Electric Vehicle Actuator Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Application, and Vehicle Type [Battery Electric Vehicle, Plug-in Hybrid Vehicle, Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle ]
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 8.5% from 2021 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.
The overall electric vehicle actuator market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the electric vehicle actuator market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the electric vehicle actuator market.Robert Bosch GMBH, Continental AG, HELLA GMBH AND CO.
KGAA, Johnson Electric, Stoneridge Inc, Hitachi Automotive Systems, LTD., Borgwarner INC., Mahle GMBH, Mitsubishi Electric Corporation, and Nidec Corporation are among the key players operating in the market.
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