NEWARK, Del, Aug. 07, 2024 (GLOBE NEWSWIRE) -- The global automotive actuator market is poised for significant growth, driven by technological advancements and increasing demand for advanced vehicle functionalities. Actuators, essential components in modern vehicles, convert energy into motion, enabling various automated functions such as throttle control, braking, and HVAC systems. The integration of actuators enhances vehicle performance, safety, and comfort, making them indispensable in the automotive industry.
The global automotive actuator market size reached USD 14.2 billion in 2023. Over the forecast period 2024 to 2034, demand is anticipated to rise at 6.9% CAGR. Total value is anticipated to increase from USD 15.1 billion in 2024 to USD 28.7 billion by 2034.
Key Drivers and Trends
- Technological Advancements: The continuous evolution of automotive technology, including the development of electric and autonomous vehicles, has spurred the demand for sophisticated actuator systems. Innovations in materials and manufacturing processes are leading to more efficient, reliable, and cost-effective actuators.
- Rising Demand for Electric Vehicles (EVs): The shift towards electric mobility is significantly impacting the actuator market. EVs require a higher number of actuators for various functions, from battery management to powertrain operations. The global push for sustainability and stringent emission regulations are further accelerating the adoption of EVs, thereby boosting the actuator market.
- Safety and Comfort Features: Modern consumers prioritize safety and comfort in their vehicles. Advanced driver assistance systems (ADAS), automated braking, and climate control systems rely heavily on actuators. The growing demand for these features is driving actuator innovation and adoption.
- Growing Automotive Production: The global automotive industry is experiencing a steady rise in production, especially in emerging economies. This increase in vehicle production directly correlates with higher demand for actuators, contributing to market growth.
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Challenges
Despite the positive outlook, the automotive actuator market faces challenges such as high initial costs and the complexity of integrating advanced actuator systems into vehicles. Additionally, the need for continuous innovation to keep pace with rapidly evolving automotive technologies poses a significant challenge for manufacturers.
Key Players
- Denso Corporation
- Hitachi, Ltd.
- Robert Bosch GmbH
- Nidec Corporation
- Mitsubishi Heavy Industries Ltd.
- ZF Friedrichshafen AG
- Magna International, Inc.
- Mahle GmbH
- Brose Fahrzeugteile GmbH & Co KG
- Vitesco Technologies
- Minebea Mitsumi, Inc.
- HELLA GmbH & Co. KGaA
- CTS Corporation
- Johnson Electric Holdings Limited
- Kongsberg Automotive
- Stoneridge Inc.
- SNT Motiv Co., Ltd.
- DURA Automotive Systems
Regional Insights
The FMI report provides a detailed regional analysis, indicating that Asia-Pacific holds the largest share of the automotive actuator market. This dominance is attributed to the presence of major automotive manufacturers, robust industrial infrastructure, and increasing consumer demand for advanced vehicles in countries like China, Japan, and India.
North America and Europe also represent significant markets, driven by the high adoption rate of electric vehicles and advanced automotive technologies. Stringent emission norms and government incentives for green vehicles further propel market growth in these regions.
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Key Segmentations
By Product Type:
- Transmission actuators,
- Driveline actuators,
- Brake actuators.
By Vehicle Type:
- Passenger cars,
- Light commercial vehicles,
- Heavy commercial vehicles.
By Working Type:
- Pneumatic,
- Hydraulic,
- Electromagnetic,
- Electric.
By Sales Channel:
- Original equipment manufacturer (OEM)
- Aftermarket
By Region:
- North America,
- Latin America,
- Western Europe,
- Eastern Europe,
- East Asia,
- South Asia,
- Middle East and Africa.
Future Outlook
The automotive actuator market is expected to witness substantial growth in the coming years, with FMI projecting a compound annual growth rate (CAGR) of 6.9% from 2024 to 2034. The increasing penetration of electric and autonomous vehicles, coupled with advancements in actuator technology, will be key growth drivers.
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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