Over the forecast period of 2022-2032, the automotive actuator market is expected to grow at a CAGR of 6.6% to reach a valuation of US$ 25.4 Billion by 2032. As they help in the conversion of electrical impulses from control units to action, automotive actuators are an essential part of electronic control systems in automobiles. Vehicle models use a variety of automotive actuator types, and depending on the purpose of the vehicle, different actuator types perform different duties. The actuator’s role in the engine control system is to manage air flaps while keeping the engine’s idle speed in order to maximise torque and power.
As consumers become increasingly aware of excessive carbon emissions and high petrol and diesel usage, actuators in vehicles have grown in popularity. By providing the engine with the necessary amount of fuel and managing the fresh air supply, these actuators aid in the regulation of fuel consumption as well as the reduction of polluting emissions.
Over the course of the forecast period, increased demand for passenger cars will be favourable for the automotive actuator market. However, the potential for an electric actuator to fail as well as an increase in malfunctioning components could restrain the growth of the worldwide automotive actuator market. Nevertheless, the market is anticipated to develop as a result of rising demand from the German, American, and Chinese automobile sectors.
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“Rising adoption of fuel-efficient and luxury automobiles, along with increasing production of autonomous vehicles will continue fueling sales of automotive actuators over the assessment period.” says an FMI analyst.
Key Takeaways:
- By product type, transmission actuator sales are expected to grow at a CAGR of 6.6% over the forecast period.
- Based on vehicle type, the passenger vehicle segment will dominate the market with more than 75% of the market share.
- In terms of working type, the electromagnetic segment is expected to lead with a market share of more than 39.9%.
- By sales channel, OEM segment is expected to expand at a CAGR of 6.5% through 2032.
- Total sales in the U.S. automotive actuators market will reach a valuation of US$ 1.3 Bn by 2032.
- The China automotive actuators market will offer an absolute incremental opportunity of US$ 3.8 Bn over the forecast period.
- Germany will account for 31.7% of the Europe automotive actuator market share in 2022.
Competitive Landscape
Some of the leading automotive actuator manufacturers are Denso Corporation, Hitachi, Ltd., Robert Bosch GmbH, Nidec Corporation, Mitsubishi Heavy Industries Ltd., ZF Friedrichshafen AG, Magna International, Inc., and Mahle GmbH.
Technological developments along with collaborations and mergers and acquisitions by key market participants are expected to fuel the automotive actuator market.
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Automotive Actuator Market by Category
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:
- Original Equipment Manufacturer (OEM)
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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