The electric vehicle actuator market is expected to grow from US$ 585.61 in 2020 to US$ 1,164.71 million by 2028; it is estimated to grow at a CAGR of 8.97% from 2020 to 2028.
The automotive manufacturers are investing in the adoption of chromogenic technology for the development of advanced vehicle glazing. The technology can dynamically change the transmittance of the sunroof. Glazing chromogenic technology can make an interior comfortable and adjustable as per the driver's requirement and fluctuating visual environment. This technology can provide excellent safety by the virtual elimination of glare and reflections with an actuation system. This is one of the most recent and advanced technologies in the market, owing to smaller sizes than commercial windows, and the lifetime is less (7 years is the average lifetime). The dynamic glazing systems have automatic, semi-automatic, or manual switching capabilities, which require the integration of actuators for proper functioning. The demand for switchable sunroof glazing is growing nowadays. The most successful product is the electrochromic automotive mirror, which is available in cars of most major brands.
Based on type, the electric actuator segment is expected to grow at the highest CAGR in the global electric vehicle actuator market during the forecast period. Electric actuators make use of an electric motor and gear reduction to generate torque or force. Several technologies are being used for designing an electric actuator. The electric motor may use AC or DC power, synchronous design, or an asynchronous (squirrel cage) design. Also, this actuator consists of gearing systems that include spur, worm, and scotch yoke. The gear lubrication contains heavy-duty grease applied to the gear surfaces or oil-filled gearbox. Various accessories are available to report and supervise the operating conditions and actuator's status. There are a wide variety of electric actuators available in the market, which are opted based on different technologies, prices, performance, and quality.
Based on application, the market is segmented into HVAC, headlights, brakes, grill shutter, mirrors, hood, trunk, and others. Similarly, based on vehicle type, the market is segmented into battery electric vehicle (BEV), plug-in hybrid vehicle (PHEV), hybrid electric vehicle (HEV), and fuel cell electric vehicle (FCEV). In terms of geography, in 2020, APAC was the fastest growing region. Increasing disposable income of individuals, coupled with rising economy, has led to the surge in the sales of passenger cars and commercial vehicles in the past few years. The region has become a global manufacturing hub due to the presence of a robust automotive industry. Rising awareness about vehicle emissions, maintenance costs, and lower operating, and increasing government initiatives across the region are propelling the adoption of electric vehicles, thereby driving the electric vehicle actuator market.
The COVID-19 outbreak has severely disrupted the supply chain and manufacturing of electronics equipment, including the hardware component of electric vehicle actuators. The emergence of COVID-19 virus across the globe, followed by lockdown scenarios, has led the industry experts to analyze that the industry would face at least a quarter of lag in electronics equipment supply chain. This disruption is expected to create tremors through till mid-2021. The electronics equipment and automotive industry is likely to pick up pace soon after the governments across the globe lift the various containment measures steadily in order to revive the economy. The production of the electronics equipment and automotive is anticipated to gain pace from 2021 which is further foreseen to positively influence the electronics equipment and automotive manufacturing, including hardware components of electric vehicle actuators.
Key Topics Covered:
2. Key Takeaways
3. Research Methodology
4. Electric Vehicle Actuator Market Landscape 4.1 Market Overview 4.2 PEST Analysis 4.2.1 North America 4.2.2 Europe 4.2.3 APAC 4.2.4 MEA 4.2.5 SAM 4.3 Ecosystem Analysis 4.4 Expert Opinions
5. Electric Vehicle Actuator Market - Key Industry Dynamics 5.1 Market Drivers 5.1.1 Escalating Adoption of Fuel-Efficient Vehicles 5.1.2 Increasing Demand for Advanced Automation Systems in the Vehicle 5.2 Market Restraints 5.2.1 Soaring Scalability Issues and Capital Costs 5.3 Market Opportunities 5.3.1 Switchable Electrochromic and Glazing Sunroof 5.4 Future Trends 5.4.1 Growing Investments to Acquire Intra-Vehicle Connectivity Data 5.5 Impact Analysis of Drivers and Restraints
