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The global actuator market is projected to surpass US$ 86.59 Bn by 2031, expanding at a CAGR of 7.20% during the forecast period. The growing investments by manufacturers for incorporation of safety features in their vehicles and change in regulatory norms for traffic safety and vehicle emission.
The automotive industry has been witnessing a technological revolution in the past decade. The expansion adoption of actuator in electronic components, such as microcontrollers (MCU), and their application in vehicles have revolutionized conventional vehicle technology, which, in turn, is responsible for significant rise in use of actuators in automotive applications. For instance, actuators are utilized in vehicles to control various applications, ranging from basic functions such as opening and closing windows and sliding doors and opening and closing vent doors to advanced functions such as engine idle control for high-performance vehicles and regenerative braking.
Due to onset of COVID-19 pandemic, production and sales of the vehicles have hampered, major vehicle manufacturer were shut down their plants. Due to lockdowns, public was restricted from traveling, which further hamper the growth of the actuator market. The supply chain and transportation channels where disrupted that decrease supply of raw material for vehicles production.
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Mechanical Properties of Actuators Driving Global Market
Actuator is an important component of the electric controlled automotive systems. Converting signals of different forms into mechanical action is the main function of an actuator. The input signals can be in different forms; it may be mechanical actuators, electrical, pneumatic, or hydraulic. The relevance of electronic manufacturing across leading industries has driven sales in the global actuators market. Rising applications of actuators in the automobile industry has further enhanced the growth of the market. The increasing adoption of electric and hydraulic technologies in actuators has created driving demand for these devices. This factor has increased the sales in the market. The study of mechanical technologies in the context of smart devices is creating increased demand within the global actuator market.
Increasing Adoption of Automatic Systems in Vehicles
Actuators in the automatic system run on the basis of the input provided by the sensor. The growing adoption of automatic systems in vehicles is expected to drive the demand for actuators. The rising popularity of automatic systems and engine downsizing in vehicles is boosting the actuator market for automotive. There is a high rate of adoption of automated feature in modern vehicles. Moreover, now, automated door lock and window lock systems are popularly used in vehicles across the globe. Stringent emission norms are a key factor that is prompting manufacturers to downsize the engine. Actuators are required in vehicles to improve the performance and proper functioning of vehicles after engine downsizing. The emergence of autonomous vehicles is also driving the demand for actuators vehicles. Every system of the vehicle is expected to run automatically, and this is implemented with the help of actuator.
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Regional Analysis of Actuator Market
In terms of region, the global actuator market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific and Europe has major share in the global actuator market in terms of revenue in 2020. Europe has a presence of major original equipment manufacturers as well as tier-1 suppliers, including Robert Bosch GmbH, Denso Corporation, and Continental AG who have advanced research & development facilities for safety features, which is likely to boost the actuator market across the region. The presence of major automotive parts manufacturing industries across China, India, and Japan is anticipated to propel the actuator market across Asia Pacific.
Prominent players operating in the global actuator market include ZF Friedrichshafen AG, HELLA KGaA, Continental AG, Denso Corporation, Robert Bosch GmbH, Delphi Automotive plc, Hitachi Automotive Systems Ltd, Magna International, Borg Warner Inc., Johnson Electric, MAHLE GmbH, Mitusbishi Corporation, Nidec Motors & Actuators, and others.
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