Automotive Actuators Market Poised to Grow 1.7X Through 2030
Demand for automotive actuators has been adversely affected as almost every region in the world has been hit by the outbreak of COVID-19. The shutdown of automotive plants in leading automobile manufacturing countries such as China, Germany, India and US among others is having a severe impact on the automotive actuators market.
However, after the pandemic is brought under control, the market players will focus on innovations of automotive actuators by targeting high efficiency products.
This, in turn, is expected to increase the automotive actuators market in several regions by the end of 2020. In its recently published report, Fact.MR forecasts the automotive actuators market to expand by 1.7X in terms of value and grow at a CAGR of 5.4% during the forecast period 2020-2030.
Passenger Vehicle Segment to Amplify Sales of Automotive Actuators
Amid the coronavirus outbreak, automotive industry has been a highly affected sector, hampering the sales of automotive actuators. The existing vulnerabilities like declining sales of passenger cars is anticipated to decrease the global demand for automotive actuators till the end of 2020.
However, consumer inclination towards features in vehicles such as automatic lighting, panoramic sunroof, auto-sense wipers, and power windows is set to boost the growth of automotive actuators market.
In an effort to stabilize their businesses and to gain a competitive advantage over competitors in terms of customer base, automotive manufacturers will equip vehicles with more electric assisted features. This, in turn, is anticipated to increase the demand for automotive actuators during the forecast period. Among all vehicle types, the passenger vehicle segment is estimated to account for nearly 76% of the automotive actuators market.
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APEJ to Remain Kingpin in Automotive Actuator Market
In the current scenario, the global economy is showing a downward trend due to the global pandemic of COVID-19. This is anticipated to show a sluggish growth of automotive actuators market in the near term.
However, post coronavirus-related lockdown in Asian countries, the demand for passenger cars will swiftly increase, which is expected to see an upward trend in the automotive actuator market.
Moreover, the condition is likely to ease in countries like China where pandemic originated and has shown signs of recovery with manufacturing being started in some parts. APEJ dominance in automotive actuators market is expected to register a market share of around 39% by the end of 2030, due to the growing demand for better functioning automobiles.
Prominent Players Focusing on Plant Expansions as Recovery Strategy
The increasing demand for passenger vehicles is expected to propel the growth of automotive actuators market. The market for automotive actuators is fragmented with the presence of large number of regional and local players. Prominent players like Delphi Automotive, Mitsubishi Corporation, and Denso Corporation are focusing on plant expansion as their key strategy to enhance their market presence and to gain a competitive edge over the other market players post COVID-19.
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Covid19 Impact on Automotive Actuators Market
Covid-19 has tremendously impacted the automotive industries globally, as major automotive manufacturers have stopped their production due to statewide lockdowns. This has also resulted in the supply chain disruption among the players operating in automotive actuators market. 2019-2020 has been a rough year for the automotive players owing to the slow economic growth globally and the outbreak of infectious Covid-19 which has resulted in declining sales and production of vehicles. The automotive actuators market is also facing the impact of Covid-19 outbreak as the global automotive sector is integrated.
APEJ being one of the prominent regions for automotive actuators will see fall in demand. China being one of the widely affected regions, is also the largest market for automotive actuators. Prominent players are optimistic that the production of vehicle will pick up in the beginning of third quarter of 2020. At the same time, manufacturers are determining ways to tackle this situation and it is foreseen that leading automotive manufacturers will offer numerous solutions to influence sales, perhaps creating demand for automotive actuators.
Key Segments of the Automotive Actuators Market
Fact.MR’s study on the automotive actuators market offers information divided into four key segments-product, vehicle, working, sales channel and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
- Waste Gate Actuator
- VGT Actuator
- Throttle Actuator
- Brake Actuator
- EGR Actuator
- Power Seat Actuator
- Grille Shutter
- HVAC Actuator
- Headlamp Actuator
- Others (Quick Attach, Hood Lift, etc.)
- Passenger Vehicles
- Commercial Vehicles
- Heavy Commercial Vehicles
- Gear Motors or Electric
- North America
- Latin America
- Middle East & Africa (MEA)
Global Automotive Actuators Market - Scope of the Report
Fact.MR recently published a market study on the global market for automotive actuators. The study provides a detailed assessment on the key market dynamics, including drivers, trends, opportunities, restraints, and detailed information about the automotive actuators market structure. The market study presents exclusive information about how the automotive actuators market will grow during the forecast period of 2020-2030.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, value chain, supply chain analysis, and Compounded Annual Growth Rate (CAGR) are explained in Fact. MR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the automotive actuators market in the forecast period.
The study is relevant for stakeholders in the automotive actuators market, including manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the automotive actuators market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in the Fact.MR study.
The study also includes statistics as well as facts related to macro as well as microeconomic factors that are impacting developments in the automotive actuators market. It also offers actionable insights based on future trends in the automotive actuators market. Furthermore, small businesses and new entrants in the automotive actuators market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Questions Answered in Fact.MR’s Automotive Actuators Market Report
- Which regions will continue to remain the most profitable regional markets for automotive actuators market players?
- Which factors will induce a change in the demand for automotive actuators during the assessment period?
- How will changing trends impact the automotive actuators market?
- How can market players capture the low-hanging opportunities in the automotive actuators market in developed regions?
- Which companies are leading the automotive actuators market?
- What are the winning strategies of stakeholders in the automotive actuators market to upscale their position in this landscape?
Automotive Actuators Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the automotive actuators market, and reach conclusions on future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of conclusions.
Secondary resources referred to analysts during the preparation of the automotive actuators market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who have contributed to the development of this report as a primary resource.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
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