The MEA electric vehicle actuator market is expected to grow from US$ 16.53 million in 2020 to US$ 29.47 million by 2028; it is estimated to grow at a CAGR of 7.0% from 2021 to 2028. The growing investments to acquire intra-vehicle connectivity data are expected to boost the market growth. With the advent of industry 4.0 and Internet of things (IoT), these technologies becoming progressively mainstream across the automotive sector. The escalating adoption of EVs is fueling the adoption and integration of IoT. However, the data integration issues for collaborative and connected vehicle applications are creating a challenge for the companies present in the MEA electric vehicle actuator market. Further, the MEA electric vehicle actuator market is highly competitive with the presence of leading players, which account for a significant market stake. These market players across the MEA region are further supporting the integration of IoT in EVs. Hence, IoT integration is becoming increasingly prominent across internal networks and intra-vehicle connectivity, to share data precisely among actuators, electronic control units (ECUs), and sensors. The lack of EV data sources and charging station networks across the developing countries in the MEA region represents a barrier to the market’s growth. Therefore, the stakeholders across the MEA region are boosting their investments for the adoption and development of vehicular technologies and infrastructure and are making considerable efforts to develop advanced actuation system for intra-vehicle connectivity, which will drive the MEA electric vehicle actuator market.
The MEA, especially South Africa, is severely affected due to the COVIS-19 outbreak.The electric vehicle actuator market in the MEA is majorly affected by the disruption in the supply chain.
Owing to the various containment measures initiated by the governments such as travel restrictions, factory shutdown, and lockdowns, the supply and distribution of electronics equipment had been hampered.The demand for electric vehicle actuator has weakened over the past couple of months, which has impacted the revenue streams of electric vehicle actuator market players operating in this region.
The global COVID-19 pandemic would have significant effects on global economies, but the region is anticipated to be especially impacted as there is already pressure on economy of various oil-based countries due to falling oil prices.In addition to this, the factory lockdowns, business shutdowns, and travel bans are further aggravating the economic problems of the countries in the MEA.
Hence, the estimated decline in the MEA’s economic condition and impact of COVID-19 on growth of various industries in the region is expected to negatively impact the growth of electric vehicle actuator market in 2020 and 2021.
Based on vehicle type, the fuel cell electric vehicle (FCEV) segment is expected to be fastest growing during forecast period for the MEA region.FCEVs are powered with the help of hydrogen.
FCEV is more efficient than conventional internal combustion engine vehicles, as it does not produce tailpipe emissions.FCEV only releases warm air and water vapor, as it is powered with hydrogen.
The FCEVs and the hydrogen infrastructure are used to fuel the vehicles in the early stages of implementation.The FCEVs are well-equipped with advanced technologies to boost the efficiency of the different systems such as regenerative braking systems, which is used to capture the energy lost during braking and store it in a battery.
Advantages of fuel cell electric vehicles such as high efficiency, no tailpipe emissions, and less energy loss are expected to increase their demand in coming years, which will also increase the demand of actuators, thereby driving the MEA electric vehicle actuator market.
The overall MEA 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 MEA electric vehicle actuator market.
The process also serves the purpose of obtaining overview and forecast for the MEA 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 who typically take part in such a 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 MEA electric vehicle actuator market.Continental AG; HELLA GmbH and Co.
KGaA; Hitachi, Ltd.; Johnson Electric Holdings Limited; Mahle GmbH; Mitsubishi Electric Corporation; Nidec Corporation; and Robert Bosch GmbH are among the key players operating in the MEA electric vehicle actuator market.
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