Actuators are being implemented in the automotive industry since for long with a purpose of converting energy into motion. Advancements in technology coupled with the increasing number of applications of actuators have led the global market for automotive actuators to witness good growth in the past few years. In addition, growing demand for fuel-efficient vehicles and growing automotive industry are further boosting the growth of this market.
Market overview
The global automotive actuators market which is estimated to be worth USD 14.16 Billion in 2017 is projected to reach a size of USD 20.33 Billion by 2022, growing at a CAGR of 7.49% during the forecast period from 2017 to 2022.
Based on product type, the brake actuator segment is expected to hold the highest share in 2017, owing to the mandatory installation of anti-lock braking system (ABS) and electronic stability systems in the U.S. and European nations. Apart from this, increasing number of electric and fuel-efficient vehicles is estimated to further boost the growth of this segment. However, the grille shutter actuator is expected to be the fastest-growing market in the coming years, owing to the rising demand for fuel-efficient vehicles. These actuators help in enhancing the fuel-efficiency and reduce aerodynamic drag in a vehicle.
On the basis of vehicle type, the on-highway vehicle segment is expected to hold the largest market share, owing to rising number of electric and fuel-efficient vehicles in the automobile industry.
Among applications, the exterior application segment is predicted to be the fastest-growing segment, owing to the increasing number of exterior features being installed in a vehicle.
Which region is expected to be the leading segment in terms of market share?
Geographically, the market in Asia-Pacific is expected to be the dominating market in 2017. This growth can be attributed to the rising income levels of consumers, increasing vehicle production in developing nations, and rise in the number of electric vehicles in countries such as Japan. This region being the leading producer of automobiles is also triggering the growth of the global market for automotive actuators.
What is driving and restraining the market growth?
The growth of the global market for automotive actuators is being primarily governed by the following factors:
- Rising demand for fuel-efficient vehicles
- Growing demand for advanced automation systems
- Increasing number of electric vehicles across the world
- Rising trend of engine downsizing
Additionally, growing number of applications of actuators and growing government regulations for fuel-efficient vehicles, especially in developing nations is anticipated to offer ample growth opportunities for this market in the years to come.
On the other hand, low preference for diesel passenger cars and rising prices of vehicles across the globe are the major factors that are likely to hinder the growth of this market to a certain extent. Moreover, rising cost of labor, especially in low-cost manufacturing countries and reduction in cost and weight of the vehicle are the key challenges that the leading players will have to overcome in order to sustain in the market.
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Key players in this market
Continental AG (Germany), Hitachi Ltd. (Japan), Robert Bosch GmbH (Germany), Denso Corporation (Japan), and Mitsubishi Electric Corporation (Japan) are some of the leading players operating in the global market for automotive actuators. Among these, Continental AG (Germany) is a leading manufacturer of tires, automotive parts, and industrial products on a global level, having presence in all key regions such as Europe, APAC, NAFTA, and Germany. The company is actively focusing on all the regions at a time in order to generate more revenue in a balanced manner from all the major regions.
