Global Automotive Actuators Market 2023-2030

Global Automotive Actuators Market 2023-2030

Global Automotive Actuators Market Size, Share & Trends Analysis Report by Application (Throttle Control, Steering Control, Brake System, Transmission Control, Engine Control, and Others), and by Vehicle Type (Passenger Cars, and Commercial Vehicles), Forecast Period (2023-2030)

The global automotive actuators market is anticipated to grow at a CAGR of 11.5% during the forecast period (2023-2030). The market’s growth is attributed to evolution of the automotive industry. With the rising incorporation of advanced innovations such as autonomous driving, ADAS (Advanced Driver Assistance Systems), and in-car entertainment systems, the automobile industry has been going through a transition. Actuators are essential to the development of these technologies. Furthermore, a innovative MEMS autofocus actuator has demonstrated usage in a variety of fields, including mobile robotics, automobiles, action cameras, drones, machine vision, security, and surveillance. For instance, in September 2023, Sheba Microsystems Inc., launched an innovative new product, the MEMS Autofocus Actuator for Active Athermalization in Embedded Vision Cameras, that is utilized in mobile robots, automotive, action, drones, machine vision, security, and surveillance.

Segmental Outlook

The global automotive actuators market is segmented on the application, and vehicle type. Based on the application, the market is sub-segmented into throttle control, steering control, brake system, transmission control, engine control, and others. Furthermore, on the basis of vehicle type, the market is sub-segmented into passenger cars, and commercial vehicles. The passenger car subcategory is expected to capture a significant portion of the market share within the vehicle type segment. This is attributed to the owing to the reduced noise emission, the lightweight, compact design, and the flexible installation possibilities. In the car business, comfort elements are now a requirement on a global level.

The Steering Control Sub-Segment is Anticipated to Hold a Considerable Share of the Global Automotive Actuators Market

Among the applications, the steering control sub-segment is expected to hold a considerable share of the global automotive actuators market. The segmental growth is attributed to the using steer-by-wire technology. A mechanical connection between the steering wheel and the wheels is no longer necessary owing to steer-by-wire technology, that constitutes a paradigm shift in steering systems. For accurate control and feedback, this technology primarily depends on innovative actuators, that are used in the AKC system. For instance, in October 2022, ZF launched next-generation AKC active rear axle steering system in volume production. Longer electric vehicles with rear axle steering that is ""steer-by-wire"" are more flexible.

Regional Outlook

The global Automotive Actuators market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, owing to the growing use of actuators in premium vehicles by manufacturers.

The North America Region is Expected to Grow at a Significant CAGR in the Global Automotive Actuators Market

Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the demand from consumers and economic expansion. The global market for automotive actuators is expanding as a result of rising consumer demand for automobiles, particularly in developing nations such as India. Urbanization, rising disposable income, and economic expansion all influence the number of vehicles owned. According to The Times of India, in January 2023, the Indian automobile industry saw its highest ever domestic passenger vehicle sales in 2022. A total of 37.93 lakh units were sold, which was a 23.1% increase from the previous year. Major companies such as Tata Motors, Kia India, and Toyota Kirloskar Motor recorded notable growths in sales. Skoda Auto Volkswagen India had the most significant growth, recording a 123.3% increase. Maruti Suzuki continued to lead the market, selling 15.8 lakh cars in 2022 with a 15.4% year-on-year growth. In December 2022 alone, the Indian auto industry sold 2.28 lakh units, a 3.6% increase from 2021. This growth in sales is indicative of the increasing demand for cars in India, as well as a slightly improved semiconductor chip situation.

Market Players Outlook

The major companies serving the automotive actuators market include CTS Corp., DENSO Corp., Eaton Corporation plc, Emerson Electric Co., HELLA GmbH & Co. KGaA, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in December 2021, Renesas Electronics Corp. launched two new microcontrollers (MCUs) assist the edge evolution of the next-generation electronic and electrical (E/E) architecture in automotive actuator and sensor control applications. The company improves its broader automotive portfolio and expands its RL78 Family of low-power 16-bit MCUs with the new RL78/F24 and RL78/F23, providing clients with highly dependable, high-performance solutions for systems ranging from actuators to zone control.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global automotive actuators market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.