Contact Us

Global Automotive Actuators Market Size Forecast 2024 - 2033

13 Dec, 2024

What Is The Definition Of The Global Automotive Actuators Market?

An automotive actuator is a device used in vehicles to convert energy into mechanical motion. It is commonly used to control various functions in a vehicle, such as opening and closing valves, adjusting throttle position, controlling airflow, and operating other components. Actuators can be powered by various means, including electric motors, hydraulic systems, pneumatic systems, or a combination of these.

Automotive Actuators Global Market Report 2024 provides data on the global automotive actuators market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive actuators market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.

How Is The Market Size And Growth Rate Of The Global Automotive Actuators Market Projected?

The automotive actuators market has grown strongly in recent years. It is expected to increase from $21.37 billion in 2023 to $22.60 billion in 2024, at a CAGR of 5.8%. This growth can be attributed to the development of autonomous vehicles, government regulations, fuel efficiency improvements, emissions reductions, the demand for actuator replacements in the aftermarket, and the rise of electric vehicle (EV) adoption. The market is projected to grow strongly, reaching $28.42 billion by 2028 at a CAGR of 5.9%. Factors driving growth include the rising demand for advanced driver assistance systems (ADAS), increased vehicle production and sales, a growing focus on vehicle comfort, and the expansion of electrification and hybrid vehicles. Trends include the development of autonomous vehicles, integration of smart actuators, integration of ADAS, vehicle electrification, and miniaturization of actuators for greater efficiency.

What Are The Primary Growth Drivers In The Automotive Actuators Market?

The growing demand for electric vehicles (EVs) is expected to boost the automotive actuators market. Electric vehicles, powered by electric motors and rechargeable batteries, are in increasing demand due to technological advancements, environmental concerns, and global efforts to reduce carbon emissions. Automotive actuators are crucial components in electric vehicles, providing precise control over various systems such as braking, steering, and thermal management, improving overall vehicle performance and safety. For example, the International Energy Agency reported that 2.3 million electric cars were sold globally in the first quarter of 2023, a 25% increase from the previous year. The rising demand for electric vehicles is consequently driving the growth of the automotive actuators market.

Get Your Free Sample of the Global Automotive Actuators Market Report

What Is The Segmentation Of The Global Automotive Actuators Market?

The automotive actuators market covered in this report is segmented –
1) By Type: Hydraulic Actuator, Electric Actuator, Pneumatic Actuator
2) By Vehicle: Passenger Vehicles, Commercial Vehicles, Others Vehicles Type
3) By Sales: Original Equipment Manufacturer (OEM), Aftermarket
4) By Application: Throttle Actuator, Seat Adjustment Actuator, Brake Actuator, Closure Actuator, Other Applications

What Emerging Trends Are Shaping The Automotive Actuators Market Landscape?

Companies in the automotive actuators market are advancing smart actuators with integrated intelligent controls to enhance vehicle functionality. These devices ensure precise management of various automotive systems. For instance, in September 2023, Marelli Europe S.p.A., an Italy-based automotive company, unveiled a new smart actuator for electric vehicles, optimized for transmission control and thermal management. This actuator boosts energy efficiency and performance, aligning with the evolving needs of the electric vehicle industry.

Which Region Has The Fastest Expansion In The Automotive Actuators Maket?

Asia-Pacific was the largest region in the automotive actuators market in 2023. The regions covered in the automotive actuators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.