The global actuator market size is expected to reach around 98 bn by 2027 and anticipated to expand at a CAGR of 6.5% between 2020 and 2027.
Recent advances upgrading technologies used in the automotive sector will offer impressive growth opportunities to the market. The rising demand for automatic features in vehicles has kept the market players on their toes. With their focus on consolidating market shares, the leading names in the global actuators market are looking to expand their product portfolio. Besides this, several among them are engaging in strategic alliances with other prominent enterprises to gain a stronghold in the global actuator market.
Regionally, Asia Pacific emerged dominant in the global actuator market on account of the presence of the several leading companies in the region. The expanding automotive industries in India, China, and Japan are forecast to fuel growth opportunities for the market in Asia Pacific. Besides this, the availability of cheap labors, declining import duties, and favorable government initiatives are expected to create lucrative prospects for the actuators market.
Actuator is an integral part of the electric controlled automotive systems and is also applied in some mechanical systems. The prime function of the actuator is to convert the signals of different form into mechanical action. The input signals is likely to be in different forms, it may be mechanical, electrical, pneumatic, or hydraulic. The actuator market for automotive is expected to expand at a CAGR of 6.5% during the forecast period.
The global actuator market for automotive is expanding due to the entailment of the automatic and electric features in the vehicles. All the automatic systems in the vehicle consists of actuators, which runs on the basis of the input provided by the sensor. Subsequently, the introduction of automatic systems in vehicles is anticipated to boost the demand for actuators. Rising trend of automatic systems and engine downsizing is boosting the actuator market for automotive. Earlier, the vehicles had the manual door lock and window lock features; however most vehicles, presently, have automated door lock and window lock systems, which indicates the high rate of adoption of automatic systems in vehicles. Stringent emission norms is a major factor that is prompting manufacturers to downsize the engine. Some performance boosters are installed, which require actuators for their proper functioning, in order to maintain the performance of the vehicle after engine downsizing. Introduction of the autonomous vehicle is also likely to boost the demand for actuators in vehicles, as every system of these vehicles is expected to run automatically. The actuator market for automotive is likely to be hampered due to the introduction of electric vehicles, as some actuators accompanied with the engine are expected to be removed from the drive train. Electric vehicles are likely to run completely on servo motors. Government of several nations are encouraging the introduction of electric vehicles in order to lower pollution levels. Governments are also offering monetary benefits to encourage society to adopt electric vehicles.
Actuator manufacturers are likely to witness growth opportunities in order to provide actuators for electric vehicles, as the demand of the electric vehicle is expected to increase during the forecast period. Most actuators other than the drivetrain actuators are expected to remain the same even for the electric vehicles with minor changes, due to availability of power in different form and range.
The actuator market for automotive witnesses the presence of major players and small players. Key players such as Hitachi Ltd, HELLA GmbH & Co. KGaA, Johnson Electric, Mitsubishi Electric Corporation, Robert Bosch GmbH, and Valeo hold a major share of the market.
Strategies Adopted by Leading Automakers to Sustain Growth will Have Positive Influence
Automakers are running their business amidst cut-throat competition. At a time when consumers are spoilt with choices, several manufacturers are including automatic features to differentiate their products. This in turn gives scope for growth to the global actuator market. In the coming years the market is expected to gain from the rising use of electronic components in vehicles. Given the scenario, the rising disposable income of consumers will bode well for the actuators market. On the downside, the presence of certain stringent regulations is restraining the market to an extent. For instance, various governments strictly observe a few safety norms for vehicles that are projected to fuel the demand for actuators.
Rising Demand from HVAC Segment to Boost Growth
Be it as it may, some of the strict guidelines have compelled automakers to include systems such as VVTs, turbochargers, and active grill shutters in their vehicles. Actuators are integral to these systems hence such regulations are expected to sway demand in favor of the global actuator market. In the coming years, the market is expected to witness rising demand from the HVAC, which also held dominance in the market based on application. The rising demand from this segment is forecast to bode well for the market. Furthermore, the increasing adoption of headlamps is expected to bolster sales prospects.
The Actuator market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Actuator market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Actuator market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Actuator market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Actuator market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Actuator capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Actuator by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Actuator market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Actuator market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Actuator market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Actuator industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Actuator market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Actuator market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Actuator market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Actuator market. These factors have benefited the growth of the global market for Actuator. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Actuator. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Actuator are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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