Automotive Actuators Market Size & Share - Future Growth Expectations
The Automotive Actuators market is projected to grow from an estimated USD 20.9 billion in 2023 to reach USD 29.3 billion by 2030 at a CAGR of 4.9% during the forecast period. The Automotive Actuators market is witnessing rapid growth owing to the adoption of advanced systems and comfort features in nearly all mid-size to high-end vehicles. Leading manufacturers are highly focused on launching products with new technologies, which will serve a wide range of vehicle applications in the future. This will help the manufacturers cater to the rising customer demand for advanced feature vehicles and achieve the targeted market share in the global automotive actuators market.
The automotive actuators market is poised for substantial growth in the coming years, driven by several key factors:
- Electrification Drive
- ADAS Advancements
- Vehicle Automation Shift
- Smart Actuator Integration
- Lightweight, Compact Designs
- Electric Power Steering Adoption
- Electric Brake Actuator Rise
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Electrification Drive:
- The surge in electric and hybrid vehicles is propelling the demand for electric actuators, powering critical components like electric power steering and brakes, driving market expansion.
ADAS Advancements:
- Advancements in ADAS technologies are fueling the need for actuators, facilitating functions such as adaptive cruise control and emergency braking, catalyzing market growth.
Vehicle Automation Shift:
- The automotive industry's transition towards automation, including semi-autonomous and autonomous vehicles, is spurring demand for actuators to enable precise control of steering, braking, and acceleration, shaping market dynamics.
Smart Actuator Integration:
- Integration of smart actuators with sensors and control systems is revolutionizing automotive systems, offering real-time monitoring and adjustment capabilities for enhanced efficiency and reliability, shaping market trends.
Lightweight, Compact Designs:
- The emphasis on lightweight, compact actuator designs is enhancing vehicle performance and fuel efficiency while reducing weight, fostering innovation and market expansion.
Electric Power Steering Adoption:
- Electric power steering systems are gaining traction over traditional hydraulic systems, driving demand for actuators and reshaping market preferences towards efficiency and performance.
Electric Brake Actuator Rise:
- Adoption of electric brake actuators, particularly in electric and hybrid vehicles, is on the rise due to their superior responsiveness, control, and regenerative braking capabilities, driving market growth and sustainability efforts.
Based on these factors, the automotive actuators market is projected to experience robust growth in the coming years, with significant opportunities for market players to capitalize on emerging trends and technological advancements.
Automotive Actuators Market Share - Global Industry Landscape
The automotive actuators market is characterized by the presence of several key players competing for market share. Some of the leading companies in the automotive actuators industry include:
- Robert Bosch (Germany),
- HELLA GmbH & Co. KGaA (Germany),
- Johnson Electric (China),
- Denso Corporation (Japan),
- Continental AG (Germany).
These companies, along with several others, collectively shape the global automotive actuators industry landscape. Market dynamics are influenced by factors such as technological innovation, regulatory compliance, strategic partnerships, and market consolidation. As the demand for biomarkers continues to rise, companies are expected to intensify their efforts to capture market share and drive innovation in automotive actuators discovery, development, and commercialization.
Robert Bosch (Germany):
- Market Share: Robert Bosch is one of the leading players in the automotive actuators market, commanding a significant share globally.
- Key Offering: Bosch offers a comprehensive range of automotive actuators, including electric throttle actuators, electric steering actuators, brake actuators, and various sensor-based actuators for advanced driver assistance systems (ADAS). Their actuators are known for their reliability, performance, and innovative features.
HELLA GmbH & Co. KGaA (Germany):
- Market Share: HELLA is a prominent player in the automotive industry, including the actuators segment, with a notable market share globally.
- Key Offering: HELLA provides a diverse portfolio of automotive actuators, specializing in electric power steering actuators, electronic throttle actuators, and actuators for various ADAS applications. Their actuators are known for their high-quality construction, precision, and compatibility with modern vehicle systems.
Johnson Electric (China):
- Market Share: Johnson Electric is a major player in the global automotive actuators market, particularly known for its expertise in electric motors and actuators.
- Key Offering: Johnson Electric offers a wide range of automotive actuators, including electric power steering actuators, electric brake actuators, and motorized actuators for various vehicle systems. Their actuators are renowned for their reliability, efficiency, and compact design.
Denso Corporation (Japan):
- Market Share: Denso Corporation is a leading supplier of automotive components worldwide, including actuators, with a significant market share.
- Key Offering: Denso provides a comprehensive lineup of automotive actuators, including electric power steering actuators, throttle actuators, and actuators for ADAS features such as adaptive cruise control and lane-keeping assist. Their actuators are known for their high performance, durability, and advanced technology.
Continental AG (Germany):
- Market Share: Continental AG is a major player in the automotive industry, offering a wide range of components, including actuators, with a significant market share globally.
- Key Offering: Continental specializes in innovative automotive actuators, including electric power steering actuators, brake actuators, and actuators for various ADAS functions. Their actuators are known for their cutting-edge technology, reliability, and seamless integration with vehicle systems.
Related Reports:
Automotive Actuators Market for ICE and Electric Vehicle by Product Type (Brake, Throttle, Turbo, and Others), Application (Engine, Body Control & Exterior, Interior), On- and Off-highway Vehicles, Actuation, Motion and Region - Global Forecast to 2030
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