“Automotive Actuators Market by Vehicle, Application, On-Highway Vehicle, Actuation, Motion, Product (Brake, Cooling Valve, Power Window, Throttle, EGR, Power Seat, Grille Shutter, HVAC, Headlamp, Piezoelectric), and Region – Global Forecast to 2027″, published by MarketsandMarkets™, The global automotive actuators market size is projected to grow at a CAGR of 7.1% during the forecast period, to reach USD 39.5 billion by 2027 from an estimated USD 22.8 billion in 2019.
The increasing demand for comfort features, advanced automated systems in vehicles, and rising trends of engine downsizing in the automotive industry are some of the key factors fueling the growth of this market.
The report analyzes all major players in this region for the automotive actuators market, including Hitachi Automotive Systems, Ltd. (Japan), Denso Corporation (Japan), and Mitsubishi Electric Corporation (Japan).
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Brake actuators segment to hold the largest share of the automotive actuators market, by actuator type
The brake actuator is estimated to hold the largest market share, in terms of value, in 2019. Mandatory installation of anti-lock braking systems (ABS) and electronic stability systems in the US and European countries have been the key driver for the brake actuators market. The increase in the number of electric and fuel-efficient vehicles has further boosted the brake actuators market.
On-highway vehicle segment-a promising market for automotive actuators
The on-highway vehicle segment is estimated to be the largest in the automotive actuators industry. An increasing number of electric and fuel-efficient vehicles in the automobile industry has driven the growth of the automotive actuators in this segment. This segment comprises a number of automotive actuators that help manage and control various applications.
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Asia Pacific: The largest market for automotive actuators
The Asia Pacific is estimated to hold the largest share, in terms of volume, of the automotive actuators market in 2019. The demand for automotive actuators in this region is triggered by increasing vehicle production in developing nations such as China and India and the increasing number of electric vehicles in countries such as China and Japan. The region is also the leading producer of automobiles in the world.
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