Electric Vehicle Actuator Market to Grow at a CAGR of 8.5% to reach US$ 1,164.71 million from 2020 to 2028

The electric vehicle actuator market was valued at US$ 585.61 million in 2020 and is projected to reach US$ 1,164.71 million by 2028; it is expected to grow at a CAGR of 8.5% from 2021 to 2028.

An actuator is a component of a device responsible for controlling a mechanism. Actuators are used in rock & pinion arrangements, ball screws, motors, cylinders, and other components. Electrical actuators are increasingly replacing hydraulic and pneumatic actuators because they are more efficient and controllable. The electric vehicle actuator market has grown because of increased investments, particularly in the European region. Furthermore, increased government regulations for reducing vehicle emissions have increased the demand for fuel-efficient vehicles, which would provide growth opportunities for the market. The demand for electric vehicles with advanced features and connectivity is growing in tandem with automation and digitalization in the automotive industry. However, high capital cost of electric vehicles or risk of component failure could stymie the growth of the electric vehicle actuator market during the forecast period (2021 to 2028). With the advent of Industry 4.0 and Internet of Things (IoT), these technologies are becoming progressively mainstream across the automotive sector. The escalating adoption of electric vehicles (EVs) is fueling the adoption and integration of IoT. However, the data integration issues for collaborative and connected vehicle applications are creating a challenge for companies present in the automotive electric actuator market. Further, the automotive electric actuator market is highly competitive with the presence of leading players that account for a significant market stake. These market players are further supporting the integration of IoT in EVs. Hence, IoT integration is becoming increasingly prominent across internal networks and intra-vehicle connectivity, to share data precisely among actuators, electronic control units (ECUs), and sensors. Therefore, the lack of EV data sources and charging station networks across the developing countries represents a barrier to the market's growth.

APAC dominated the electric vehicle actuator market in 2020, Factors such as extensive adoption of premium cars, sedans, and SUVs among the APAC population contribute significantly to the region’s major market share. Further, General Motors Holden, Toyota Motor Corporation Australia Limited, Ford Motor Company of Australia Limited, Mitsubishi Motors Australia Ltd. (MMAL), Isuzu Australia Limited, Hyundai Commercial Vehicles Australia, and Volkswagen Group Australia Pty Ltd. are among the well-known manufacturers of commercial vehicles in the country. All these manufacturers are demanding the integration of electric vehicle actuators in the cars to meet the emerging requirements 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 is expected to drive the electric vehicle actuators market in the Rest of APAC countries during the forecast period.

Customize This Report To Suit Your Requirement

You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities

Get FREE CUSTOMIZATION

Electric Vehicle Actuator Market: Strategic Insights

• Get Top Key Market Trends of this report.
  This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

Free Sample PDF

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.

Market Insights

Escalating Adoption of Fuel-Efficient Vehicles

Increasing demand for electronically advanced systems in vehicles is one of the major drivers for the market. Moreover, rising production of vehicles and growing preference for smooth driving experience and high comfort are boosting the demand for different types of actuators. Currently, most of the light-duty vehicles are well equipped with mechanical or electric actuators. Their diesel engines consume 10–20% less fuel as they have more efficient engine operations, whereas hybrid vehicles powered with gasoline have lower fuel consumption. The hybrid vehicle engine operates to its peak efficiency as well as accommodates an amount of energy from regenerative braking, which is triggered with the help of actuators. Electric vehicles (EVs) have the lowest energy consumption as they operate through battery that uses electric motors with intrinsically higher efficiency compared to internal combustion engines. Several manufacturers worldwide are focusing on ensuring the EU fleet regulations to limit with the average CO2 emissions per km by 2030, as penalties would be issued for noncompliance. The selling of EVs offers the original equipment manufacturers (OEMs) the opportunity to meet their targets with extra credits and make compliance easier by reducing the limit’s stringency up to 5%.

Type-Based Market Insights

Based on type, the global electric vehicle actuator market is segmented into hydraulic actuator, electric actuator, and pneumatic actuator. The hydraulic actuators produce the movement from the displacement of fluids through the valves of a variable suspension system.

Application-Based Market Insights

Based on application, the electric vehicle actuator market is segmented into HVAC, headlights, brakes, grill shutter, mirrors, hood, trunk, and others. Linear actuators are most widely employed when a part of a vehicle requires to be lowered, lifted, opened, or closed. To enhance pedestrian safety, the integration of actuators in the vehicle is increasing.

Vehicle Type-Based Market Insights

Based on vehicle type, the electric vehicle actuator market is segmented into battery electric vehicle (BEV), plug-in hybrid vehicle (PHEV), hybrid electric vehicle (HEV), and fuel cell electric vehicle (FCEV). A hybrid electric vehicle (HEV) is a complex system that integrates electronic, chemical, mechanical, and thermodynamic technologies. When an HEV is in movement, control and data are transformed by various flows. Moreover, in HEVs, a hybrid drive motor is positioned between the engine and the automatic transmission, engaging in power transmission. In other words, the motor's power and the power of the driving engine generate power together, which is transmitted to the wheels. In parallel hybrids, the electric engine and internal combustion engine (ICE) are both associated with mechanical transmission.

Product development is the commonly adopted strategy by companies to expand their product portfolio. Hella GMBH, Summer Infant, Vitesco Technologies, BorgWarner, and Bosch are among the key players implementing strategies to enlarge the customer base and gain significant share in the global electric vehicle actuator market, which, in turn, permits them to maintain their brand name. A few of the recent key developments are:

• In February 2021, Vitesco Technologies is manufacturing electrical catalyst heating for high-voltage hybrid vehicles.
• In November 2020, Bosch launched an Electronic airbag control unit for cars. The bag gets fully inflated within 30 milliseconds and can protect the driver and passengers.

Electric Vehicle Actuator Market Regional Insights

The regional trends and factors influencing the Electric Vehicle Actuator Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Electric Vehicle Actuator Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Electric Vehicle Actuator Market Report Scope

Electric Vehicle Actuator Market Players Density: Understanding Its Impact on Business Dynamics

The Electric Vehicle Actuator Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Electric Vehicle Actuator Market are:

1. Robert Bosch GMBH
2. Continental AG
3. HELLA GMBH AND CO. KGAA
4. Johnson Electric
5. Stoneridge Inc

Disclaimer: The companies listed above are not ranked in any particular order.

Electric Vehicle Actuator Market Segmentation:

By Type

• Hydraulic Actuator
• Electric Actuator
• Pneumatic Actuator

By Application

• HVAC
• Headlights
• Brakes
• Grill Shutter
• Mirrors
• Hood
• Trunk
• Others

By Vehicle Type

• Battery Electric Vehicle (BEV),
• Plug-in Hybrid Vehicle (PHEV)
• Hybrid Electric Vehicle (HEV)
• Fuel Cell Electric Vehicle (FCEV))

Company Profiles

• 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
• Nidec Corporation