Pune, Sept. 20, 2023 (GLOBE NEWSWIRE) -- SNS Insider report, “The Automotive Actuators Market achieved a valuation of USD 27.77 billion in 2022 and is anticipated to attain USD 47.01 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.8% during the projected period from 2023 to 2030.”
Market Overview
An automotive actuator is a critical component in modern vehicles, playing a pivotal role in various mechanical and electrical systems. These devices are designed to convert electrical signals or other forms of energy into mechanical motion, allowing for precise control and automation of various functions within an automobile. Automotive actuators are essential for enhancing vehicle performance, safety, and overall functionality.
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Market Analysis
The automotive actuators market is experiencing significant growth, driven by several key factors that are shaping the industry's landscape. The global automotive industry is undergoing a major transformation towards electrification. Electric vehicles (EVs) and hybrid vehicles are becoming increasingly popular due to environmental concerns and stricter emissions regulations. Automotive actuators are essential components in EVs, controlling various functions such as power distribution, battery management, and electric powertrain systems. The development and commercialization of autonomous vehicles require advanced actuation systems to control steering, braking, and throttle functions with precision and reliability. As autonomous technology matures, the demand for actuators capable of handling complex tasks will continue to grow.
Automotive Actuators Market Overview & Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 27.77 billion |
| Market Size by 2030 | USD 47.01 billion |
| CAGR | CAGR of 6.8% From 2023-2030 |
| Key Segments | By Product Type (Transmission Actuator, Driveline Actuator, Brake Actuator) By Vehicle Type (Passenger Car, Light Commercial vehicle, Heavy commercial vehicle) By Working Type (Pneumatic, Hydraulic, Electromagnetic, Electric) By Sales Channel (OEM, Aftermarket.) |
| Key Market Players | Denso Corp, Hitachi, Bosch, Nidec, Mitsubishi, ZF Friedrichshafen, Magna, Mahle, Brose, Vitescho, Renesas and other players |
| 20% free customization scope (equivalent to 50 analyst working hours) | If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization. |
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Key Takeaway from Automotive Actuators Market Study
- In the dynamic landscape of the automotive industry, the transmission actuator segment is poised to assert its dominance in the automotive actuators market. As vehicles continue to evolve with advancements in technology, the role of transmission actuators has become increasingly pivotal.
- Within the expansive realm of the market, the Original Equipment Manufacturer (OEM) segment emerges as a powerful catalyst for innovation and industry growth. OEMs are the primary source of automotive actuator development and integration, playing a pivotal role in shaping the technology landscape of the automotive sector.
Recent Developments
- Arkamys and Continental, two industry leaders in automotive technology, have joined forces to revolutionize the in-car audio experience. Their groundbreaking partnership involves the integration of Continental's cutting-edge sound actuators into a demonstration vehicle that was originally equipped with conventional commodity speakers.
- Qualcomm and Renault Group have embarked on an exciting collaboration aimed at revolutionizing the electric vehicle (EV) industry. Their ambitious endeavor involves co-developing a centralized platform architecture specifically designed for software-defined EVs.
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Market Dynamics Analysis
The dynamics of the automotive actuators market are shaped by a complex interplay of drivers, restraints, challenges, and threats. Firstly, the increasing emphasis on vehicle electrification and automation acts as a significant driver, propelling the demand for advanced actuators to control various functions in electric and autonomous vehicles. Moreover, stringent environmental regulations are pushing automakers to adopt cleaner technologies, spurring the development of electric and hybrid vehicles, which in turn drives the demand for actuators for precise control of powertrains and emissions systems. However, the market faces its fair share of restraints, including the high cost of advanced actuator technologies, which can deter cost-sensitive consumers and manufacturers. Additionally, the ongoing semiconductor chip shortage has disrupted supply chains, impacting actuator production and leading to supply constraints.
Key Regional Developments
North America, particularly the United States and Canada, has been moving towards stricter emissions standards. This has led to a growing demand for advanced actuators in vehicles to enhance fuel efficiency and reduce emissions. Europe has some of the strictest emission reduction targets in the world. As a result, automakers are investing heavily in innovative actuators to improve engine efficiency and reduce emissions. Europe has witnessed a significant surge in electric vehicle adoption. Actuators are integral to electric powertrains, including those in electric vehicles, making them a crucial component in the region's automotive market. Countries like China and India are experiencing a rapid increase in automobile ownership. This has led to a surge in demand for actuators, particularly for basic functions like power windows, door locks, and HVAC systems.
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Impact of Recession
A recession can have a substantial impact on the automotive actuators market through reduced demand, production cutbacks, supply chain disruptions, and price pressure. However, it's essential to recognize that the long-term effects may include innovation, adaptation, and shifts in industry trends. Government intervention can also play a role in mitigating the recession's impact. Companies in the market must remain agile and prepared to navigate the challenges posed by economic downturns.
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