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Automotive Actuators Market Size
Automotive Actuators Market size is projected to register significant growth between 2024 and 2032, attributed to the continual stream of innovative product launches by industry leaders. These advancements address critical needs in vehicle performance, efficiency, and safety.
For instance, in September 2023, Marelli, a global supplier, unveiled its latest range of multipurpose smart actuators for electric vehicles during the Battery Show North America 2023 in Novi, Michigan. These innovative actuators streamline the operation of intricate vehicle functions. With the automotive landscape moving towards integrating over 100 actuators with diverse functions, Marelli's solution aims to simplify complexity and enhance integration within vehicles' mechanical and electronic systems. Featuring an electronic module for autonomous control and seamless connectivity to the vehicle's electronic network, Marelli's smart actuators boast a flexible, modular, and scalable mechanical design tailored to accommodate complex vehicle electronics and transmission setups.
Leading companies are pioneering technologies that enhance vehicle dynamics, optimize fuel consumption, and improve the overall driving experience. As consumer expectations evolve, the market responds with cutting-edge solutions, driving a steady increase in demand for automotive actuators and propelling the industry into a new era of innovation.
The automotive actuators market is experiencing heightened demand driven by the revolutionary initiatives of leading enterprises. These companies are pioneering transformative solutions to meet evolving automotive needs. By introducing innovative technologies and advanced functionalities, they aim to enhance vehicle performance, safety, and efficiency. These revolutionary intentions are reshaping the market landscape, fueling a surge in market demand. As enterprises continue to push the boundaries of innovation, the automotive industry is propelled toward a future defined by cutting-edge solutions and unparalleled advancements.
For instance, in September 2023, Sheba Microsystems Inc., renowned for its expertise in MEMS technologies, unveiled its groundbreaking product, the MEMS Autofocus Actuator, designed specifically for Active Athermalization in Embedded Vision Cameras. These cameras find applications across automotive, drones, action, machine vision, surveillance and security, and mobile robotics.
The automotive actuators market faces notable restraints despite its growth trajectory. Challenges such as high initial investment costs, particularly in research and development, hinder market entry for new players. Additionally, stringent regulatory standards and compliance requirements impose constraints on product development and innovation. The limited availability of skilled workforce proficient in advanced actuator technologies further impedes market growth. Moreover, the complexity of integrating actuators into existing vehicle systems presents a barrier, delaying widespread adoption. These factors collectively pose significant challenges to the automotive actuators industry.
Automotive Actuators Market Trends
Rapid innovations within the automotive industry are reshaping the automotive actuators industry. Advancements like electrification, autonomous driving, and connectivity are driving demand for sophisticated actuators. Miniaturization and integration of sensors and electronics are enhancing actuator efficiency and functionality. Furthermore, the push toward sustainable mobility has fostered the development of eco-friendly actuators. With increasing emphasis on safety and comfort, demand for advanced actuator systems is on the rise. These trends signify a dynamic and evolving landscape within the automotive actuators industry.
Citing an instance, in November 2023, Continental, a prominent player in the automotive industry, introduced its newest breakthrough, the ATE Electronic Brake Actuators. Engineered to revolutionize and streamline the brake caliper repair procedure, these actuators represented a significant advancement. In the past, mechanics faced the arduous challenge of replacing the entire caliper assembly. Yet, with the introduction of these innovative actuators, technicians now only need to address the faulty component, eliminating the need for unnecessary replacements and enhancing repair efficiency.
Automotive Actuators Market Analysis
Based on application, the automotive actuators industry from the throttle segment is slated to exhibit rapid growth owing to the growing product implementation in proportionate throttle operations. These integrations equip the car with features, including cruise control, traction control, stability control, and high performance. Fuel injection includes a steady flow of gasoline to the engine, which helps enhance vehicle fuel efficiency. The functions of the fuel injector, throttle actuator, and electronic control unit help improve vehicle performance. The increasing use of these components in automobiles to improve performance and achieve high fuel efficiency could propel industry growth through 2032.
Asia Pacific automotive actuators market will expand significantly primarily due to the expanding manufacturing capabilities of regional automakers. Autonomous vehicles are steadily gaining popularity in this region due to their safety and technologically advanced features, backed by sensors and actuators. For instance, in August 2022, the Ministry of Transport announced a set of national laws to encourage the use of self-driving taxi fleets in specific conditions to speed the commercialization of autonomous vehicles in China.
Automotive Actuators Market Share
Major companies operating in the automotive actuators industry competitive landscape include:
- Robert Bosch GmbH
- Aptiv PLC
- Continental AG
- Hella KGaA Hueck & Co.
- Denso Corporation
- Wabco Holdings Inc.
- Nidec Corporation
- Sonceboz SA
- Mitsubishi Electric Corporation
Automotive Actuators Industry News
· In May 2023, Hella, operating under Forvia, secured its inaugural battery management systems order from a major US OEM. This marked the first series project for such systems in the US market, alongside the delivery of valve actuators for the electric platform of a leading German car manufacturer. The automotive supplier reported a surge in series orders, bolstering its foothold in electrification and energy management. Noteworthy projects encompassed high-voltage battery management, intelligent battery sensors, and actuators. Hella expands its electrification offerings with the introduction of a new electronic valve actuator (eVA), further enhancing its comprehensive portfolio.