Over the forecast period of 2022-2032, the automotive actuator market is expected to grow at a CAGR of 6.6% to reach a valuation of US$ 25.4 Billion by 2032. Automotive actuators are a crucial component of electronic control systems in vehicles as they aid in the conversion of electrical impulses from control units to action. Various types of automotive actuators are utilized in vehicle models, and different actuators perform different roles depending on the vehicle function. The job of the actuator in the engine control system is to operate air flaps for torque and power optimization while maintaining idle speed.
Actuators in vehicles have become more popular as consumers are becoming more mindful of excessive carbon emissions and high gasoline and diesel usage. These actuators help in the regulation of fuel consumption as well as the reduction of pollutant emissions by supplying the required quantity of fuel to the engine and controlling the fresh air supply.
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The automotive actuator market will benefit from rising demand for passenger automobiles over the forecast period. However, the possibility of an electric component failing in an electric actuator, as well as a rise in malfunctioning components, might stifle global automotive actuator market growth. Nonetheless, increasing demand from the automotive sectors in China, the U.S., and Germany is expected to drive growth in the market.
“Rising adoption of fuel-efficient and luxury automobiles, along with increasing production of autonomous vehicles will continue fueling sales of automotive actuators over the assessment period.” says an FMI analyst.
Key Takeaways:
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Competitive Landscape
Some of the leading automotive actuator manufacturers are Denso Corporation, Hitachi, Ltd., Robert Bosch GmbH, Nidec Corporation, Mitsubishi Heavy Industries Ltd., ZF Friedrichshafen AG, Magna International, Inc., and Mahle GmbH.
Technological developments along with collaborations and mergers and acquisitions by key market participants are expected to fuel the automotive actuator market.
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