Actuator Market: Introduction
According to the report, the global actuator market is projected to surpass US$ 86.59 Bn by 2031, expanding at a CAGR of 7.20% during the forecast period. The growing investments by manufacturers for incorporation of safety features in their vehicles and change in regulatory norms for traffic safety and vehicle emission.
The automotive industry has been witnessing a technological revolution in the past decade. The expansion adoption of actuator in electronic components, such as microcontrollers (MCU), and their application in vehicles have revolutionized conventional vehicle technology, which, in turn, is responsible for significant rise in use of actuators in automotive applications. For instance, actuators are utilized in vehicles to control various applications, ranging from basic functions such as opening and closing windows and sliding doors and opening and closing vent doors to advanced functions such as engine idle control for high-performance vehicles and regenerative braking.
Due to onset of COVID-19 pandemic, production and sales of the vehicles have hampered, major vehicle manufacturer were shut down their plants. Due to lockdowns, public was restricted from traveling, which further hamper the growth of the actuator market. The supply chain and transportation channels where disrupted that decrease supply of raw material for vehicles production.
Expansion of Global Actuator Market
Reduced maintenance costs of electric actuator, owing to elimination of hydraulic components and pneumatic components, is anticipated to increase the demand for electric actuators, thus driving the actuators market. Based on application, HVAC and braking system is dominating the global actuator market in terms of revenue in 2020 and is witnessing major growth during the forecast period. The growing safety and comfort features in vehicle is likely to increase the demand for actuator in vehicle which is witnessing major growth during the forecast period.
Based on sales channel, the OEM segment is likely to lead the market, as most OEMs, such as Ford Motor Company, General Motor provide components for more efficient carbon emission, such as actuator, in their vehicles. Moreover, major associations have enacted various norms to improve carbon emission systems in vehicles. These mandatory norms for all OEMs led the OEM segment to hold a major share.
Regional Analysis of Actuator Market
In terms of region, the global actuator market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific and Europe has major share in the global actuator market in terms of revenue in 2020. Europe has a presence of major original equipment manufacturers as well as tier-1 suppliers, including Robert Bosch GmbH, Denso Corporation, and Continental AG who have advanced research & development facilities for safety features, which is likely to boost the actuator market across the region. The presence of major automotive parts manufacturing industries across China, India, and Japan is anticipated to propel the actuator market across Asia Pacific.
Actuator Market Players
Prominent players operating in the global actuator market include ZF Friedrichshafen AG, HELLA KGaA, Continental AG, Denso Corporation, Robert Bosch GmbH, Delphi Automotive plc, Hitachi Automotive Systems Ltd, Magna International, Borg Warner Inc., Johnson Electric, MAHLE GmbH, Mitusbishi Corporation, Nidec Motors & Actuators, and others.
Global Actuator Market: Segmentation
- Actuator Market, by Actuator Type
- Electric Actuator
- Hydraulic Actuator
- Pneumatic Actuator
- Mechanical Actuator
- Actuator Market, by Motion
- Actuator Market, by Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Duty Trucks
- Bus & Coaches
- Actuator Market, by Application
- Variable Valve Technology
- Coolant and Refrigerant System
- Brake System
- Adaptive Headlamp
- Actuator Market, by Sales Channel
- Actuator Market, by Region
- North America
- Asia Pacific
- Middle East & Africa
- South America
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