028. The growth of the market is attributed to its rising demand for fuel efficient vehicles, increase in price of energy and oil and continuous pressure and regulations from government bodies. Furthermore, these actuators aid in reducing road fatalities and in fuel pumps, electronic parking brake and head light lifts.

An actuator is an indispensable element of electronic control systems in vehicles that takes in the energy supplied to it in the form of mechanical and electrical energy and converts this energy into motion or force. It is responsible for the conversion of the electrical signals from the control unit into action.

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Most actuators are in the form of electro-magnetic valves or electric motors. They adjust flaps and further, regulate the flow of fluids to build up pressure. The actuators drive motion and force in a variety of applications such as operating low power switches, flaps, valves and high-power hydraulic devices. The automotive actuators have undergone several technological advancements with time and have evolved from simple mechanical actuators to electronic EGR system, electronic brake system, electronic throttle body, active grill shutter and power seats.

The Covid-19 pandemic had an unpleasant impact on the automotive actuators market. The production has been on halt and both the demand and supply ware affected. The market suffered significant loss; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.

Market Trends, Drivers, Restraints, and Opportunities
• Rising demand for automatic hydraulic transmission systems is estimated to boost the market growth during the forecast period.
• Growing production of high-end cars, rising disposable income and increasing demand for automobiles is projected to drive the demand for actuators.
• growing trends and shifting customer preferences for more safety and comfort, from manual to semi-automatic or fully automatic transmission system is estimated to spur the market growth in coming years
• Rising use of embedded electrical systems in vehicles is projected to drive the demand for actuators, which in turn, boost the market growth.
• Rising consumer awareness regarding adoption of automobiles that are fuel-efficient and give high performance is a major factor driving the growth for the market of actuator.
• Technological advancements and innovations in actuators in order to enhance the vehicle fuel efficiency are estimated to spur the market growth in near future.
• High repair costs and replacement of actuators is expected to impede the market growth.

Market Segment insights

The throttle actuator segment is projected to constitute a large market share
Based on application type, the automotive actuators market is segregated into throttle actuator, seat adjustment actuator, brake actuator, closure actuator and others. The throttle actuator segment is expected to account for a key share of the market during the forecast period owing to its application in noise optimization, reducing fuel consumption and engine ware and tear by escalating the engine RPM. The throttle actuator implicates the conversion of the mechanical force applied on the accelerator pedal, into consistent throttle control, which involves suitable opening of the throttle valve, in the engine combustion chamber.

Passenger car segment is expected to register a substantial CAGR
Based on vehicle type, the automotive actuators market is divided into passenger car and commercial vehicle. The passenger car segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to continuously variable transmission passenger vehicles and rising demand for automatic hydraulic transmission.

Asia Pacific is expected to dominate the market
In terms of regions, the market is broadly classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to expand at a robust CAGR during the forecast period. . Increasing demand for sedan class, sports sedan and high-performance cars in this region are anticipated to boost the market growth over the coming years.

Compititive Landscape
Key players competing in the automotive actuators market include Continental Ag, Cvel Automotive Electronics,Denso Corporation , APC International, Ltd., Iav Automotive Engineering, Magneti Marelli S.P.A., Mitsubishi Electric Corporation, Robert Bosch GmbH, Valeo S.A., Timotion Technology Co. Ltd., Buehler Motor Inc., CTS Corporation, Delphi Automotive Plc., Firgelli Automations, Hitachi, Ltd., Hella KGaA Hueck & Co., Johnson Electric Holdings Ltd., Marsh Automation, and Nook Industries, Inc.

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Issued By Growth Market Reports
Country United States
Categories Automotive
Tags automotive actuators market , automotive actuators market cagr , automotive actuators market share , automotive actuators market size
Last Updated May 6, 2022