PUBLISHER: The Business Research Company | PRODUCT CODE: 1531879
PUBLISHER: The Business Research Company | PRODUCT CODE: 1531879
An automotive actuator is a mechanism employed in vehicles to convert energy into mechanical movement. Its primary function is to regulate diverse operations within a vehicle, including the manipulation of valves, adjustment of throttle position, control of airflow, and operation of other components. Actuators can be powered through electric motors, hydraulic systems, pneumatic systems, or a combination thereof.
The main categories of automotive actuators include hydraulic, electric, and pneumatic types. Hydraulic actuators utilize liquid pressure to generate mechanical force, commonly applied in controlling motion within machinery or systems. These actuators find extensive use across various vehicle types, including passenger cars, commercial vehicles, and others, distributed through both original equipment manufacturers (OEM) and the aftermarket. Their applications encompass a range of functions such as throttle adjustment, seat positioning, braking operations, closure mechanisms, and more.
The automotive actuators market research report is one of a series of new reports from The Business Research Company that provides automotive actuators market statistics, including automotive actuators industry global market size, regional shares, competitors with an automotive actuators market share, detailed automotive actuators market segments, market trends and opportunities, and any further data you may need to thrive in the automotive actuators industry. This automotive actuators market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive actuators market size has grown strongly in recent years. It will grow from $21.37 billion in 2023 to $22.60 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth observed in the historical period can be credited to advancements in autonomous vehicles, government regulations concerning fuel efficiency and emissions reduction, increased demand in the aftermarket for actuator replacements, and the expanding adoption of electric vehicles (EVs).
The automotive actuators market size is expected to see strong growth in the next few years. It will grow to $28.42 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to heightened demand for advanced driver assistance systems (ADAS), the continuous rise in vehicle production and sales, a growing emphasis on vehicle comfort and convenience, and the ongoing expansion of electrification and hybrid vehicles. Key trends expected during this period include further development of autonomous vehicles, the integration of smart actuators, advancement in ADAS integration, vehicle electrification, and the trend towards miniaturization and enhanced efficiency.
The increasing demand for electric vehicles (EVs) is poised to drive the growth of the automotive actuators market in the foreseeable future. Electric vehicles are vehicles powered by electric motors, with specialized components and systems designed to optimize efficiency and performance. This demand surge for electric vehicles is fueled by advancements in technology, growing environmental concerns, and global initiatives aimed at reducing carbon emissions. Automotive actuators play a crucial role in electric vehicles, enabling precise control over functions such as braking, steering, and thermal management, thereby enhancing vehicle performance and safety. For instance, in July 2023, the International Energy Agency reported that over 2.3 million electric cars were sold in the first quarter of the year, marking a 25% increase from the previous year, and sales were expected to reach 14 million by the end of 2023, showing a 35% year-on-year increase and accelerating growth in the second half of the year. Thus, the rising demand for electric vehicles is directly stimulating the growth of the automotive actuators market.
Leading companies in the automotive actuators market are focusing on innovation, particularly in developing smart actuators with advanced features to cater to evolving customer needs. Smart actuators are equipped with intelligent control systems, enabling precise management of various vehicle functions. For example, in September 2023, Marelli Europe S.p.A., an Italian automotive industry company, introduced a new smart actuator designed for transmission and thermal management in electric vehicles. This smart actuator offers advanced control and efficiency, optimizing vehicle performance and energy consumption. It includes features such as precise transmission control, efficient thermal management, and enhanced vehicle performance, aligning with the demands of the electric vehicle industry.
In January 2023, Schaeffler Technologies AG & Co. KG, a German automotive industry company, acquired Ewellix to enhance its capabilities in linear motion and actuation. This strategic acquisition integrates Ewellix's expertise in these areas, aiming to improve efficiency and performance in Schaeffler's products. Ewellix, based in Sweden, specializes in providing automotive actuators.
Major companies operating in the automotive actuators market are Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Magna International Inc., Mitsubishi Electric Corporation, Aisin Seiki Co. Ltd., Valeo SA, Eaton Corporation, Nidec Corporation, Schaeffler AG, Infineon Technologies AG, Mahle GmbH, BorgWarner Inc., Hitachi Astemo Ltd., SKF AB, Hella GmbH & Co. KGaA, NSK Ltd., Mando Corporation, Nexteer Automotive, Johnson Electric Holdings Limited, Sonceboz SA , Delphi Technologies, Wabco Holdings Inc., EFI Automotive
Asia-Pacific was the largest region in the automotive actuators market in 2023. The regions covered in the automotive actuators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automotive actuators market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive actuators market consists of sales of exhaust gas recirculation actuators, door lock actuators, transmission actuators, and fuel injection actuators. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Automotive Actuators Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive actuators market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive actuators ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive actuators market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.