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Driving Innovation: Automotive Actuators Market Insights for 2024
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According to The Business Research Company's, The automotive actuators market size has grown strongly in recent years. It will grow from $21.37 billion in 2023 to $22.60 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to the development of autonomous vehicles, government regulations, fuel efficiency, and emissions reduction, aftermarket demand for actuator replacement, and growth in electric vehicle (EV) adoption.
The automotive actuators market size is expected to see strong growth in the next few years. It will grow to $28.42 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to rising demand for advanced driver assistance systems, increasing vehicle production and sales, growing focus on vehicle comfort and convenience, and expansion of electrification and hybrid vehicles. Major trends in the forecast period include the development of autonomous vehicles, integration of smart actuators, integration of advanced driver assistance systems (ADAS), electrification of vehicles, and miniaturization and increased efficiency.
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Market Drivers and Trends:
The growing demand for electric vehicles (EVs) is expected to propel the growth of the automotive actuators market going forward. Electric vehicles refer to vehicles that use electric motors for propulsion, with various components and systems tailored to maximize efficiency and performance. The demand for electric vehicles is rising due to technological advancements, increasing environmental concerns, and global efforts to reduce carbon emissions. Automotive actuators in electric vehicles serve as instrumental components for various functionalities, providing precise control over systems such as braking, steering, and thermal management, thereby enhancing the overall performance and safety of the vehicles. For instance, in July 2023, according to the Internal Energy Agency, a France-based autonomous intergovernmental organization, over 2.3 million electric cars were sold in the first quarter of that year, a 25% increase from the same period last year. By the end of 2023, sales are expected to reach 14 million, representing a 35% year-on-year increase, with growth accelerating in the second half of the year. Therefore, the growing demand for electric vehicles is driving the growth of the automotive actuators market.
Major companies operating in the automotive actuators market are developing innovative products, such as smart actuators, to better serve customers with advanced features. Smart actuators are devices integrated with intelligent control systems, allowing precise management of various vehicle functions. For instance, in September 2023, Marelli Europe S.p.A., an Italy-based automotive industry company, launched a new smart actuator for transmission and thermal management in electric vehicles. This smart actuator offers advanced control and efficiency, helping to optimize the performance and energy consumption of electric vehicles. The new actuator includes features such as precise transmission control, efficient thermal management, and enhanced vehicle performance, designed to meet the evolving demands of the electric vehicle industry.
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Major Key Players of the Market:
Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Magna International Inc., Mitsubishi Electric Corporation, Aisin Seiki Co. Ltd., Valeo SA, Eaton Corporation, Nidec Corporation, Schaeffler AG, Infineon Technologies AG, Mahle GmbH, BorgWarner Inc., Hitachi Astemo Ltd., SKF AB, Hella GmbH & Co. KGaA, NSK Ltd., Mando Corporation, Nexteer Automotive, Johnson Electric Holdings Limited, Sonceboz SA , Delphi Technologies, Wabco Holdings Inc., EFI Automotive
Automotive Actuators Market 2024 Key Insights:
• The automotive actuators market size is expected to see strong growth in the next few years. It will grow to $28.42 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Electric Vehicle Fuels Automotive Actuators Market Growth
• Innovative Smart Actuators Revolutionize Electric Vehicle Performance
• Asia-Pacific was the largest region in the automotive actuators market in 2023
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