6. Electric Vehicle Actuator Market - Global Market Analysis 6.1 Electric Vehicle Actuator Market Overview 6.2 Electric Vehicle Actuator Market Forecast and Analysis 6.3 Market Positioning - Global Key Players
7. Electric Vehicle Actuator Market Revenue and Forecast to 2028 - Type 7.1 Overview 7.2 Electric Vehicle Actuator Market Breakdown, By Vehicle Type, 2020 and 2028 7.3 Hydraulic Actuator 7.3.1 Overview 7.3.2 Hydraulic Actuator Market Forecast and Analysis 7.4 Electric Actuator 7.4.1 Overview 7.4.2 Electric Actuator Market Forecast and Analysis 7.5 Pneumatic Actuator 7.5.1 Overview 7.5.2 Pneumatic Actuator Market Forecast and Analysis
8. Electric Vehicle Actuator Market Analysis -By Application 8.1 Overview 8.2 Electric vehicle actuator market Breakdown, by Application, 2020 and 2028 8.3 HVAC 8.3.1 Overview 8.3.2 HVAC Market Revenue and Forecast to 2028 (US$ Million) 8.4 Headlights 8.4.1 Overview 8.4.2 Headlights Market Revenue and Forecast to 2028 (US$ Million) 8.5 Brakes 8.5.1 Overview 8.5.2 Brakes Market Revenue and Forecast to 2028 (US$ Million) 8.6 Grill Shutter 8.6.1 Overview 8.6.2 Grill Shutter Market Revenue and Forecast to 2028 (US$ Million) 8.7 Mirrors 8.7.1 Overview 8.7.2 Mirrors Market Revenue and Forecast to 2028 (US$ Million) 8.8 Hood 8.8.1 Overview 8.8.2 Hood Market Revenue and Forecast to 2028 (US$ Million) 8.9 Trunk 8.9.1 Overview 8.9.2 Trunk Market Revenue and Forecast to 2028 (US$ Million) 8.10 Others 8.10.1 Overview 8.10.2 Others Market Revenue and Forecast to 2028 (US$ Million)
9. Electric Vehicle Actuator Market Revenue and Forecast to 2028 - Vehicle Type 9.1 Overview 9.2 Electric Vehicle Actuator Market Breakdown, by Vehicle Type, 2020 and 2028 9.3 Battery Electric Vehicle (BEV) 9.3.1 Overview 9.3.2 Battery Electric Vehicle (BEV) Market Forecast and Analysis 9.4 Plug-in Hybrid Vehicle (PHEV) 9.4.1 Overview 9.4.2 Plug-in Hybrid Vehicle (PHEV) Market Forecast and Analysis 9.5 Hybrid Electric Vehicle (HEV) 9.5.1 Overview 9.5.2 Hybrid Electric Vehicle (HEV) Market Forecast and Analysis 9.6 Fuel Cell Electric Vehicle (FCEV) 9.6.1 Overview 9.6.2 Fuel Cell Electric Vehicle (FCEV) Market Forecast and Analysis
10. Electric Vehicle Actuator Market - Geographic Analysis
11. Impact of COVID-19 Pandemic on Global Electric Vehicle Actuator Market 11.1 Overview 11.1.1 North America: Impact Assessment of COVID-19 Pandemic 11.1.2 Europe: Impact Assessment of COVID-19 Pandemic 11.1.3 Asia-Pacific: Impact Assessment of COVID-19 Pandemic 11.1.4 Middle East and Africa: Impact Assessment of COVID-19 Pandemic 11.1.5 South America: Impact Assessment of COVID-19 Pandemic
12. Industry Landscape 12.1 Market Initiative
13. Company Profiles 13.1 BorgWarner Inc. 13.1.1 Key Facts 13.1.2 Business Description 13.1.3 Products and Services 13.1.4 Financial Overview 13.1.5 SWOT Analysis 13.1.6 Key Developments 13.2 Mahle GmbH 13.2.1 Key Facts 13.2.2 Business Description 13.2.3 Products and Services 13.2.4 Financial Overview 13.2.5 SWOT Analysis 13.2.6 Key Developments 13.3 Mitsubishi Electric Corporation 13.3.1 Key Facts 13.3.2 Business Description 13.3.3 Products and Services 13.3.4 Financial Overview 13.3.5 SWOT Analysis 13.3.6 Key Developments 13.4 Hitachi, Ltd. 13.4.1 Key Facts 13.4.2 Business Description 13.4.3 Products and Services 13.4.4 Financial Overview 13.4.5 SWOT Analysis 13.4.6 Key Developments 13.5 Nidec Corporation 13.5.1 Key Facts 13.5.2 Business Description 13.5.3 Products and Services 13.5.4 Financial Overview 13.5.5 SWOT Analysis 13.5.6 Key Developments 13.6 Robert Bosch GmbH 13.6.1 Key Facts 13.6.2 Business Description 13.6.3 Products and Services 13.6.4 Financial Overview 13.6.5 SWOT Analysis 13.6.6 Key Developments 13.7 Continental AG 13.7.1 Key Facts 13.7.2 Business Description 13.7.3 Products and Services 13.7.4 Financial Overview 13.7.5 SWOT Analysis 13.7.6 Key Developments 13.8 HELLA GmbH and Co. KGaA 13.8.1 Key Facts 13.8.2 Business Description 13.8.3 Products and Services 13.8.4 Financial Overview 13.8.5 SWOT Analysis 13.8.6 Key Developments 13.9 Johnson Electric Holdings Limited 13.9.1 Key Facts 13.9.2 Business Description 13.9.3 Products and Services 13.9.4 Financial Overview 13.9.5 SWOT Analysis 13.9.6 Key Developments 13.10 Stoneridge , Inc. 13.10.1 Key Facts 13.10.2 Business Description 13.10.3 Products and Services 13.10.4 Financial Overview 13.10.5 SWOT Analysis 13.10.6 Key Developments