LONDON--(BUSINESS WIRE)--The global automotive actuators market is expected to post a CAGR of over 8% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the requirement of high-powered actuation driving hydraulic and pneumatic actuators. Rising electronic content in vehicles is increasing the adoption of automotive actuators, especially electric actuators. However, the application of electric actuators is limited to lightweight applications such as electric steering and not for heavy applications such as opening and closing of the sunroof, opening lift gates. and shifting gears. Most advancements in automotive parts that require actuators are for high-powered actuation. Even disc brakes, which are common features in automobiles, use hydraulic actuators. All gear shift mechanisms, including automated manual transmission, torque converter-based shifts, and dual clutch transmissions use hydraulic actuators.
This market research report on the global automotive actuators market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing trend in the adoption of active suspension systems as one of the key emerging trends in the global automotive actuators market:
Global automotive actuators market: Increasing trend in the adoption of active suspension systems
Automotive suspension systems are constantly being upgraded to meet rising demand for passenger comfort. Vehicle makers are constantly upgrading such systems to provide optimum vehicle balance, reduced vibrations, and minimal wear of drivetrain components. Active suspension systems have improved safety and comfort in vehicles. These systems monitor road conditions continuously and adjust the height of the vehicle chassis to absorb vibrations and shocks. Active suspension systems are basically operated electromagnetically or hydraulically.
“An electromagnetic suspension uses magnetically-induced levitation for stabilizing the effects of roads bumps. It also produces electricity by converting linear motion and charging the battery. Electromagnetic suspension increases the range of electric and hybrid-vehicles by generating certain amounts of energy. while conventional suspension systems only absorb bumps without converting them into electric energy,” says a senior analyst at Technavio for research on automotive components.
Global automotive actuators market: Segmentation analysis
This market research report segments the global automotive actuators market by application (body control, interior, and exterior, engine, and chassis) and geographical regions (APAC, EMEA, and the Americas).
The body control, interior, and exterior segment held the largest market share in 2018, accounting for over 68% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of over 48%. This region is expected to dominate the market through 2023, with nearly a 5% increase in its market share.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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