April 29, 2020
According to the research report titled ‘Global Automotive Actuator Market Research Report 2020’, available with Market Study Report LLC, worldwide automotive actuator market was worth USD 12730 million in 2020 and is estimated to record a y-o-y growth rate of 4.6%, subsequently reaching USD 17510 million by the year 2026.
For the record, an actuator is a motor which helps in controlling a system. The product plays an essential role in electronic control systems in commercial as well as passenger vehicles. Automotive actuators transform the electrical signals into action. They are used to maintain the flow of fluids or adjust flaps in steering and braking applications of the vehicle.
Strict government regulations and increasing awareness pertaining to vehicular safety is a major factor driving the automotive actuators market growth. The market is expected to further expand owing to rising environmental concerns, flourishing sales of passenger vehicles and growing demand for fuel-efficient & lightweight vehicles.
As per type, the seat actuators segment currently accounts for 20% market share and is expected to witness robust growth in the forthcoming years. Seat actuators are used to adjust the motion and displacement of an automotive seat. Rising integration of automation solutions in vehicles along with advancements in automotive seat technology are fueling the segmental growth.
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Based on application spectrum, passenger vehicle segment held 65% market share in recent past and is expected to register momentous growth during the study period. Evolving consumer lifestyle, technological advancements in automotive industry and rising per capita income have impelled the demand for passenger vehicles across the globe, which in turn is boosting the demand for actuators.
Citing the regional scope, Europe automotive actuator industry is presumed to expand substantially during the estimated timeframe. Factors such as easy accessibility to high-end products, dense presence of major automakers and flourishing automotive sector are swaying the business dynamics in Europe.
The prominent companies operating in worldwide automotive actuator market are Dongfeng Motor, NOK Corp., EKK, Inzi Controls, Harada Industry, Murakami, Hyundai Kefico, Eaton, Alfmeier Praezision, Haldex (BorgWarner), Aisin Seiki, NTN, Continental, Woco Industrietechnik, Knorr-Bremse, Hitachi, Johnson Electric, Mitsubishi Electric, Magneti Marelli, Stoneridge, Mahle, Magna International, Rheinmetall Automotive, Valeo, Inteva Products, Denso, Schaeffler, HELLA and Bosch.
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