Automotive Actuators Market Size by Material Type, Pack Type, Advanced Technology, Application, Region – Revenue Pool Analysis, Margin Structure Assessment, Capital Flow Trends, Competitive Benchmarking & Forecast to 2030
Overview
The Automotive Actuators Market accounted for USD 26.81 Bn. in 2023 and is expected to grow at a CAGR of 5.9% during the forecast period, to reach USD 40.60 Bn. by 2030.
Actuators are used to convert energy produced by an electrical, pneumatic, or hydraulic source into mechanical motion. They trigger an action on the system.
The demand for fuel-efficient vehicles has increased mainly due to increased pressure from global governments and rising oil and energy prices. Automotive actuators reduce traffic jams and can be used in fuel pumps, headlight lifters, and electronic parking brakes, leading to exponential market growth. However, assembly, commissioning, and maintenance of automotive actuators require a lot of space, which limits the growth of the market. The automotive actuators market is segmented based on type, application product type, vehicle, and region.
Based on product type, the market is segmented into HVAC Actuators, Headlamp Actuators, Grill Shutter Actuators, Seat Actuators, Brake Actuators, and Coolant & Refrigerant Valve Actuators. Based on application, it is segmented into the engine, body control & exterior, and Interior. According to the vehicle type, it is classified as electric vehicles, passenger vehicles, and commercial vehicles. Geographically, the market is analyzed in North America, Europe, Asia, and South America.
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Global Automotive Actuators Market Dynamics:
The growing need to use precision control systems drives the automotive actuator market due to the increasing demand for electric vehicles (passenger cars and commercial vehicles).
The growth in the production of electric commercial vehicles and passenger cars is driving the automotive industry. All of these industries require more advanced control systems to operate at the highest levels of productivity, safety, and comfort. Achieving this accuracy requires actuators to convert electrical signals, hydraulic pressure, or air pressure into physical motion. Automotive actuators that control engine performance, maximize fuel efficiency, and ensure smooth operation are increasingly important as automakers strive to meet the expectations of this growing market.
The high cost of modern automotive actuators is a significant restrain to the global automotive actuator market
Automotive actuators are fitted with ever-more advanced functions as technology in cars develops, like electronic control systems for braking, steering, and other operations. These advancements raise production costs even as they improve vehicle efficacy, safety, and efficiency. Modern automotive actuators are expensive, which presents many challenges. This prevents them from being widely adopted, particularly in economies where consumers place a high importance on price. The pressure on automakers to maintain a balance between the advantages of modern automotive actuators and the overhead expenses of vehicle production frequently results in difficult technological decisions.
Automotive Actuators Market Segment Analysis:
By Product Type, according to MMR analysis, in 2023, brake actuators held a dominant position in the global automotive actuators market. The dominance of brake actuators is because they are essential to automobile safety. The demand for effective and quick braking systems has grown due to the introduction of more sophisticated safety features and the requirement to comply with regulations. Brake actuators' significance as a component of modern vehicle safety is furthered by their essential role in the development of cutting-edge braking systems like electronic stability control (ESC) and anti-lock brakes (ABS).
During the forecast period, headlamp automotive actuators of the product type are at the fastest growing rate in the global automotive actuators. The proliferation of advanced automotive lighting systems is the cause of the rapid growth of headlamp actuators in automobiles.
Because headlight activators increase safety and visibility, they are an integral part of adaptive lighting. Headlight driving is growing faster as consumers demand vehicles with adaptive headlights that change their performance based on road conditions.
By Vehicle Type, according to MMR analysis, electric Vehicles dominated the global automotive market in 2023. Due to the strict emission regulations imposed worldwide, the fluctuating price of oil and the shift in focus towards an ecological ecosystem has increased the demand for electric vehicles worldwide. The adoption of advanced and connected technologies in electric cars is increasing, and the demand for luxury and high-quality electric cars is increasing. Luxury brands like Audi, Mercedes-Benz, and Tesla are increasing their market share in luxury vehicles and adding other luxury vehicles as well. product selections. Many OEMs have announced the launch of several electric car models in the coming years. Growth in medium and high-end electric vehicle categories equipped with advanced technologies would drive demand for car engines in this segment. The growth in sales of electric vehicles has encouraged global OEMs and tier-1 companies to develop products related to these vehicles.
In September 2023, Marelli launched a new series of universal intelligent drives for electric cars designed to simplify the use of complex vehicle functions. In a swift, these intelligent actuators have an electronic module that controls the actuator itself and connects it to the vehicle's electronic network.
These advanced actuators are integrated into various parts of electric vehicles, including transmissions, power steering, braking systems, and suspension. This will drive the growth of the battery electric vehicle actuator market and the fastest-growing market in the automotive actuator market.
Automotive Actuators Market Regional Analysis:
According to MMR analysis, Asia-Pacific Automotive Actuators Market dominated the global automotive actuators market in 2023. India, Japan, and China are growing as important suppliers of automobile components to the countries like United States and Germany. The growth is driven by the increase in sales of passenger cars and commercial vehicles. China is a major player in the automobile manufacturing sector in the Asia-Pacific region, with many major automobile manufacturers. This is expected to bring profitable opportunities to the market during the forecast period. To support the growth of the car industry, the Chinese government launched a series of incentives to increase car sales and provide subsidies for the purchase of electric cars.
