- The global automotive actuators market is expected to expand at 8% CAGR (2019 to 2023).
- Actuators provide control and precision over vehicle parameters such as the speed, rpm, flywheel rotation, and engine overheating.
- Key players are expected to invest in the expansion of technical capabilities, which is presumed to intensify competition.
An actuator is a device that converts the energy supplied into force or action. It has been revealed in Market Research Future (MRFR)’s report that the Global Automotive Actuators Market. is expected to register 8% CAGR over the forecast period 2017 to 2023.
The growth of the automotive industry is likely to propel the expansion of the market over the next couple of years. In addition, factors such as rapid urbanization and increasing purchasing power have led to a drastic rise in demand for automobiles. This, in turn, is expected to accelerate the growth rate of the automotive actuators market in the years to come.
The integration of advanced technological features into vehicles is also expected to unleash developmental opportunities for the players in the automotive actuators market. Increasing demand for fuel-efficient technologies is anticipated to catapult the automotive actuators market on automotive actuators market on the growth trajectory.
- Promote Your Business – 3 Articles in 100 Languages for $149
- 3(21) Investment Advisor – Fiduciary Services – Flat Fee of $50 / Hour of Consulting
- A beautiful, well-written article that seamlessly promotes your business
- Professional Fiduciary Services – $100 for 2 hours
- Publish 3 Press Releases Over 2 weeks for $21
On the basis of type, the global automotive actuators market has been segmented into electric actuator, hydraulic actuator, and pneumatic actuator. Among these, the electric actuator segment is anticipated to dictate the growth of the global market over the next couple of years due to its high demand across the automotive industry.
Based on application type, the automotive actuators market has been segmented into fuel injection actuator, throttle actuator, brake actuator, and others. Among these, the throttle actuator segment is prognosticated to earn high revenues in the years to come due to its use in the engine combustion chamber.
By vehicle type, the global automotive actuators market has been segmented into passenger cars, heavy commercial vehicle (HCV), and light commercial vehicle (LCV).
The geographical analysis of the global automotive actuators market is covered in this report across four key regions- North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW) and is further narrowed down to country-level assessment. Among these regional segments, Asia Pacific is anticipated to drive the expansion of the global market in the years to come.
Emerging economies such as India and China are anticipated to emerge as automotive manufacturing hubs over the next couple of years. Favorable laws and availability of labor force at a lower cost is likely to support the growth of the automotive manufacturing industry in the region.
This, in turn, is anticipated to expedite the expansion of the automotive actuators market in the region over the review period. The governments in the region are emphasizing on reduced fuel consumption, which is also motivating the growth trajectory of the automotive actuators market. The trend is projected to continue in the forthcoming years.
Continental AG (Germany), Hella KGaA Hueck & Co. (Germany), Robert Bosch GmbH (Germany), Aptiv PLC (U.S.), Denso Corporation (Japan), and Stoneridge Inc. (U.S.) are some of the major players in the global automotive actuators market. Other players that are poised to earn high revenues in the years to come are Wabco Holdings Inc. (Belgium), Nidec Corporation (Japan), Mitsubishi Electric Corporation (Japan), and Sonceboz SA (Switzerland).
Key players are expected to invest in the expansion of technical capabilities, which is presumed to intensify competition in the automotive actuators market over the next couple of years. Also, the focus on research & development for staying ahead of the curve is likely to support the competitiveness among the market players in the foreseeable future.