ALBANY, New York, April 2, 2018 /PRNewswire/ --
According to a new market report published by Transparency Market Research "Actuator Market for Vehicles (Application, Actuator Type, and Others): Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025", the global actuator market for vehicles is likely to expand at a CAGR of more than 7%, in terms of volume.
Actuator Market for Vehicles across the globe is witnessing expansion at a steady pace due to the increasing production of vehicles along with advancing technology. Rise in demand for vehicles with automatic systems, electric vehicles, and adoption of advanced technology systems in vehicles is expected to drive the actuator market for vehicles during the forecast period. Several original equipment manufacturers prefer encompassing some automatic features, in order to differentiate their products, which are likely to drive the actuator market for vehicles. Incorporation of actuators in internal combustions engines is expected to decline during the forecast period due to the arrival of the electric vehicles, which do not contain internal combustion engines and run entirely on electric motors.
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Rising demand for automatic systems in vehicles is likely to boost the demand for automotive actuators. Increasing application of electronic components in vehicles is projected to boost the demand for actuators due to the extensive usage of actuators in electronic systems. Incorporation of automatic systems in vehicles in order to attract customers by differentiating their products than competitive manufacturers has led to the rise in demand for actuators for automotive. Impending stringent emission norms along with safety norms for vehicles are anticipated to boost the demand for actuators significantly, due the implementation of actuators in safety systems such as antilock braking systems and airbags. Stringent emission norms are prompting manufacturers to employ systems such as turbochargers, VVTs, and active grill shutters, which consist of actuators as an integral part of these systems. This, in turn, is anticipated to boost the demand for automotive actuators.
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Rising cost of the vehicle due to incorporation of the automatic features with actuators is a key factor that is expected to hamper the actuator market for automotive. Initially, the major actuators utilized in vehicles were mechanical; however, the improvement in technology has led to the shifting in preference toward electric actuators due to their small size, light weight, and low maintenance. Increasing production of vehicles is another major factor driving the actuator market for automotive. Increasing population, urbanization, and purchasing power of the population are the major factors boosting the production of vehicles. Increasing per capita income has empowered society to buy leisure for them, which has led to the increasing demand for vehicles.
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Based on application, the HVAC system segment held a major share of the actuator market for automotive, owing to incorporation of multiple actuators in the system. HVAC system is preferred in vehicles due to harsh weather conditions and the focus of manufacturers toward comfort factor. However, the adaptive headlamp segment is expanding at a rapid pace among all the application segments due to the high adoption rate of these headlamps due their enhanced safety feature. Adaptive headlamps have improved nighttime visibility, which is expected to reduce road accidents during nighttime, as it is found that low luminance is a key factor responsible for road accidents. Consequently, the demand for adaptive headlamps has risen in order to enhance the vision on road during nighttime.
The global actuator market for automotive is witnessing expansion. Asia Pacific holds a major share of the global market due to the presence of major manufacturing facilities concentrated in China, India, and Japan owing to the availability of low cost skilled labor, slashing import duties, and provision for setting up manufacturing plants in these countries at low investment cost. Lower investment for manufacturing enables manufacturers to reduce the cost of the product, which boosts the demand for their product, as compared to other competitors.
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A few large players account for a major share of the actuator market for vehicle, while the remaining share is distributed among between small manufacturers. Key players in the actuator market for automotive are expected to benefit from the formation of strategic alliances with global players in the actuator market for vehicles. Major players operating in the global actuator market for automotive include Hitachi Ltd, Actus Manufacturing, Inc., Cebi International S.A., HELLA GmbH & Co. KGaA, HUSCO International, Kiekert AG, Johnson Electric, MAHLE GmbH, Mitsubishi Electric Corporation, Robert Bosch GmbH, Valeo, and WABCO. Hitachi Ltd. and Robert Bosch GmbH are leading companies and have a large product portfolio as compared to other actuator manufacturers. Johnson Electric has specialization in manufacturing of the actuators, and it produces a large number of actuators and sensors for automobiles.
Global actuator market for automotive is segmented as follows:
- Global Actuator Market for Vehicles Revenue, by Sales Channel
- Original Equipment Manufacturer (OEM)
- Global Actuator Market for Vehicles Revenue, by Application
- Variable Valve Technology
- Coolant & Refrigerant System
- Brake System
- Active Grill Shutter
- Adaptive Headlamp
- HVAC System
- Global Actuator Market for Vehicles Revenue, by Vehicle Type
- Passenger vehicle
- Commercial vehicle
- Electric Vehicle
- Global Actuator Market for Vehicles Revenue, by Actuator Type
- Electric Actuators
- Hydraulic Actuators
- Pneumatic Actuators
- Mechanical Actuators
- Global Actuator Market for Vehicles Revenue, by Geography
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- North America
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