Impact of COVID-19 on Automotive Electric Actuator Market
According to the report, the global automotive electric actuator market is projected to surpass US$ 11.7 Bn by 2027, expanding at a CAGR of ~6% during the forecast period. Expansion of the global automotive electric actuator market is primarily due to rising investment by manufacturers for incorporation of safety features in their vehicles and change in regulatory norms for traffic safety and vehicle emission. The automotive industry has been witnessing a technological revolution in the last decade.
Development and innovation in automotive actuators in conjunction with electronic components, such as microcontrollers (MCU), and their application in vehicles have revolutionized conventional vehicle technology, which in turn is responsible for significant rise in application of automotive electric actuators. For instance, electric actuators are utilized in vehicles to control various applications, ranging from basic functions such as opening and closing windows and sliding doors and opening and closing vent doors to advanced functions such as engine idle control for high-performance vehicles and regenerative braking.
Expansion of Automotive Electric Actuator Market
Reduced maintenance costs of electric actuator, owing to elimination of hydraulic components and pneumatic components, is anticipated to increase the demand for electric actuators, thus driving the automotive electric actuators market. Electric actuators provide flexible control over the electronic controller and offer immediate feedback. They can be reprogrammed easily should problems occur. Additionally, motion profiles of electric actuators can be fully controlled and encoders can be implemented for having greater control over velocity, position, torque, and applied force.
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This, in turn, is prompting electric vehicle manufacturers to implement electric actuators in their vehicles, thereby driving the automotive electric actuators market. Conventional braking systems, such as hydraulic brakes and pneumatic brakes, are increasingly being replaced by electronic braking systems (EBS) attributed to the multiple advantages offered by these actuator brakes including reduced maintenance costs and quiet and immediate braking. Brake actuators are used in advanced braking system. Rising penetration of these advanced braking systems in vehicles is likely to increase demand for electric actuators during the forecast period.
Based on product type, the turbo actuator segment is likely to expand at a significant pace during the forecast period. Stringent emission regulations enacted by various governments and regulatory authorities to reduce vehicle emission are prompting automakers to adopt technologies aimed at increasing fuel-efficiency in their vehicles, including turbo actuators. Turbo actuator is used in the vehicle turbocharger. It acts as a pressure relief valve, controlling the output of vehicle turbocharger, and diverts excess gases away from the turbine wheel in the turbocharger.
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egional Analysis of Automotive Electric Actuator Market
In terms of region, the global automotive electric actuator market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific held a significant share for the global automotive electric actuator market in 2018 owing to earlier adoption of electric vehicles, availability of major component manufacturers, and presence of major OEMs in the region. Increased demand for luxury vehicles, rise in preference for electronically advanced vehicles, and surge in adoption of advanced safety technologies and vehicle enrichment accessories are likely to propel the automotive electric actuator market in Europe.
Prominent players operating in the global automotive electric actuator market include Aptiv, Borg Warner Inc., Continental AG, CTS Corporation, DENSO Corporation, Hella GmbH & Co., KGaA, Hitachi Ltd., Johnson Electric, MAHLE GmbH, Mitusbishi Corporation, Nidec Motors & Actuators, Robert Bosch GmbH, Robertshaw Controls Pvt. Ltd., Valeo, and WABCO.
