Market Overview
In its research report, Market Research Future (MRFR), emphasizes that the Global Automotive Actuator Market growth 2023 is expected to grow exponentially over the review period, securing a substantial market valuation and a healthy 7% CAGR over the review period.
The development of electrified and connected automobiles is what is driving the global market for automotive actuators. Automobile actuators turn electrical and kinetic energy into motion by ingesting it. It helps control engine torque, flywheel spin, and speed by converting electrical energy to mechanical energy. Actuator purchases and rising demand for fuel-efficient cars should bode well for the sector. Yet, the expensive price of automobile actuators may impede market expansion.
COVID-19 Impact
The COVID-19 pandemic has negatively affected the automotive actuators market. Shutdown of facilities and delay in supply chains has sent a negative shock in the industry. Sluggish interest in the automotive sector owing to control over high spending on luxury items as well as lockdowns by countries can affect market growth.
Competitive Analysis
Stoneridge Inc. (U.S.), Aptiv PLC (U.S.), Hella KGaA Hueck Co. (Germany), Continental AG (Germany), Denso Corporation (Japan), Robert Bosch GmbH (Germany), and others are key players in the global automotive actuators market. Development of new features and collaborations are to be witnessed in the market. Investments in new facilities such as Continental opening a greenfield facility in India for its powertrain component can be an indicator of the market growth.
Market Segmentation
Electrical Actuators to Spur Market Growth
Electrical actuators can exhibit a strong growth rate owing to its use in conversion of electrical energy to mechanical energy. The focus on comfort is expected to provide opportunities for electrical actuators. They are used in controlling sunroof, seats, and window lift. It is widely used in the automotive sector. On the other hand, the hydraulic actuator can display a strong demand owing to exhibiting large force for a sustained duration.
Fuel Injection Actuator Application to Gain Traction
The fuel injection actuator application is estimated to gain traction by injecting fuel through a port located in the engine during idle time. It can be adjusted through the electronic control unit. On the other hand, the throttle actuator is set to convert the mechanical force of the accelerator by opening the throttle valve in the combustion chamber.
Passenger Cars to Dominate Market Demand
Passenger cars are deemed to dominate the market share owing to sales of passenger vehicles globally. Seat adjustments for improving the comfort and safety of passengers can drive the segment demand. Actuators can provide lumbar support, change positions and seat angles, and track seats.
Regional Analysis
APAC to Lead in Global Automotive Actuators Market
APAC is poised to capture the lead position in the global market owing to procurement of automobiles in the region and sale of small vehicles. Presence of big players in China and development of actuators to control headlights and prevent accidents can drive its demand. Low costs of actuators and domestic concentration of manufacturing units can also play an indispensable part in the market.
Industry News
Schaeffler will unveil its latest force-feedback handwheel actuator and reduce the space required for steering wheels.
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