Automotive Actuators Market to reach USD 25.7 billion in 2030, at a CAGR of 3.8% | IMR

According to Intent Market Research, the Automotive Actuators Market is expected to grow from USD 19.8 billion in 2023 to touch USD 25.7 billion in 2030, growing at a CAGR of 3.8%

The high demand for premium cars is driving the demand of automotive actuators. Actuators drive ADAS, vehicle telematics, automated sunroof, power windows etc. thereby, further increasing its demand. Several governments of the world are promoting road safety to reduce the risk of accidents. Such strong backing results into the mandatory use of ADAS in new cars. This increases the demand for automotive actuators. With the increasing fuel prices, consumers prefer electric vehicles over gasoline. In 2022, about 14% of total new sold cars were electric; up from 9% in 2021. Such a boom of electric vehicles is expected to boost the demand of automotive actuators during the forecasted period.

Globally, passenger car production is over 2.5 times higher than commercial vehicles in 2022. The passenger cars segment has the highest demand for automotive actuators compared to the commercial vehicles segment. The high demand for passenger cars including electric vehicles is driving the automotive actuators demand from passenger cars segment. Additionally, with the integration of ADAS in heavy commercial vehicles, the commercial vehicle segment expected to grow over the forecast period.

Types of actuators available are electric, pneumatic, hydraulic, magnetic, and electromechanical, etc. Out of these, electric actuators offers the highest precision control positioning, and accuracy. Whereas, hydraulic actuators are tough to withstand harsh condition that may arise in heavy commercial vehicles. Pneumatic actuators are low cost option and often used in high temperature areas.

North America is expected to record significant share of the market during the forecast period. In 2022, about 1 million electric cars sold in the US and is expected to reach up to 1.6 million in 2023. As both these regions are highly developed, there is high demand for premium electric cars. This, in turn, is expected to drive the demand for automotive actuators in the coming years.  

Major players operating in the global automotive actuators market are BorgWarner, Bosch, Continental, Denso, EFI Automotive, Hitachi, Johnson Electric, MAHLE, Mitsubishi Electric, NIDEC, among others. Global automotive actuators market is fragmented with the presence of large number of large, medium and small enterprises.

The major players of the market have adopted several market growth strategies such as investment in R&D, new product launch, collaboration, etc. In April 2023, Oechsler AG, a leading plastics technology group, and sauer product GmbH have announced their agreement to jointly develop and market their products in the field of actuators and electronics. With this new partnership, the two Germany-based companies aims to gain from the growing global automotive market in the future.