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Global Automotive Actuators Market to Grow at a CAGR of 5.4% Through 2030
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To overcome this situation, the manufacturers are focusing on research and development to form integrated braking systems which will ensure engine efficiency as well as fuel efficiency. This is anticipated to drive sales of brake actuators during the forecast period. Furthermore, the global demand for automotive actuators will surge by the end of 2020 as they are utilized in number of applications where machineries are involved.
Key Takeaways of Automotive Actuators Market
Under the impact of Covid-19, global automotive actuators market is expected to create an absolute $ opportunity of more than ~US$ 44.5 and is anticipated to expand 1.7X from 2020 through 2030
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VGT actuator is projected to grow at a value CAGR of 5.4% and is expected to be valued 2.9X more than EGR actuator by the end of 2020
APEJ region is anticipated to be the market leader in the global automotive actuator market by the 2030 end with more than 39% market share in terms of value
Aftermarket sales channel is projected to grow 1.6X faster than OEM sales channel and is anticipated to create an absolute $ opportunity of more than ~US$ 27.1 Bn during the forecast period
“The ongoing COVID-19 pandemic has hit the automotive players adversely on both the supply and demand side causing declining sales of automotive actuators. However, with Chinese automotive suppliers resuming their production, this is expected to swiftly increase the sales of automotive actuators” says the Fact.MR analyst
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Facility Expansion to Remain a Prime Growth Lever
Prominent players in the automotive actuators market are Delphi Technologies Inc., Mitsubishi Electric Corporation, Denso Corporation, Continental AG, CTS Corporation, BorgWarner Inc., HELLA KGaA Hueck & Co, Hitachi, Ltd, Johnson Electric, among others. Key players in automotive actuators market are focusing on expanding their manufacturing facilities to increase their reach in the global market. For instance,
In 2019, Delphi Technologies opened a new plant in Poland. With this plant, the company will expand the production of electronic control units for various vehicle manufacturers in Europe
In 2019, Mitsubishi Electric Corporation started the construction of a new plant in India. Through this new plant, the company will expand its output of products such as motor-control units for electric power steering, exhaust gas recirculation valves and giant magnet-resistance sensors
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