PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1461239
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1461239
Global automotive actuator market is projected to witness a CAGR of 6.94% during the forecast period 2024-2031, growing from USD 25.17 billion in 2023 to USD 43.06 billion in 2031. The rapid electrification, adoption of autonomous vehicles, and integration of advanced technology such as AI, ML, and IoT have made the role of automotive actuators more complex and crucial. Rising sales of automobiles in emerging economies with advanced features are also leading to a higher demand for automotive components such as actuators. An actuator transforms the electric signals into actual actions and is hence used in multiple automotive operations. Companies are producing multi-purpose actuators that are flexible to new technologies, enhancing automotive transmission.
Furthermore, high-end research and development facilities are anticipated to reduce the actuating period and ease automotive operations. The advent of autonomous driving assistance systems (ADAS) in passenger vehicles adds new components, such as additional sensors, actuators, radars, and cameras. The overall technological push would be incomplete without the role of actuators. Hence, the global actuator industry becomes crucial and is anticipated to expand during the forecast period. The suppliers focus on launching new actuator modules with advanced features.
For instance, in September 2023, global supplier Marelli debuted at the Battery Show North America 2023 with a new line of multipurpose smart actuators for electric vehicles. These smart actuators are intended to simplify the actuation of intricate vehicle operations. This technology will assist automakers in simplifying and facilitating the integration of over 100 actuators serving various purposes in the mechanic and electronic environments of future cars.
Increased Demand for EVs and Premium Vehicles Fuels Market Expansion
The rising fuel prices, the government's push for EV adoption, and increased sales of premium vehicles are fuelling the sales of actuators. Because of their efficiency and fine control, electric actuators improve the overall performance and dependability of EVs, which fuels the market's expansion. As electric actuator technology advances, more reliable, long-lasting, and secure features become possible. Customer demand is driven by growing knowledge of environmental issues and the advantages of electric automobiles. Because of their efficiency and fine control, electric actuators improve EVs' overall performance and dependability, which fuels the market's expansion. Hence, increased sales of electric vehicles are likely to fuel the market growth. The companies also expand their manufacturing facilities to expand the supply chain.
For instance, in December 2023, HELLA Fahrzeugteile Austria (HFA) inaugurated a new production line for locking actuators due to increased demand. At the vehicle's charging interface, charging stations, and wall boxes, these actuators for securing the charging socket for electric vehicles stop the connector from being taken out too soon. Actuators make a guarantee that, during charging, the EV connector socket is secured. They keep the connector from being unintentionally pulled out.
Wide Range of Applications and Technological Integrations Thrives Market Growth
Automotive actuators can be utilized in fuel pumps, headlight lifts, and electronic parking brakes, contributing to the market's exponential expansion and helps support road safety. However, the enormous space needed for automotive actuator assembly, startup, and maintenance is a barrier to the market's expansion. An automobile's major subsystems include actuators, sensors, and control systems. Increased penetration of advanced technologies such as artificial intelligence, machine learning, IoT, and connected cars is also transforming the overall industry. The actuators with flexible integration and complex modules are anticipated to fuel the market expansion. The latest addition to these actuators includes a component-specific approach that provides features.
For instance, MEMS Drive introduced a micromachined Auto-Focus actuator, which can enhance the quality of photos captured by automobile cameras. By shifting the image sensor out of the plane and avoiding moving optics, the MEMS Sensor AF module can achieve the highest quality image and accurately focus on the subject. This increases dependability and extends the life of the sensor sub-systems.
Government's Support to Automotive Equipment Manufacturers
The government initiatives to promote electric vehicles are contributing to market expansion. Besides the EV push, government authorities incentivize automotive equipment manufacturers to promote sustainable production and innovative ideas. Furthermore, the government authorities also regulate and keep track of automotive equipment quality to enhance vehicle safety and security. The primary causes propelling the automotive actuators sector are government rules regarding vehicle emissions, increased demand for fuel-efficient cars, and an increasing focus on vehicle engine downsizing. The market is growing because of the growth of the automobile industry, technological advancements, and increased traffic accidents.
For instance, in January 2024, the Ministry of Heavy Industries of India extended the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components for an additional year, subject to certain modifications. The program will run for five fiscal years in a row, beginning in FY24 and concluding in 2027-2028. The government has also adjusted the incentive outlay table to include this clause, which guarantees fairness for all authorized businesses and protects those who opt to make large upfront expenditures.
Higher Force, Safety, and Mobility Fuels Hydraulic Segmental Growth
Based on actuation, the hydraulic segments are expected to hold a decent market share. Manufacturers of heavy-duty vehicles are focusing on hydraulic actuators to improve the vehicle's comfort and safety. The truck must lift a heavy object to transport tons of sand to building sites. Hence, a hydraulic actuator is required to smooth the procedure. When the wheels change direction, the steering wheel regulates the hydraulic motor's oil flow and helps guide the wheels. A hydraulic actuator motor's power-to-weight ratio is high. They generate a huge amount of power and are incredibly strong. Hydraulic power provides the best mobility solution and is simple to confine and manage.
For instance, in November 2023, ZF unveiled a new electro-mechanical 'Dry' brake system that reduces hydraulic-based braking systems with electric motors at each wheel to generate braking force. Despite the absence of a mechanical connection between the brake pedal and the brake actuators, the braking feel simulates that of a hydraulic brake.
Asia-Pacific Region Leads in the Global Automotive Actuator Market
The Asia-Pacific region is expected to hold a decent share of the market. The long-range of automotive equipment companies and expanding manufacturing space are anticipated to fuel market expansion. As nations such as China, Japan, and India are advancing toward becoming hubs for manufacturing automobile parts and serving markets such as the United States and Germany, the growing sales of both personal and commercial automobiles are driving the industry. India's increased per capita income has increased the demand for passenger vehicles in the region, pushing auto equipment producers to keep track of the latest technology. Brose, Hella, Nutork Actuators & Valves, Limon Precision & Speed, Shengjie Electronic Co., Changzhou, and Mitsubishi are among the wealthiest companies in China. These companies also extend their production line for actuators to serve the supply chain.
For instance, in February 2024, Hella opened a new production line for actuators in GroBpetersdorf, Austria. The new line produces more than 2.5 million units per year.
Future Market Scenario (2024-2031F)
The increased focus on evolving automotive technology and integrated technologies such as artificial intelligence, machine learning, and sensory technology is fuelling market growth.
Increased sales of passenger and commercial vehicles due to the growth of emerging economies are anticipated to garner the sales of automotive actuators.
The high-end research and development in the automotive industry with the advent of electric vehicles are expected to propel the market growth.
Key Players Landscape and Outlook
The automotive actuator market comprises major automotive players along with aftermarket companies. The companies focus on high-end research of sensory technology, airbag material, opening time, and pressure. They also adopt technologies such as artificial intelligence and connected cars to upskill the airbag systems. Key players also strategize through collaborations, acquisitions, and mergers.
For instance, in January 2022, Renesas introduced Sensor Control MCUs and automotive actuators for next-generation E/E architecture's developing edge applications. With the release of the RL78/F24 and RL78/F23, Renesas broadens its automotive portfolio and adds to its RL78 Family of low-power 16-bit MCUs, providing clients with extremely dependable and high-performing solutions for actuators to zone control.
Burger Group developed a range of electromechanical valve actuators to address the specific requirements of controlling active thermal management systems in vehicles. The newly launched HTBL actuator weighs under 150 g and nominally delivers 1 Nm of torque.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.