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 Bn 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.
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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.
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.
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Key Takeaways:
- By product type, transmission actuator sales are expected to grow at a CAGR of 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 9%.
- By sales channel, OEM segment is expected to expand at a CAGR of 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.
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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.
About FMI – Automotive and Transportation
The Automotive and Transportation division of FMI provides exclusive coverage and actionable insights about automotive and transportation industry encompassing automotive, aviation, shipping and marine, and railway sector. Market findings and competition intelligence of OEM, aftermarket, services and technology landscape have helped numerous industry stakeholders’ right from automakers, component manufacturers, channel partners and service providers in taking informed decisions and keeping them up-to-date with market behavior.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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