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Demand for Automotive Actuators Market Poised to Grow 1.7X Through 2030
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The Automotive Actuators Market is set to grow 1.7X by 2030, driven by demand for integrated systems despite COVID-19 challenges.
The sales of Automotive Actuators was valued at ~US$65.8 Bn at the end of 2019 and is anticipated to surpass US$109.4 Bn during the forecast period 2020-2030. The COVID-19 pandemic has led the automotive market towards a major slowdown worldwide. The sales of automotive actuators have plummeted with the shutdown of production facilities in leading automotive markets of Europe and Asia, thus posing major challenges to the players operating in automotive market. To overcome this situation, the manufacturers are focusing on research and development to form integrated braking systems which will ensure engine efficiency as well as fuel efficiency. This is anticipated to drive sales of brake actuators during the forecast period. Furthermore, the global demand for automotive actuators will surge by the end of 2020 as they are utilized in number of applications where machineries are involved.
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Prominent Players Focusing on Plant Expansions as Recovery Strategy
The increasing demand for passenger vehicles is expected to propel the growth of automotive actuators market. The market for automotive actuators is fragmented with the presence of large number of regional and local players. Prominent players like Delphi Automotive, Mitsubishi Corporation, and Denso Corporation are focusing on plant expansion as their key strategy to enhance their market presence and to gain a competitive edge over the other market players post COVID-19.
Covid19 Impact on Automotive Actuators Market
Covid-19 has tremendously impacted the automotive industries globally, as major automotive manufacturers have stopped their production due to statewide lockdowns. This has also resulted in the supply chain disruption among the players operating in automotive actuators market. 2019-2020 has been a rough year for the automotive players owing to the slow economic growth globally and the outbreak of infectious Covid-19 which has resulted in declining sales and production of vehicles. The automotive actuators market is also facing the impact of Covid-19 outbreak as the global automotive sector is integrated.
Key Takeaways of Automotive Actuators Market
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Key Segments of the Automotive Actuators Market
Fact.MR’s study on the automotive actuators market offers information divided into four key segments-product, vehicle, working, sales channel and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
Product
Vehicle
Key Questions Answered in Fact.MR’s Automotive Actuators Market Report
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Facility Expansion to Remain a Prime Growth Lever
Prominent players in the automotive actuators market are Delphi Technologies Inc., Mitsubishi Electric Corporation, Denso Corporation, Continental AG, CTS Corporation, BorgWarner Inc., HELLA KGaA Hueck & Co, Hitachi, Ltd, Johnson Electric, among others. Key players in automotive actuators market are focusing on expanding their manufacturing facilities to increase their reach in the global market.
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The article discusses the growth prospects of the Automotive Actuators Market through 2030.
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