Report : Electric Vehicle Actuator Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Hydraulic Actuator, Electric Actuator, and Pneumatic Actuator), Application (HVAC, Headlights, Brakes, Grill Shutter, Mirrors, Hood, Trunk, and Others), and Vehicle Type [Battery Electric Vehicle (BEV), Plug-in Hybrid Vehicle (PHEV), Hybrid Electric Vehicle (HEV), and Fuel Cell Electric Vehicle (FCEV)]
According to our latest market study on “Electric Vehicle Actuator Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Hydraulic Actuator, Electric Actuator, and Pneumatic Actuator), Application (HVAC, Headlights, Brakes, Grill Shutter, Mirrors, Hood, Trunk, and Others), and Vehicle Type [Battery Electric Vehicle (BEV), Plug-in Hybrid Vehicle (PHEV), Hybrid Electric Vehicle (HEV), and Fuel Cell Electric Vehicle (FCEV)],” the global electric vehicle actuator market was valued at US$ 585.61 million in 2020 and is expected to reach US$ 1,164.71 million by 2028 with a CAGR of 8.5% during the forecast period.
The integration of automotive actuators to perform various functions, such as HVAC, braking, throttling, operating the headlight, closures, and electronic clutch actuation in vehicles, is boosting the market growth. With the advancements in technology, the automotive manufacturers are investing on integrating advanced systems such as power window, hood openers, advanced braking systems, and headlights, in the vehicles. At present, advanced features such as the adaptive front-lighting system (AFS), adaptive cruise control (ACC), and advanced driver assistance systems (ADAS), are being majorly deployed in modern vehicles, which consist of different actuators to perform unique tasks to comfort the driver as well as passengers. There is an increase in demand for safety features such as telematics, collision avoidance systems, electronic stability control, tire pressure monitors, lane departure warnings, traction control, airbags, and parking assistance, owing to the rising number of road accidents globally. The advanced technological system integrated vehicles can detect and categorize specific objects on the road, alert the driver corresponding to the road conditions, and at times automatically decelerate or stop the vehicle. Thus, technological advancements in the multifunctional system's automotive and production are projected to drive the electric vehicle actuator market.
In terms of geography, the global market was dominated by the APAC region in 2019, which accounted for almost half of the total market share, owing to a higher demand for electric vehicle actuators. Factors such as extensive adoption of premium cars, sedans, and SUVs among the APAC population contribute significantly to the region’s significant market share. Further, the manufacturers of the electric vehicle actuator market are demanding the integration of electric vehicle actuators in the cars to meet the emerging requirement from the customers. Moreover, escalating automotive manufacturing operations, rising demand for electric vehicles, and growing focus of the electric vehicle actuators manufacturers toward offering low-cost and high-efficiency products are expected to drive the electric vehicle actuators market in the Rest of APAC countries during the forecast period.
Robert Bosch GMBH, Continental AG, HELLA GMBH AND CO. KGAA, Johnson Electric, Stoneridge Inc, Hitachi Automotive Systems, LTD., Borgwarner INC., Mahle GMBH, Mitsubishi Electric Corporation, and Nidec Corporation are among the key players that are profiled during this market study. In addition to these players, several other essential market players have also been studied and analyzed to get a holistic view of the global electric vehicle actuator market and its ecosystem.
Impact of COVID-19 Pandemic on Electric Vehicle Actuator Market
The COVID-19 outbreak has severely disrupted the supply chain and manufacturing of electronics equipment, including the hardware component of electric vehicle actuators. The emergence of COVID-19 virus across the globe, followed by lockdown scenarios has led the industry experts to analyze that the industry would face at least a quarter of lag in electronics equipment supply chain. This disruption is expected to create tremors through till mid-2021. The electronics equipment and automotive industry is likely to pick up pace soon after the governments across the globe lift the various containment measures steadily in order to revive the economy. The production of the electronics equipment and automotive is anticipated to gain pace from 2021 which is further foreseen to positively influence the electronics equipment and automotive manufacturing, including hardware components of electric vehicle actuators.
The report segments the global electric vehicle actuator market as follows:
By Vehicle Type