Automotive Actuators Market Size to Reach USD 41.09 Billion in 2027 | Increasing Demand for Luxury Cars with Advanced Systems and In-Car Comfort Features are Key Factors Fueling Industry Demand, says Emergen Research
VANCOUVER, B.C., Aug. 11, 2021 /PRNewswire/ -- The global automotive actuators market size is expected to reach USD 41.09 billion in 2027, according to a current analysis by Emergen Research. Key factors such as increasing demand for fuel-efficient cars, stringent government norms regarding carbon emission control and increasing sales of passenger vehicles are driving global market revenue growth.
Automotive actuators are important part of electronic control systems in automobiles that help in converting the electrical signals from control units into action. Several types of actuators such as cooling valve actuator, grille shutter actuator, headlamp actuator, hood lift actuator, HVAC actuator, power seat actuator, power window, quick attach, steering column adjustment actuator, sunroof actuator, tailgate actuator, telescopic actuator, throttle actuator, turbo actuator are available that are used in different vehicle parts. Different actuators have different functions as per the vehicle part. For example, in the engine control system, the function of the actuator is to control air flaps for torque and optimization of power and maintain idle speed.
Increasing awareness about excess carbon emission and high consumption of fuel and oil has led to the adoption of actuators in automobiles. These help to regulate fuel consumption and also lower the rate of emission of pollutants by supplying necessary amount of fuel to the engine and control fresh air supply accurately.
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Rising digitalization and automation in the automotive sector, increasing sales of commercial cars, SUVs, premium cars, and electronic vehicles, government mandates for installing anti-lock braking systems in many countries and increasing demand for fuel-efficient vehicles are factors boosting global market revenue growth. There has been a sudden increase in passenger cars owing to rapid urbanization, improvements in standard of living, and rising per capita income, especially in developing countries. In addition, rapid growth in the building and construction sector has led to rising demand for heavy commercial vehicles for transporting raw materials.
Moreover, increasing adoption of variable valve timing, consumer inclination towards fuel-efficient cars due to rising fuel prices and increasing investments in research and development activities to develop advanced and more effective actuators are supporting market growth. However, high costs of some automotive actuators, and high chances of failure of electric components of the actuators are expected to hamper overall growth of the automotive actuators market to a certain extent going ahead.
Some key highlights in the Report:
- Based on the vehicle type, the passenger cars segment is expected to account for largest revenue share during the forecast period. Factors such as increasing global demand for luxurious passenger cars equipped with advanced features and systems, rising sales of passenger vehicles, and increasing investments to develop more passenger cars with more functions are fueling segment revenue growth.
- Among the application type, the seat adjustment actuator segment is expected to register highest revenue CAGR throughout the forecast period. These seat adjustment actuators are used for adjusting seat angle and positioning, and height and tilt change. Increasing sales of passenger cars, commercial cars, and electronic cars are factors supporting seat adjustment actuator segment growth.
- The brake actuators segment is expected to account for significantly larger revenue share over the forecast period owing to increasing number of fuel-efficient and electric vehicles and mandates for anti-lock braking systems some US and European countries.
- The automotive actuators market in North America is expected to account for significant revenue share over the forecast period. Key factors such as rising adoption for fuel-efficient vehicles, and luxury vehicles, increasing demand for autonomous cars, and increasing investment by market players are boosting market growth in North America.
- Asia Pacific is expected to register for fastest revenue CAGR during the forecast period owing to factors such as rapid growth in the automotive sector, rising per capita income, rapid urbanization, increasing sales of passenger, luxury cars, and commercial vehicles, increasing adoption of electronic vehicles. In addition, increasing investments in research and development activities and availability of automotive products at lower prices is supporting Asia Pacific automotive actuators market.
- Key players operating in the global automotive actuators market include Denso Corporation, Nidec Corporation, Robert Bosch GmbH, Johnson Electric, Mitsubishi Electric Corporation, Honeywell, Curtis-Wright, Flowserve, Emerson Electronic, and SMC.
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For the purpose of this report, Emergen Research has segmented into the global Automotive Actuators Market on the basis of vehicle type, applications, and region:
Vehicle Type Outlook (Revenue, USD Billion; 2017-2027)
- Passenger Cars
- Commercial Vehicles
Applications Outlook (Revenue, USD Billion; 2017-2027)
- Throttle Actuator
- Seat Adjustment Actuator
- Brake Actuator
- Closer Actuator
- Others
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Regional Outlook (Revenue: USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
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