Actuators Market Projected to Surpass USD 86.59 billion by 2031, Growing at a 7.2% CAGR | Latest Report by Transparency Market Research
Transparency Market Research
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Transparency Market Research
The growing demand for safe and comfortable automobiles is providing significant growth prospects for manufacturers in the worldwide actuator market in the next few years.
Wilmington, Delaware, United States, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global actuator market was estimated at a value of US$ 40.30 billion in 2020. It is anticipated to register a 7.2% CAGR from 2021 to 2031 and by 2031, the market is likely to attain US$ 86.59 billion by 2031.
Over the course of the projection period, it is anticipated that growing consumer demand for comfort and safety in cars would drive up demand for sophisticated automotive systems.
A growing demand among automakers for safety features in their vehicles is probably going to lead to a rise in the integration of sophisticated safety and comfort features, which is probably going to lead to a rise in the integration of actuators in vehicles.
The mandates of Government and regulatory bodies for vehicle safety norms and regulations are forcing automakers to equip their cars with safety systems, which is propelling the global actuator market.
The market for actuators is expected to grow as a result of rising demand for in-car comfort systems, which is linked to consumers' desire for a plush and pleasant ride.
Automakers are responding to the growing consumer demand for comfort systems by offering HVAC, motorized windows, and sunroofs.
Actuators maintain control over these systems. Thus, during the projected time, there will probably be a rise in the need for actuators.
Market Trends For Actuator
In 2020, the global actuator market was led by the electric actuator segment in terms of revenue, based on the kind of actuator. Electric actuators are widely used in automobile applications due to their fast speed. The market share of the hydraulic and pneumatic actuator sectors is noteworthy, and they are also a major factor driving the need for actuators.
In 2020, the global actuator market was dominated by the passenger vehicle sector in terms of revenue, based on vehicle type. The passenger vehicle category is being driven by a high demand for SUVs, crossovers, and hatchbacks, which is propelling the actuator market. The passenger vehicle segment of the actuator industry is experiencing significant growth because of growing purchasing power and a demand for private transportation.
Global Market for Actuator: Regional Outlook
Various reasons are propelling the growth of the actuator market in different regions. These are:
The use of actuators is fueled by the presence of major vehicle manufacturers as well as tier-1 suppliers, such as Robert Bosch GmbH and Continental AG, in these regions. These regions account for a significant portion of the global actuator market in terms of revenue in 2020.
These regional automakers are concentrating on adding more safety and comfort features to their cars, which is expected to propel the actuator market. Global small- and medium-sized industry growth is projected to be the primary driver of the actuator market.
Leading companies in the global actuator market are concentrating on growing their market share through joint ventures, partnerships, and mergers and acquisitions. To create more precise, cutting-edge actuators, all of the big manufacturers are aiming to work together with OEMs and Tier 1 manufacturers. Furthermore, in order to strengthen their position in that specific area or nation, manufacturers are concentrating a great deal of attention on new markets for the actuator.
The following companies are well-known participants in the global actuator market:
ZF Friedrichshafen AG
HELLA KGaA
Continental AG
Denso Corporation
Robert Bosch GmbH
Delphi Automotive plc
Hitachi Automotive Systems Ltd
Magna International
Borg Warner Inc.
Johnson Electric
MAHLE GmbH
Mitusbishi Corporation
Nidec Motors & Actuators
Others
Few of key developments by the players in this market are:
Curtiss-Wright Corporation's actuation division introduced its new ASSIGNTM motor program for Exlar FTP as well as FTX Series actuators in January 2021. A multitude of factory automation applications are well suited for the actuators in the FTP and FTX series.
Rotork PLC. and the Milano San Rocco Wastewater Treatment Plant (WWTP) inked an agreement in December 2021 for the supply of Rotork IQ electric modulating actuators.
Continental and Arkamys joined up in April 2021 to provide automotive audio solutions. Continental sound actuators were fitted in a test car that had been outfitted with standard, mass-market speakers at first. Arkamys integrated different loudspeaker and actuator combinations with its sound improvement software. The demonstration vehicle has many sound reproduction systems in addition to manufacturer-friendly characteristics including hidden integration, scalability, weight and space reductions, and fewer components.
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