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.
Automotive actuators are a crucial component of electronic control systems in vehicles as they aid in the conversion of electrical impulses from control units to action. Various types of automotive actuators are utilized in vehicle models, and different actuators perform different roles depending on the vehicle function. The job of the actuator in the engine control system is to operate air flaps for torque and power optimization while maintaining idle speed.
Actuators in vehicles have become more popular as consumers are becoming more mindful of excessive carbon emissions and high gasoline and diesel usage. These actuators help in the regulation of fuel consumption as well as the reduction of pollutant emissions by supplying the required quantity of fuel to the engine and controlling the fresh air supply.
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The automotive actuator market will benefit from rising demand for passenger automobiles over the forecast period. However, the possibility of an electric component failing in an electric actuator, as well as a rise in malfunctioning components, might stifle global automotive actuator market growth. Nonetheless, increasing demand from the automotive sectors in China, the U.S., and Germany is expected to drive growth in the market.
“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
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By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Author
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.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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