Wilmington, Delaware, United States, April 12, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive electric actuator market was valued at US$ 7.8 Bn in 2022 and is expected to reach US$ 17.0 Bn by 2031, expanding at a CAGR of 9% between 2023 and 2031.
Demand for highly sophisticated systems in automobiles is rising, which is one of the major factors propelling the global automotive electric actuator market. Increase in integration of safety features in cars is anticipated to drive market development in the near future.
Growth in popularity of electric actuators is fueled by the rise in the manufacturing of automobiles with elegance and high comfort levels. In-vehicle comfort features, such as HVAC systems, sunroofs, and motorized windows, are becoming more popular, which is expected to offer significant opportunities to market players.
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With the use of cutting-edge technologies, market players are coming up with high-quality, advanced products. Companies are pursuing strategies including acquisitions of startup businesses, collaborations, partnerships, and joint ventures to increase their market share.
Automotive actuators are utilized in commercial and passenger automobiles to change electrical power into mechanical power. These can be electromechanical, electromagnetic valves, or electric motor devices. This power is required to regulate the linear or rotating motion of an electrical, magnetic, pneumatic, or hydraulic system.
In contrast to electronic controllers, electric actuators offer flexible control. Electric actuators are increasingly integrated into vehicles by producers of electric vehicles.
Advancement of potential applications, such as automated mirror adjustment, automated door opening and shutting, and automated temperature management, are likely to drive the usage of automotive electronic actuators.
A number of major auto manufacturers are collaborating and investing in the advancement of autonomous vehicle technology. Ford Motor Company and Volkswagen AG formed an alliance in July 2019 by investing US$ 2.7 Bn in Argo AI, Ford's partner in self-driving services (SDS), to create autonomous vehicles and electric vehicles (EVs). Such partnerships are driving the automotive electric actuators market.
Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | USD 7.8 Bn | |
| Estimated Value | USD 17.0 Bn | |
| Growth Rate - CAGR | 9.0% | |
| Forecast Period | 2023–2031 | |
| No. of Pages | 160 Pages | |
| Market Segmentation | Product Type, Valve Type, Vehicle Type, Application, Sales Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Aptiv PLC, BorgWarner Inc., Continental AG, CTS Corporation, DENSO Corporation, Hanon Systems, Hella GmbH & Co., KGaA, Hitachi Ltd., Johnson Electric, MAHLE GmbH, Mitsubishi Corporation, Nidec Motors & Actuators, Robert Bosch GmbH, Robertshaw Controls Pvt. Ltd., Sanhua, Valeo, WABCO | |
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Key Findings of Market Report
- Rise in sales of passenger cars, especially hatchbacks, crossovers, and SUVs, is anticipated to fuel demand for automotive electric actuators in the next few years.
- Increase in usage of passenger automobiles is attributed to rise in spending power across a number of fields and growing popularity of private transportation. In passenger automobiles, electric actuators are employed in power seats, power windows, and HVAC systems.
Global Automotive Electric Actuator Market: Growth Drivers
- The global market for automotive electric actuators is expected to be driven by rise in demand for in-vehicle comfort systems. Automakers are encouraged to include HVAC systems, sunroof systems, and power windows due to increase in use of comfort systems.
- Electric actuators are used to manage these systems. Rise in demand for comfort and luxury options is likely to increase the price of electric actuators used in power seats, power windows, and sunroof systems. Also, there is a growing need for brake actuators across the world. Rise ins usage of ADAS-based safety systems is driving development of brake actuators.
- Development of the automotive sector and breakthroughs in actuator technology are contributing to rise in market demand. Demand for highly developed electronic components and their use in vehicles is rising, creating lucrative opportunities for market players.
Global Automotive Electric Actuator Market: Regional Landscape
- Asia Pacific accounted for the largest share of the global market for automotive electric actuators in 2022. Growth of the market in the region is ascribed to increase in the number of auto component manufacturers.
- Use of electric cars and increase in presence of key manufacturers are expected to drive the market in Asia Pacific.
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Global Automotive Electric Actuator Market: Key Players
- Hella GmbH & Co., KGaA
- Robertshaw Controls Pvt. Ltd.
- BorgWarner Inc.
- Robert Bosch GmbH
- DENSO Corporation
- Nidec Motors & Actuators
Global Automotive Electric Actuator Market: Segmentation
Product Type
- Headlamp Actuator
- VVT Actuator
- EGR Actuator
- Power Seat Actuator
- Power Window Actuator
- Hood Lift Actuator
- Brake Actuator
- Cooling Valve Actuator
- Active Grille Actuator
- HVAC Actuator
- Steering Column Actuator
- Sunroof Actuator
- Tailgate Actuator
- Turbo Actuator
- Throttle Actuator
- Wiper Actuator
- Others
Valve Type
- 2 Port Valve
- 3 Port Valve
- 4 Port Valve
- 5 Port Valve
Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Duty Commercial Vehicle
Application
- Engine
- Body & Exterior
- Interior
Sales Channel
- OEM
- Aftermarket
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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