DUBLIN, September 20, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "Global Automotive Actuators Market, By Product Type (EGR, Brake,VGT, Throttle, Intake Flap, Thermal, & Exhaust); By Vehicle Type (Passenger Cars & Commercial Vehicles) And By Geography - Analysis And Forecast 2016-2022" report to their offering.
The market is estimated to reach $27.5 billion by 2022 between 2016 and 2022.
The actuator industry has undergone rapid technological advancements due to factors such as low cost and constant product development which have widened its range of applications. The increasing need for new safety and luxury features in the vehicles has pushed towards a rising demand for actuators in the forecast period. Certain trends such as driver assistance systems, semi-autonomous vehicles, fully-autonomous vehicles, telematics, and electric vehicle (EV)/ hybrid electric vehicle (HEV)is believed to actively disrupt the automotive industry, which will further reinforce and accelerate the growth of the sensors and actuators market.
Stringent regulations on a vehicle's emission levels resulting in a high demand for efficient vehicles is one of the major factors which has contributed to the overall market growth. However, the market consists of certain constraints such as pricing pressure and low preference of diesel powered cars.
The brake actuator dominated the market by value and accounted for 26.5% share, whereas thermal actuators dominated the market by volume and accounted for 25.6% share. High prices and mandatory installation of anti-lock braking systems and electronic stability systems in countries such as the U.S and European Union are some of the major factors supporting the high market sales of brake actuators.
The widespread application of actuators in passenger cars accounted for a major share of the total automotive actuators market in 2015. Demand for fuel efficient vehicles, high production rate, and development of performance enhancement technologies are the main reasons behind the increase in the growth of the passenger cars actuator market.
APAC was the maximum revenue generating region in 2015 and is also expected to grow at a faster rate with 3.8% between 2016 and 2022 in comparison to other regions. Factors such as a well-established automotive industry, increasing disposable incomes, and stringent regulations on vehicle's emissions are some of the central factors contributing to the current market growth in APAC.
Some of the prominent key players in the industry Robert Bosch GmbH (Germany), Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive PLC (U.K), Hella KGaAHueck & Co (Germany), BorgWarner Inc. (U.S), Hitachi Ltd.(Japan), and Johnson Electric Holding Ltd. (Hong Kong).
These companies are aiming for widespread business expansion through mergers & acquisitions, partnerships, and product launches to prevent the new entrants from capturing/entering the market.
For more information about this report visit http://www.researchandmarkets.com/research/lwchp5/global_automotive
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SOURCE Research and Markets