Global Automotive Actuators Market Projected to Expand at a CAGR of 6.5%, Creating Lucrative Growth Opportunities – New Report by Persistence Market Research
The automotive actuators market is driven by the increasing demand for electric vehicles (EVs) and advanced driver-assistance systems (ADAS),
New York, Nov. 24, 2023 (GLOBE NEWSWIRE) — The global Automotive Actuators market is set for a significant expansion, poised to grow at a remarkable CAGR of 6.5%. The market is projected to soar from a value of US$26.3 billion in 2023 to an impressive US$40.9 billion by the end of 2030.
Automotive Actuators, also known as AHPMS (Automotive Hydraulic Power Steering System), represent a technological breakthrough aimed at enhancing the well-being and efficiency of vehicles. These actuators, critical components within vehicles, translate electrical impulses into tangible movement, enabling a multitude of functions vital to a vehicle’s operation.
Automotive actuators play a pivotal role in advancing transportation safety, efficiency, and overall driver experience. With varieties such as toughness actuators regulating engine ventilation, brake actuators ensuring responsive braking systems, and HVAC and door lock actuators guaranteeing cabin security and comfort, these devices are indispensable in modern vehicles. As the automotive sector increasingly embraces automation and connectivity, sophisticated actuators, including those integral to autonomous driving systems, are becoming essential for enabling intelligent and effective automotive features.
|Market Revenue 2023
|US$ 26.3 Billion
|Estimated Revenue 2030
|US$ 40.9 Billion
|Growth Rate – CAGR
|No. of Pages
|By Product Type, Motion, Vehicle Type, Region
|North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa
|Key Companies Profiled
|BorgWarner Inc., Continental AG, DENSO CORPORATION., EFI Automotive, FORVIA Faurecia, Hitachi Astemo, Ltd., Johnson Electric Holdings Limited., MAHLE GmbH, Mitsubishi Electric Corporation, NIDEC CORPORATION, Robert Bosch GmbH
Driving Forces Behind Market Growth
1. Rapid Advancements in Vehicle Automation: The automotive actuators market is experiencing substantial growth propelled by the rapid progression of automated vehicles. The surge in consumer interest in semi-autonomous and autonomous vehicles has led to an increased need for advanced actuators, which play a crucial role in executing automated systems by precisely regulating vital operations.
2. Safety and Efficacy Enhancement: Continuous advancements in safety regulations drive the automotive industry to incorporate state-of-the-art actuators into vehicles. These actuators serve as catalysts for adaptive cruise control, collision avoidance mechanisms, and responsive braking, contributing to the ongoing commitment to improving the safety and efficacy of vehicles.
3. Focus on Efficiency and Sustainability: Consumer preferences shifting towards fuel-efficient and environmentally sustainable vehicles have led to a demand for actuators optimizing engine performance and energy consumption. Manufacturers are responding to these demands by integrating cutting-edge actuators designed to enhance efficiency and safety standards in the automotive industry.
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Challenges in the Automotive Actuators Market
1. Cost Management: A notable impediment affecting the market is the difficulty associated with cost management, especially with advanced technologies such as autonomous driving. Integrating sophisticated actuators often incurs substantial development and manufacturing expenses, posing a significant challenge for manufacturers aiming to uphold competitive pricing.
2. Complexity in Integration and Calibration: The intricate nature of integrating and calibrating sophisticated actuator systems poses a challenge. As vehicles become more complex due to heightened automation and connectivity, the integration of various actuators into a unified system becomes challenging. Calibration requires exact synchronization between diverse actuators, sensors, and control units, adding to the complexity.
Opportunities in the Market
1. Expanding Sales of EVs and HEVs: The expansion of electric and hybrid vehicles presents a significant opportunity within the automotive actuators market. Progressive actuators are increasingly adopted by electric vehicle manufacturers to optimize processes such as energy recovery during braking and precise regulation of electric motors.
2. Growing Integration of Smart and Connected Features: The incorporation of intelligent and interconnected vehicle features presents a highly promising prospect. As the automotive industry embraces the Internet of Things (IoT) and connected vehicles proliferate, there is an increased demand for actuators facilitating intelligent capabilities in functions like advanced driver assistance systems (ADAS) and autonomous driving.
Analysts anticipate a strong and ever-evolving trajectory for the automotive actuators market, driven by technological progress and evolving automotive environments. Actuators will play a crucial role in facilitating advancements in safety, efficiency, and intelligent connectivity. The proliferation of electric vehicles is expected to generate significant market potential for actuators engineered for electric propulsion systems.
