The global automotive actuators market is projected to reach USD 39.5 billion by 2027 from an estimated USD 22.8 billion in 2019, at a CAGR of 7.1%
NEW YORK, Nov. 7, 2019 /PRNewswire/ --
Increase in production of passenger cars and commercial vehicles is a significant factor for the growth of the automotive actuators market globally
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The global automotive actuators market is projected to reach USD 39.5 billion by 2027 from an estimated USD 22.8 billion in 2019, at a CAGR of 7.1% during the forecast period. The automotive actuators market is growing in tandem with the constant growth in production as well as sales of automobiles (passenger cars, LCVs, HCVs, and off-highway vehicles) across the globe.
Sensors, software programs, controller hardware, and actuators are considered to be the backbone of the present and future automotive systems.The use of sensors and actuators in the automotive industry is increasing every day.
The designing of such automotive sensors and actuators has resulted in increasing usage of microelectromechanical systems (MEMS). The aforementioned factors have contributed to the growth of the global automotive actuators market.
Increasing application of actuators in the body & exterior segment is likely to propel the growth of automotive actuators market during the forecast period
Body control is the electronic control unit that monitors and controls all the systems of a vehicle body.The body control and exterior applications consist of grille shutter actuator, tailgate actuator, and headlamp actuators, among others.
Actuators play an important role in body control and exterior applications and are responsible for moving and controlling the system.
The rotatory segment is expected to grow at the highest CAGR
Rotary actuators are coupled directly to a rotating load and provide good control over acceleration, operating speed, deceleration, reversals, and positioning. Other applications of rotary actuators include pressure clamps and opening and closing of large-scale blades and valves.
Rotary actuators are not restricted by distance and can provide infinite repeated motion. The specialty of rotary actuators is that they can be mounted horizontally, vertically, or slantwise, which has contributed to the growth of rotatory actuators in the automotive actuators market.
The ROW market is expected to register the fastest growth during the forecast period
The ROW automotive actuators market is estimated to be the fastest growing.RoW region considered in the study includes Brazil, Iran, and other countries from South America, the Middle East, and Africa.
These countries are growing in terms of automobile production and expected to flourish in the near future as OEMs are investing in several RoW countries.
Factors such as increasing demand for automobiles, availability of cheap labor, lenient environmental regulations, low transportation costs, and flexible export-import policies are driving the growth of the automotive industry in this region. According to industry experts, the market for luxury and mid-sized vehicles in Brazil would grow further and subsequently boost the demand for automotive actuators during the forecast period.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
-- By Company Type: Tier I - 31%, Tier II - 48%, and OEM - 21%
-- By Designation: C Level - 40%, D Level - 35%, and Others - 25%
-- By Region: North America - 15%, Europe - 30%, Asia Pacific - 50% and ROW - 5%
The automotive actuators market comprises major manufacturers such as Robert Bosch GmbH (Germany), Continental AG (Germany), Denso Corporation (Japan), and HELLA GmbH & Co. KGaA. (Germany).
Research Coverage:
The market study covers the automotive actuators market across segments.It aims at estimating the market size and future growth potential of this market across different segments such as product type, vehicle type, on-highway vehicle type, motion type, actuation type, application, and region.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall automotive actuators market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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