Comparatively better faring sales in Q1 2024 as opposed to the preceding year to bolster sales
Award winning market research company Fact.MR’s global automotive actuators market report projects a gradual yet positive upswing through 2024, as the global automobile industry experiences a slow-paced recovery from the COVID-19 pandemic. Eventually, growth is likely to pick up pace, experiencing over 5% CAGR through 2031.
According to the International Organization of Motor Vehicle Manufacturers (OICA), a bleak 2019 saw a marked decline of over 5% in global automotive production- being valued at around 92 million vehicles. This downswing carried forward into 2024, with the figure rising to nearly a fifth of the total decline. However, optimism is bound to arise with the expanding electric vehicles (EV) market, with global figures experiencing a 112% y-o-y surge in January 2024.
Furthermore, certain emerging markets have exhibited substantial resilience, posting consistent gains in the past two months. For instance, Maruti Suzuki reported a nearly 12% leap in its sales figures in February 2024, as compared to the previous year, while Hyundai Motors experienced nearly three out of ten sales in the same period. Spurred by such developments, the automotive actuators market is certain to experience elevated growth in the long-run.
“As the demand for attaining high fuel efficiency and streamlined driving experience rises, sales of automotive actuators are expected to incline, prompting manufacturers to introduce state-of-the-art products equipped with the latest technological advancements,” says the Fact.MR analyst.
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Key Takeaways from Fact.MR’s Automotive Actuators Study
- By product, VGT actuators are poised to gain momentum amid increasing sales of luxury cars
- Passenger vehicle automotive actuators demand to be amplified across the forecast period
- Automotive actuator sales across the aftermarket channel to experience major spike
- Preference for electromagnetic actuators to remain, attributed to high tunable frequency capability
- Future ADAS-enabled automated vehicle deployment to fuel automotive actuator sales across the US
- UK to experience modest growth through 2024 amid a gradual post-recession recovery from the pandemic crisis
- Increased EV deployment to widen growth prospects across Germany and France
- Opportunities are aplenty across the Indian and Chinese markets, attributed to massive future government initiatives
Automotive Actuators Market- Prominent Drivers
- High demand for fuel efficient vehicles is spurring automotive actuators adoption
- Growing investment in luxury passenger vehicles across emerging markets due to elevated income levels to drive automotive actuators adoption for security
- Manufacturers are incorporating AI-based actuators to offer better precision and streamlined vehicular operations
Automotive Actuators Market- Key Restraints
- Regular maintenance arising out of wear and tear heightens overhead costs, restraining uptake
- Gradual automotive industry recovery due to the pandemic crisis to stunt short-term sales of automotive actuators
Discover more about the automotive actuators market with 159 figures and 92 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/297/automotive-actuators-market
Competitive Landscape
BorgWarner Inc. (Delphi Technologies), Denso Corporation, CTS Corporation, HELLA KGaA Hueck & Co, Hitachi Global Ltd, Mitsubishi Electric Corporation, Peirburg GmbH, Johnson Electric, Continental AG and Robert Bosch GmbH are some prominent automotive actuator manufacturers. In order to strengthen their outreach, manufacturers rely on capacity expansion, acquisitions, collaborations, new product launches and customization.
In October 2024, BorgWarner Inc. acquired Delhi Technologies Inc. This initiative is expected to strengthen its electronics and power electronics products, capabilities and scale, rendering it a leader in electric propulsion systems. Furthermore, the move is also likely to boost BorgWarner’s combustion, commercial vehicle and aftermarket business, including automotive actuators.
With regard to product launches, in September 2019, Peirburg GmbH developed an actuator for automated operation of side doors in vehicles. Series production of this product range is expected to commence in 2024, and is especially designed to enhance operational efficiency of automated vehicles.
More Valuable Insights on Automotive Actuators Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global automotive actuators market, presenting historical demand data (2016-2020) and forecast statistics for the period, 2024-2031. The study divulges compelling insights on the automotive actuators market based on product type (waste gate actuator, VGT actuator, throttle actuator, brake actuator, EGR actuator, power seat actuator, grille shutter, HVAC actuator, headlamp actuator, others (quick attach, hood lift, etc.), vehicle (passenger vehicle, commercial vehicle, heavy commercial vehicle), working (pneumatic, hydraulic, electromagnetic, gear motors or electric), and sales channel (OEM, aftermarket) across six major regions.
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