According to the China Association of Automobile Manufacturers (CAAM), China's passenger car sales grew 11.1% in January-May 2023, compared to the same period last year, 10.61 million units were sold during this period. Sales of new energy cars, such as battery electric vehicles, plug-in hybrids, and hydrogen fuel cells, increased by 46.8%.
The growing trend of vehicle electrification is a key factor in the automotive sector. Major vehicle and auto parts manufacturers are collaborating to develop smart control systems such as smart taxis, electronic fuel injection, and others, which are likely to show significant market growth during the forecast period.
In February 2023, BAIC Group and Bosch China signed a strategic cooperation agreement to carry out comprehensive strategic cooperation in the fields of smart taxis, smart driving, and smart networking to increase the use of vehicles.
Europe's automotive actuators market is at the fastest growing rate due to increased R&D and the automotive industry. The need for automatic and semi-automatic vehicles and increased technological development in the German automobile industry are behind the growth of the market.
North America's advanced automotive industry, including key players, is driving the growth and demand for automotive actuators. During the forecast period, demand in other parts of the world will grow only marginally.
Competitive Landscape of Automotive Actuators Market:
The companies, which are prominent in their industries, implement various strategic initiatives to maintain and improve their market positions. Innovation in product development remains a key principle, emphasizing the creation of advanced automotive actuators that meet the ever-changing demands of vehicle automation, electrification, and smart connectivity. By developing technological associations and establishing strategic collaborations and partnerships with automotive original equipment manufacturers (OEMs), companies can provide end-to-end solutions that effectively meet the changing demands of the automotive industry.
Key market players are prioritizing modification and global growth to take advantage of new opportunities. Developing a strong international mark gives organizations access to critical automotive markets and facilitates the customization of their products to regional perceptions and regulatory standards. Incorporating cost-effectiveness measures, including optimizing supply chains and streamlining production processes, is essential for companies looking to increase their competitiveness.
Recent Developments
1. In May 2023, Fisker partner with Ample to launch innovative interchangeable batteries for Fisker Ocean EVs by early 2024. This strategic partnership is in line with Fisker's long-term goals to improve scalability and increase the adoption of electric vehicles both in the US and in Europe.
2. In September 2023, Sheba Microsystems Inc., known for its expertise in MEMS technologies, announced a unique MEMS Autofocus Actuator device. This device is specially designed for the active thermal processing of embedded video cameras. These cameras can be used in automotive, drones, operations, machine vision, surveillance and security, and mobile robots.
3. In May 2023, Hella, operating under the Forvia brand, received its first order for battery management solutions from a major US OEM. It was the first series project of such systems in the US market and also supplied valve actuators to a major German car manufacturer.
4. In April 2023, Johnson Electric showcased its innovative technology solutions at the 2023 Shanghai International Automobile Exhibition (Auto Shanghai 2023) at the Shanghai National Exhibition and Convention Center. Solutions include thermal management solutions, autonomous powertrain, chassis, and autonomous vision solutions. Autonomous Vision Solutions consists of a LuMEMS sensor for automatic height adjustment, a headlight condensation control unit, and digital light-direction control. By doing so, Johnson Electric is helping its customers embrace the future trends of the booming mobile world.
5. In June 2021, Denso invested in Seurat Technologies to optimize production processes and accelerate digital transformation.
Scope of the Global Automotive Actuators Market: Inquire before buying
| Global Automotive Actuators Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | US $ 26.81 Bn. |
| Forecast Period 2024 to 2030 CAGR: | 5.9% | Market Size in 2030: | US $ 40.60 Bn. |
| Segments Covered: | by Material Type | Metal Paper & Paperboard Plastics Glass |
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| by Pack Type | Corrugated Boxes Paperboard cartons Paper bags Sacks |
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| by Advanced Technology | Self-heating packing Edible packaging Water soluble packaging Smart packaging Self-cooling Others |
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| by Application | Meat Pack Fruit and Vegetables Seafood Others |
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Automotive Actuators Market, by region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Key Players of Global Automotive Actuators Market:
1. Hitachi Automotive Systems Ltd(Japan)
2. Nidec Corporation (Japan)
3. Continental AG (Germany)
4. Robert Bosch GmbH (Germany)
5. Delphi Automotive LLP (USA)
6. HELLA GmbH & Co. KGaA (Germany)
7. Johnson Electric Holdings Ltd. (Hong Kong)
8. MAHLE GmbH (Germany)
9. Mitsubishi Electric Corporation (Japan)
10. Valeo SA (France)
11. WABCO Holdings Inc. (USA)
12. Cameron (USA)
13. Flowserve Co. (USA)
14. Honeywell International Inc. (USA)
15. HUSCO International (USA)
16. Actus Manufacturing, Inc.
17. Cebi International S.A
18. CTS Corporation
19. Kiekert AG (Germany)
Frequently Asked Questions
1. What was the market size of the Global Market in 2023?
Ans. The market size Global Automotive Actuators Market in 2023 was USD 26.81 Billion.
2. What are the different segments of the Global Market?
Ans. The Global Automotive Actuators Market is divided into Product, Vehicle Type, and Application.
3. What is the base year of this market?
Ans. The base year of the Global Automotive Actuators Market is 2023.
4. Which region is expected to hold the highest Global Market share?
Ans. The Asia Pacific dominates the market share in the market.
5. What is the Forecast Period of the Global Market?
Ans. The Forecast Period of the market is 2024 to 2030 in the market.