The global automotive actuators market accounted for a value of USD 23.2 billion in 2019 and is projected to register growth at a CAGR of 6.5% during forecast period.
The COVID19 has affected all business across the globe. Automotive market has experienced a major hit due to this pandemic and it is expected that after this pandemic, sales of vehicles will be primary concern for OEMs. Due to pandemic there was lockdown all over the world, the companies suffered shutdown because of which the production was stopped. The supply of raw material was on halt which has affected production immensely. Automotive actuators market is expecting decline in 2020.
For more details, visit: Global Automotive Actuators Market By Type (Electric, Pneumatic, Others), By Application Type (Break Actuator, Clouse Actuator, Others), By End-Users (On-highway and Off-highway), By Region, Forecast & Opportunities to 2026
The technological advancement such as ADAS, autonomous vehicle and others in automotive sector is rapidly increasing around the world has increased the use of actuators. The demand for fuel-efficient vehicles is increasing as the fuel prices are increasing around the world. This increases adoption of actuators and drives growth in automotive actuators segment during forecast period.
On the basis of Application type, the automotive actuators market is segmented into throttle actuator, seat adjustment actuator, brake actuator, closure actuator and others. Seat adjustment actuator segment is estimated to be fastest growing segment during forecast period. The OEMs are focusing on providing maximum comfort to the customers. They have made interiors of vehicle one of the main focus areas and they are working to improve safety of customers. This increases use of actuators in vehicle as it use to make seats more smart and comfortable. Actuators in seats can be use for seat positioning, adjusting lumbar support systems, seat track and angles. The use of seat adjustment actuator is increasing in automotive sectors. Thus, drives growth in seat adjustment segment during forecast period.
On the basis of vehicle type, the automotive actuators market is segmented into on-highway and off-highway. The off-highways vehicle type segment is estimated to be the fastest growing segment during forecast period. The government is investing in infrastructural development is increasing. The rent based equipment is emerging and thriving agriculture business. This increases demand for off-highway vehicle. The actuators in off-highway vehicle involved the application of force to perform task. This drives growth in off-highway vehicle segment during forecast period.
Asia-Pacific region is estimated to dominate the market during forecast period. China is estimated to lead the market in Asia-Pacific region in automotive actuators market. China is the world’s largest vehicle manufacturer and it has potential to produce automotive components in large volume at lower cost. The population in this region is higher and the sales of vehicle are also higher. This increases demand for automotive components including actuators in this region. There are various automotive manufacturers establishing in various countries such as Japan, India and China. Thus, drives growth in Asia-Pacific region during forecast period.
The key market players in automotive actuators industry are Robert Bosch GmbH, Hella GmbH & Co. KGaA, Continental AG, Johnson Electric, Denso Corporation, Mitsubishi Electric Corporation, Nidec Motors & Actuators, Borgwarner Inc., Hitachi Automotive System, Stroneridge Inc., Mahle GmbH, EFI Automotive, CTS Corporation, Thermotion, Magneti Marelli, Wabco Holding Inc., Cebi International SA Group and Nook Industries Inc.
- What are the expected industry trends over the next three to five years?
- Which of the automotive actuators application is likely to lead by 2026?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2026?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?