A recent Fact.MR report estimates that the global automotive actuators market will be worth USD 20.1 billion in 2022 and will grow at a CAGR of 6.6% from 2022 to 2032 to reach USD 38.3 billion.
The market for automotive actuators was estimated to be worth US$65.8 billion at the end of 2019 and is projected to reach US$109.4 billion between 2020 and 2030. The COVID-19 pandemic has caused a significant global slowdown in the automotive industry. With the closure of production facilities in major automotive markets in Europe and Asia, the sales of automotive actuators have plummeted, posing significant challenges to the market's players.
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Manufacturers are concentrating on research and development to create integrated braking systems that will guarantee both engine efficiency and fuel efficiency in order to overcome this situation. Sales of brake actuators are anticipated to be boosted during the forecast period. Furthermore, as they are used in numerous applications involving machinery, the demand for automotive actuators will increase globally by the end of 2020.
Automotive actuators are used in seat adjustment and headlight positioning mechanisms in addition to actuating brake and steering system applications. In order to create the necessary rotary and linear motion for physical movement, it transforms an electric signal. The growing electronics and automation in vehicles are the main factors driving the demand for automotive actuators.
Why is the passenger vehicle segment thought to present growth prospects for the automotive actuator market?
In the automotive actuators market, the passenger vehicle segment is anticipated to grow at the fastest rate. Demand for fuel-efficient cars is increasing, and the market is being stimulated by the rising cost of energy and oil. Since the aforementioned factors started to play, it is assumed that the passenger vehicle market will continue to grow at the same 6.3% CAGR it did from 2016 to 2021. By the end of 2032, the passenger vehicle market is anticipated to be worth USD 28 billion.
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In its report, Fact.MR profiled a number of major companies that produce automotive actuators, including Delphi Automotive, Mitsubishi Corporation, Denso Corporation, Robert Bosch GmBH, Continental AG, HELLA GmBH & Co. KGaA, Johnson Electric Holdings Limited, CTS Corporation, CVEL Automotive electronics, Hitachi Ltd., Dover Flexo Electronics, Inc., Tolomatic Inc., Kenko E Motion And Actuators, and Creative Motion Control.
The aforementioned companies use a combination of organic and inorganic methodologies, as well as partnerships and collaborations with well-known end use verticals like automotive manufacturers, to increase adoption across the lucrative areas.
Key players in the Automotive Actuators Market-
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Market Segments Covered in Automotive Actuator:
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