North America Electric Vehicle Actuator Market to Grow at a CAGR of 7.4% to reach US$ 193.16 million from 2021 to 2028

The North America electric vehicle actuator market is expected to grow from US$ 105.17 million in 2020 to US$ 193.16 million by 2028; it is estimated to grow at a CAGR of 7.4 % from 2021 to 2028.

The US, Canada, and Mexico are economies in North America. Increasing adoption of fuel-efficient vehicles is expected to escalate the market. Increasing requirement for electronically advanced systems in vehicles, owing to the strict guideline announced by the governments across the North America to fuel the efficiency, is one of the major drivers for the market growth. Moreover, the rising production of vehicles and growing preference for smooth driving experience and high comfort is boosting the demand for different types of actuators. Currently, most light-duty vehicles are well equipped with mechanical or electric actuators. The 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. The electric vehicles (EV) have the lowest energy consumption as they operate through battery that uses intrinsically higher efficiency of electric motors compared to internal combustion engines. 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%. Therefore, growing implementation of standards by governments across the North America and mounting requirement of fuel-efficient vehicles is one of the significant factors driving the growth of the North America electric vehicle actuator market

In case of COVID-19, The US is the most affected country in North America. The growing number of infections in has led the government to impose various containment measure such factories shut down, travel restrictions, closure of international borders and lockdowns. The huge increase in the number of confirmed cases and rising reported deaths in the country is affected both manufacturing and sales of materials associated with electric vehicle actuator. The region is expecting market recovery and economic improvement with the start of the COVID-19 vaccination. However, companies risk still remain with the market uncertainties from tough business environment associated with unfavorable foreign exchange rate, raw material price and logistics cost.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America electric vehicle actuator market. The North America electric vehicle actuator market is expected to grow at a good CAGR during the forecast period.

North America Electric Vehicle Actuator Market Segmentation 

North America Electric Vehicle Actuator Market – By Type

• Hydraulic Actuator
• Electric Actuator
• Pneumatic Actuator

North America Electric Vehicle Actuator Market – By Application

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

North America Electric Vehicle Actuator Market – By Vehicle Type

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

North America Electric Vehicle Actuator Market, by Country

• US
• Canada
• Mexico

North America Electric Vehicle Actuator Market -Companies Mentioned

• BorgWarner Inc.
• Continental AG
• HELLA GmbH and Co. KGaA
• Hitachi, Ltd.
• Johnson Electric Holdings Limited
• Mahle GmbH
• Mitsubishi Electric Corporation
• Nidec Corporation
• Robert Bosch GmbH    
• Stoneridge, Inc.   

North America Electric Vehicle Actuator Report Scope