Converting source energy into motion, actuators in the automotive industry have been in a use for a long time. However, with technological advancements, automotive actuators are also being upgraded. Automotive manufacturers are also moving towards using electromechanical actuators due to the various benefits offered such as increased and consistent performance, low energy consumption and cost saving.
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Automotive actuator manufacturers are also developing actuators for next-gen by building a compact design that provides lightweight and low power consumption. There has also been an increase in the use of flap actuators in a Heating, Ventilation, and Air Conditioning (HVAC) system in cars. Meanwhile, smart automotive actuators are also gaining popularity, these actuators use microcontrollers to perform various tasks based on customer requirements.
These smart actuators also offer reliability, fuel efficiency, etc. Engine downsizing and emission regulations are also driving the demand for actuators by automotive manufacturers with advanced technologies and smart control system.
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According to the report compiled by Fact.MR, the global automotive actuators market is likely to witness robust growth. The market is estimated to register 6.1% CAGR during the forecast period, 2017-2022. Owing to the better performance, consistency, and saving energy, actuators in the automotive industry are gaining a lot of traction. With increasing use in cars, manufacturers are also providing a new and improved form of actuators, thereby eliminating fluid leaks and improving energy efficiency. Mini electric actuators are also being used in automotive sensor system and advanced driver assistance system.
4 Forecast Highlights on Global Automotive Actuators Market
- Asia-Pacific Excluding Japan (APEJ) is likely to emerge as the dominating market in the global automotive actuators market. Witnessing a robust growth, APEJ is estimated to exceed US$ 7,300 million revenue by the end of 2024. Stringent regulations on emission and fuel consumption in the automobile industry in various countries in APEJ are driving the growth of automotive actuators in the region. Meanwhile, Japan is also moving towards becoming a hub for automotive component manufacturing.
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- Europe and North America are also likely to emerge as the lucrative markets for automotive actuators. Owing to the rising environmental concerns and the fast adoption of innovative technologies are some of the factors contributing to the growth of automotive actuators in Europe and North America.
- The waste-gate actuator is likely to be one of the most lucrative products in the global automotive actuators market. By the end of 2024, waste-gate actuators are estimated to surpass US$ 3,300 million revenue. Meanwhile, power seat actuators are also anticipated to witness steady growth during the forecast period.
- Compact passenger cars are expected to be the largest users of the automotive actuators. Witnessing the strong growth during 2017-2022, compact passenger cars are estimated to create an incremental opportunity of more than US$ 1,300 million between 2017 and 2024. Although, mid-sized passenger cars are also expected to witness steady growth during the forecast period.
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The report has also profiled leading players in the global market for automotive actuators, which will remain active through 2024. These include companies such as Continental AG, Robert Bosch GmbH, Mahle Group, Denso Corporation, Mitsubishi Heavy Industries Ltd, Delphi Automotive PLC, Hitachi Ltd, Johnson Electric Holdings Limited, and Nidec Corporation.
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