According to new Study, the automotive actuators market expected to register ~ 6.2% CAGR by value during the forecast period of 2019 - 2029.
automotive actuators market is estimated to expand at a CAGR of ~ 6.2% by value and ~ 5.2% by volume over the forecast period.— Fact.MR has recently published a report on the automotive actuators market. According to the report, in terms of revenue, the global
Since the sales of automotive actuators is related to automotive production and vehicle parc, the increasing automotive production and vehicle parc across the globe is expected to boost the growth of automotive actuators during the forecast period. Although there are unstable economic conditions in the market, the global automotive industry has registered a satisfactory growth. Automotive actuators continue to witness profitable opportunities across the globe. In addition, the increasing dependency of control systems on automotive actuators is driving their worldwide adoption.
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In industries, different types of actuators and valves are available to serve a wide range of applications. While considering actuators, the key purpose behind their application is to convert power provided to them into mechanical energy for controlling motion of gases and fluids. Different varieties in the operation of control systems allow actuators to receive their power from pneumatic force, hydraulic pressure, and electric current. When an actuator receives a signal, the energy received from pneumatic force, hydraulic pressure and electric current gets converted into motion. Control systems used in different industries are largely dependent on the actuation technology efficiency. While based on the type of controlling operations, the supplied energy source may differ from actuator to actuator. The overall control system working is highly dependent on the mechanism of actuators. On the other hand, when actuators fail to control the displacement or motion of matter, the control system will experience inaccuracy in its working and leads to the shutdown of the entire industrial operations. The significance of actuators in the industrial control system will continue to drive their demand during the forecast period.
Owing to the increased use of improved quality materials and technologies for automotive manufacturing, the operational age of vehicles coupled with reliability has increased significantly over the past few years. As a result of increased vehicle age, there is rising need for repair, maintenance, and replacement of parts, which in turn drives the aftermarket for actuators. Furthermore, increasing number of applications in industries where high machineries are involved, increases the demand for automotive actuators.
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Asian Countries to Dominate the Automotive Actuators Market
The automotive actuator market is analyzed across multiple regions across the globe which includes North America, Latin America, Europe, South Asia, East Asia, Middle East & Africa, and Oceania. The report offers different useful takeaways for players operating in the automotive actuators market and evaluates different trends, driving the demand for automotive actuators in each market segment, on a global level. In addition, the report assesses different restraints that are restraining the growth of automotive actuators market during the forecast period. Among all regions, East Asian dominance in automotive actuators market is expected to register a market share of around 35% by the end of 2029, due to the growing demand for better functioning automobiles. In order to achieve better functioning of automobiles, the demand for actuators is increasing. The automotive actuators market in Asian countries is expected to grow at a faster pace during the forecast period, with China, India and Japan leaning towards becoming automotive component manufacturing and supplying hubs across the globe, like Germany and the United States. The increasing sales of commercial vehicles and passenger cars in Asian countries is further expected to boost the growth of the automotive actuators market.
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