Report : Electric Vehicle Actuator Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Hydraulic Actuator, Electric Actuator, and Pneumatic Actuator), Application (HVAC, Headlights, Brakes, Grill Shutter, Mirrors, Hood, Trunk, and Others), and Vehicle Type [Battery Electric Vehicle (BEV), Plug-in Hybrid Vehicle (PHEV), Hybrid Electric Vehicle (HEV), and Fuel Cell Electric Vehicle (FCEV)]
According to the new research report titled “Electric Vehicle Actuator Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 1,164.71 million by 2028 with a CAGR of 8.5% from 2021 to 2028.
The electric vehicle actuators market in APAC is sub segmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. 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 increasing government initiatives across the region are propelling the adoption of electric vehicles, thereby driving the electric vehicle actuator market.
The constant fluctuations in the prices of fuel and decline in the subsidies offered on the plug-in-hybrid vehicles (PHEV) in China's markets are influencing the sales of the vehicles. Several automotive manufacturers are robustly focusing on launching plug-in hybrid electric vehicles (PHEV), which indicates that the market trend is shifting toward eco-friendly vehicles. Well-known manufacturers, such as Volvo, Mercedes-Benz, BMW, Ford, Volkswagen, and Mitsubishi, have already established the plug-in-hybrid versions of the existing IC engine vehicle models, which accounted for a substantial share of the sales of the PHEVs across the region. China is the largest manufacturer of plug-in hybrid vehicles, owing to the presence leading manufacturers such as SAIC, BYD, and BAIC. Further, the Chinese Central Government has announced a US$ 15 billion investment to boost the development of PEVs in the country. The rising consumer awareness and increasing inclination toward purchasing EVs are expected to drive the demand for EVs in countries such as Japan, China, and Korea. China and Japan are the major contributors to the electric vehicle actuators market in the region. China is constantly witnessing an increase in adoption of BEVs due to the rising awareness among the population about environmental issues.
The global automotive production depends on China, and the COVID-19 pandemic outbreak resulted in the supply shortage, affecting the assembly of OEMs in all the regions. About two-third of the auto-production in China was directly affected by the business shutdown, which had an adverse impact on its suppliers as well. Therefore, the COVID-19 outbreak has limited the operations of the automotive manufacturing industry in APAC, which would impact the growth of the electric vehicle actuators market in the coming years.
Key Findings of Study:
With the advent of industry 4.0 and Internet of things (IoT), these technologies are 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 automotive electric actuator market. Further, the automotive electric actuator market is highly competitive, owing to the presence of leading players that account for a significant market stake. These market players 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. Therefore, the lack of EV data sources and charging station networks across the developing countries represents a barrier to the market's growth. Therefore, the stakeholders are boosting their investments for the adoption and development of vehicular technologies and infrastructure, and they are making considerable efforts to develop advanced actuation systems for intra-vehicle connectivity.