LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive engine actuators market to grow at a CAGR of close to 8% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global automotive engine actuators market for 2017-2021. The report also lists VVT system and electronic throttle system as the two major application segments, of which the VVT system accounted for close to 74% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global automotive engine actuators market:
- Fuel economy benefits are leading to adoption of VVT system
- Low penetration of passenger cars in APAC is leading to higher sales growth
- Adoption of stringent emission norms is leading to popularity of VVT system
Fuel economy benefits are leading to adoption of VVT system
The growing need for fuel-efficient cars is leading to the increasing application of VVT and electronic throttle in vehicles. All economies, both developed and developing, are trying to restrict the carbon emission by the automotive industry. The automotive industry is responsible for about 25% of the total carbon emission, globally. Thus, government bodies across the world are trying to restrict the carbon emission by the automotive industry and enhance the fuel economy. OEMs are also focusing on various alternatives to improve the fuel economy. Equipping the vehicles with VVT systems enhances the fuel economy by 2%-3% and is one of the cheapest ways of improving the fuel economy. This is also leading to the growing adoption of VVT systems.
Low penetration of passenger cars in APAC is leading to higher sales growth
The rise in disposable incomes, cheap credit facilities, and a large number of vehicle models being launched by the OEMs are driving the automotive market in emerging countries such as China and India. The penetration of cars in APAC is low compared with other regions, converting APAC into a favorable market for car OEMs. India had one of the lowest car penetrations in the world, of about 15 cars per 1,000 people in 2016. China had about 60 cars per 1,000 people and Brazil with 203 cars per 1,000 in 2016.
“Low penetration of cars in emerging countries offers a great market opportunity for automakers to launch new and emission-compliant models of cars equipped with VVT and electronic throttle systems, which require an engine actuator to drive them,” says Siddharth Jaiswal, a lead analyst at Technavio for automotive electronics research.
Adoption of stringent emission norms is leading to popularity of VVT system
Rising levels of air pollution have led the government bodies across the world to formulate and implement stringent emission norms for vehicles. The OEMs have taken several initiatives to improve the fuel economy benefits like downsizing of the engine, the introduction of direct injection with a turbocharger, reducing the vehicle weight, and improving the aerodynamics of the vehicle. It has also led to the growing adoption of VVT system, as it improves the fuel economy by 2%-3%.
“VVT system forms a cheaper and lightweight means of controlling emissions without compromising on engine output. Incomplete combustion in car engines causes the vehicle to emit large amounts of harmful pollutants into the atmosphere. VVT systems continuously monitor the opening and closing of variable valves at the intake and exhaust manifolds to ensure cost effective and efficient engine performance,” says Siddharth.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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