The automotive actuators market is influenced by the technological prowess and manufacturing capacities of major players. Companies like Denso Corporation, Bosch, and Continental AG invest significantly in R&D to introduce innovative actuators. Manufacturing agility and a global presence are critical supply-side dynamics, ensuring prompt responses to market demands and fluctuations.
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The global automotive actuators market is segmented by product type, application, vehicle type, and region.
Product Type: The automotive actuators market is segmented by product type into brake actuators, throttle actuators, turbo actuators, and others. Brake actuators are responsible for applying the brakes of a vehicle, typically using hydraulic or pneumatic mechanisms. Throttle actuators control the amount of air entering the engine’s intake manifold, typically employing electric actuators. Turbo actuators regulate the boost pressure of a turbocharger, commonly utilizing pneumatic actuators. The “others” category encompasses a range of actuators, including seat actuators for seat adjustment, window actuators for window operation, sunroof actuators for sunroof control, and clutch actuators for clutch engagement.
Application: Based on application, the automotive actuators market is divided into engine actuators, body control & exterior actuators, and interior actuators. Engine actuators play a crucial role in various engine functions, such as throttle control, valve control, and fuel injection. Body control and exterior actuators serve diverse purposes, including door locks, windows, sunroofs, and mirrors. Interior actuators facilitate functions like seat adjustment, climate control, and infotainment systems.
Vehicle Type: The automotive actuators market is segmented by vehicle type into on-highway vehicles and off-highway vehicles. On-highway vehicles include passenger cars, light trucks, and SUVs, while off-highway vehicles encompass trucks, buses, and tractors.
Top Regional Markets
1. East Asia Maintains Dominance
Robust Automotive Sectors and Technological Advancements Secure East Asia’s Leadership: East Asia, particularly China, Japan, and South Korea, is expected to hold the largest market share. The region’s dominance is attributed to resilient automotive sectors, substantial consumer demand, and technological advancements. China’s position as the largest automotive market globally further contributes to East Asia’s leadership.
2. Opportunities in South Asia and Oceania
Growing Integration of Advanced Health Monitoring Systems: South Asia and Oceania are anticipated to witness the most rapid expansion in the market. The growth is driven by the automotive sector’s progress in nations such as Thailand, India, and Australia. Increasing disposable incomes, urbanization, and a focus on vehicle safety contribute to the region’s growth.
Competitive Intelligence and Business Strategy
Prominent companies such as Denso Corporation, BorgWarner Inc., and Continental AG engage in fierce competition, implementing strategic initiatives to sustain and improve market positions. Product development innovation remains a fundamental principle, with a focus on creating sophisticated actuators aligning with the ever-changing demands of vehicle automation, electrification, and intelligent connectivity.
Recent Company Developments
1. New Product Launch by Renesas Electronics Corporation (December 2021)
Renesas Electronics Corporation unveiled two new microcontrollers intended for sensor and actuator control applications in the automotive industry. This expansion augments Renesas’ automotive portfolio, impacting market competitiveness and technological progress in automotive actuators.
2. Strategic Partnership between Arkamys and Continental (April 2021)
Arkamys and Continental formed a partnership to develop automotive audio solutions. This partnership presents novel audio technology optimizing sound reproduction in automobiles, offering space-efficient and scalable solutions aligned with the industry’s quest for cutting-edge comfort and amusement features.
In conclusion, the global Automotive Actuators market is on the cusp of transformative growth, driven by technological advancements, safety imperatives, and the global shift towards electrification and intelligent
Future Outlook for the Automotive Actuators Market
The automotive actuators market is projected to experience robust growth in the coming years, driven by several key factors. The increasing demand for electric vehicles (EVs) and advanced driver-assistance systems (ADAS) is a major catalyst for market expansion. EVs require more actuators than traditional vehicles due to their complex powertrain systems, while ADAS features rely on actuators for functionality.
Furthermore, stringent emission regulations and the growing emphasis on vehicle safety are also contributing to the growth of the automotive actuators market. As regulations tighten, manufacturers are incorporating more actuators to enhance fuel efficiency and reduce emissions. Additionally, the rising demand for comfort and convenience features is driving the adoption of actuators in vehicle interiors and exterior systems.
Technological advancements are also playing a crucial role in shaping the future of the automotive actuators market. The development of intelligent actuators with enhanced control and communication capabilities is gaining traction, while adaptive actuators that can adjust their behavior based on real-time conditions are also gaining prominence. These advancements are expected to lead to the development of more sophisticated and effective actuator systems in the future.
Overall, the automotive actuators market is poised for significant growth in the coming years, driven by a combination of technological advancements, increasing demand for EVs and ADAS, and evolving consumer preferences. Companies that can strategically adapt to these trends and provide innovative and cost-effective actuator solutions are likely to succeed in this dynamic market.
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