Automotive Actuator Market is Forecasted to Expand at a CAGR of 6.6% to Reach US$ 42.53 Billion by 2034

Automotive Actuators Playing Crucial Role in Advanced Driver Assistance Systems to Enable Precise Control over Steering, Braking, and Acceleration: Fact.MR

ROCKVILLE, MD, UNITED STATES, July 17, 2024 /EINPresswire.com/ -- According to a recently updated research report released by Fact.MR, the global automotive actuator market is expected to reach US$ 22.45 billion in 2024 and advance at a CAGR of 6.6% from 2024 to 2034.

Actuators are essential components of electric powertrains, controlling functions such as throttle, brakes, and HVAC systems. ADAS technologies, including adaptive cruise control, lane-keeping assistance, and automated parking systems, require precise steering, braking, and acceleration control via actuators.

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Increasing use of electronics and automation in vehicles is driving the demand for automotive actuators. As technology advances, various actuators are projected to be installed in self-driving cars to improve comfort and safety. Global increase in automobile production, including passenger and commercial vehicles, has led to a steady increase in sales of automotive actuators. Additionally, the shift to electric and hybrid vehicles is also generating lucrative opportunities for automotive actuator manufacturers.

East Asia is a key regional market for automotive actuators and will remain so over the next decade. As far as deployment goes, with worldwide sales of passenger cars so high, they account for the bulk of overall sales globally.

Key Takeaways from Market Study:

The global market for automotive actuators is projected to expand at a CAGR of 6.6% from 2024 to 2034. The market is forecasted to climb to a value of US$ 42.53 billion by 2034.

The market in the United States is forecasted to reach a value of US$ 2.81 billion in 2024. China is estimated to account for a market share of 67.8% in East Asia in 2024.

Revenue from the sales of automotive actuators in Japan is estimated to reach US$ 1.48 billion in 2024. The market in North America is forecasted to expand at a CAGR of 6.1% through 2034.

“Strict fuel efficiency regulations are prompting automakers to integrate technologies like variable valve timing and turbochargers, boosting demand for automotive actuators,” says a Fact.MR analyst.

Throttle Actuators Acting as Critical Components in Modern Vehicle Engine Management Systems

The throttle actuator is a vital component in modern vehicle engine management systems. It controls the amount of air that enters the engine, affecting its power and torque output. This functionality is required for optimal engine performance, fuel efficiency, and emission control. Throttle actuators are linked to sophisticated engine management systems that adjust fuel-air mixture ratios and throttle response based on operating conditions (such as speed, load, and temperature).

Country-wise Insights

In 2024, North America is projected to capture 18.5% of the global market share. East Asia, on the other hand, is expected to hold a significant 30.7% share. To address rising vehicular emissions and the growing demand for environmentally friendly vehicles, the Indian government has implemented stringent regulations. This initiative is anticipated to drive market growth during the forecast period, leading many car manufacturers to invest in India through various schemes.

Competitive Landscape

To enhance adoption in lucrative areas, key players in the automotive actuator industry are employing a blend of organic and inorganic strategies, including partnerships and collaborations with leading automotive manufacturers.

In September 2023, Marelli introduced a new line of multipurpose smart actuators for electric vehicles, designed to streamline the actuation of complex vehicle features. With future vehicles expected to incorporate over 100 actuators for various purposes, this innovation will help carmakers reduce complexity and simplify integration within mechanical and electronic systems.

In 2022, Continental AG partnered with Arkamys to enhance audio solutions in vehicles. This collaboration saw the installation of Continental's sound type automotive actuators in a demo vehicle, initially equipped with conventional commodity speakers.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the automotive actuator market for 2018 to 2023 and forecast statistics for 2024 to 2034.

The study divulges the automotive actuator market based on product (wastegate actuators, VGT actuators, throttle actuators, brake actuators, EGR actuators, power seat actuators, grille shutters, HVAC actuators, headlamp actuators), vehicle (passenger cars, commercial vehicles, heavy commercial vehicles), and working (pneumatic, hydraulic, electromagnetic, gear motors or electric), and sales channel (OEMs, aftermarket), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

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