Press release
Linear Actuator Global Market Report 2024 - By Demand, Share, Size, Growth, Outlook By 2033
Linear Actuator Market
The Business Research Company presents an extensive market research report on the Linear Actuator Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The linear actuator market size has grown strongly in recent years. It will grow from $37.89 billion in 2023 to $41.25 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to increased automation in manufacturing, advancements in robotics, miniaturization of devices, integration with the internet of things (IoT), rising demand for electric vehicles.
The linear actuator market size is expected to see strong growth in the next few years. It will grow to $55.03 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to brakes, EGR, and turbo applications in automotive industry, projected market growth, increasing demand for energy-efficient solutions, strong presence of existing vendors, growing demand for compact and lightweight actuators. Major trends in the forecast period include increased automation in manufacturing, advancements in robotics, miniaturization of devices, integration with the internet of things (IoT), rising demand for electric vehicles.
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Key Market Players:
Major companies operating in the linear actuator market report are Parker Hannifin Corporation, Emerson Electric Co., Rockwell Automation Inc., Bosch Rexroth AG, SMC Corporation, IAI America Inc., Flowserve Corporation, Tsubakimoto Europe B.V., Kollmorgen Corporation, LINAK A/S, TiMOTION Technology Co. Ltd., ElectroCraft, Rollon Corp., Exlar Automation, Progressive Automations Inc., Lin Engineering Inc., Tolomatic Inc., Fabco-Air Inc., PBC Linear, DUFF NORTON AUSTRALIA, Bishop-Wisecarver Corporation, Helix Linear Technologies, REGNER, Venture Manufacturing Co., Actuonix Motion Devices, Burr Engineering & Development Company, Del-Tron Precision Inc, Moticont, Tusk Direct Inc., ISOTECH INC.
Market Drivers:
The rising demand for electric vehicles is expected to propel the growth of the linear actuator market going forward. Electric vehicles (EVs) are vehicles that are powered, either partially or entirely, by electricity stored in rechargeable batteries. The younger generations are often more environmentally conscious and open to new technologies, driving EV adoption. Linear actuators are used in electric vehicles to provide precise control of operations such as backrest adjustments, window positions, and automatic door systems, hence improving passenger comfort and safety. For instance, in April 2023, according to the International Energy Agency, a France-based global research and statistics collection institution, approximately 10 million electric cars were sold globally in 2022, and the electric vehicle market share increased to 14% from 4% in 2020. Therefore, the rising demand for electric vehicles is driving the growth of the linear actuator market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/linear-actuator-global-market-report
The linear actuator market covered in this report is segmented -
1) By Material: Aluminum, Steel, Zinc
2) By Operation Mechanism: Mechanical, Hydraulic, Pneumatic, Electro-Mechanical Actuators
3) By End-User: Construction, Aerospace And Defense, Industrial, Automotive, Other End-Users
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