As per the current market research conducted by the CMI Team, the North America Electric Vehicle Actuator Market size is expected to record a CAGR of 9.2% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 204.9 Million. By 2032, the valuation is anticipated to reach USD 453.3 Million.
North America Electric Vehicle Actuator Market: Growth Factors and Dynamics
- Increasing Adoption of Electric Vehicles (EVs): One of the primary growth factors for the North America Electric Vehicle Actuator Market is the rising adoption of electric vehicles. As the automotive industry undergoes a shift towards sustainable and eco-friendly transportation, the demand for electric vehicles is on the rise. Actuators play a crucial role in the functioning of various systems within electric vehicles, such as powertrains, steering systems, and braking systems.
- Government Initiatives and Incentives: Government support and initiatives aimed at promoting the adoption of electric vehicles contribute significantly to the growth of the actuator market. Various North American governments have implemented policies and incentives, such as tax credits, rebates, and infrastructure development, to encourage consumers and manufacturers to embrace electric vehicles. These measures drive the demand for electric vehicle actuators, as they are integral components in enhancing the overall performance and safety of EVs.
- Technological Advancements: Ongoing technological advancements in the electric vehicle sector, including improvements in actuator design, materials, and efficiency, are driving market growth. Innovations in actuator technology lead to more reliable and energy-efficient electric vehicles, addressing concerns related to performance, range, and overall user experience. Manufacturers focusing on research and development to stay competitive in this dynamic market contribute to the evolution of electric vehicle actuators.
- Environmental Awareness and Regulations: Growing environmental concerns and increasing awareness about the impact of traditional internal combustion engine vehicles on air quality and climate change are influencing consumer preferences. Additionally, stringent environmental regulations and emission standards are pushing automotive manufacturers to invest in electric vehicle technologies.
- Infrastructure Development: The growth of the North America Electric Vehicle Actuator Market is closely linked to the development of charging infrastructure. As the electric vehicle market expands, there is a parallel need for an extensive and reliable charging network. Actuators, particularly those involved in charging mechanisms and power distribution within electric vehicles, become vital for seamless and efficient charging processes. Investments in charging infrastructure contribute to the overall growth and sustainability of the electric vehicle ecosystem.
- Collaborations and Partnerships: Collaboration and partnerships between automotive manufacturers, technology companies, and suppliers in the electric vehicle ecosystem play a pivotal role in the growth of the actuator market.
North America Electric Vehicle Actuator Market: Partnership and Acquisitions
- In 2021, Vitesco Technologies initiated the production of electrical catalyst heating for high-voltage hybrid vehicles. This development represents a crucial step in advancing technology for hybrid automobiles, enhancing efficiency and contributing to the evolution of sustainable and high-performance automotive solutions.
- In 2020, Continental and Sennheiser jointly introduced a “speakerless” audio system for vehicle interiors. Sennheiser’s technology induces immersive audio by vibrating surfaces within the vehicle. Continental’s Ac2ated Sound actuator solution significantly cuts weight and space, achieving up to a 90% reduction compared to traditional in-car audio systems.
Report Scope
| Feature of the Report | Details |
| Market Size in 2023 | USD 204.9 Million |
| Projected Market Size in 2032 | USD 453.3 Million |
| Market Size in 2022 | USD 189.4 Million |
| CAGR Growth Rate | 9.2% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Type, Application, End Use and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
North America Electric Vehicle Actuator Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the North America Electric Vehicle Actuator Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Supply Chain Disruptions: The COVID-19 pandemic led to widespread disruptions in global supply chains, affecting the production and availability of components, including electric vehicle actuators. Factory closures, restrictions on movement, and reduced workforce capacity hindered the manufacturing processes, leading to delays and shortages in the supply of actuators for electric vehicles.
- Reduced Consumer Spending and Demand: Economic uncertainties during the pandemic resulted in reduced consumer spending and a cautious approach towards large investments, such as purchasing electric vehicles. This decline in consumer demand for electric vehicles directly impacted the market for electric vehicle actuators, as automakers scaled back production in response to the weakened market conditions.
- Government Stimulus and Incentives: To stimulate economic recovery and promote the adoption of electric vehicles, governments may implement stimulus packages and incentives. These measures can include subsidies for electric vehicle purchases, tax credits, and grants for research and development in the electric vehicle sector. Such initiatives can boost consumer confidence and drive demand for electric vehicles, subsequently fueling the market for electric vehicle actuators.
- Resilience in Manufacturing and Supply Chains: Companies in the electric vehicle actuator market can focus on building resilient manufacturing processes and supply chains. Diversification of suppliers, strategic stockpiling of critical components, and the adoption of digital technologies for supply chain management can help mitigate the impact of future disruptions and ensure a steady flow of actuators to meet market demands.
- Technological Innovation and Product Development: Continued investment in research and development to enhance the performance, efficiency, and reliability of electric vehicle actuators is crucial for market recovery. Innovations in actuator technology can lead to more competitive and advanced products, attracting consumers and manufacturers looking for cutting-edge solutions in the post-pandemic era.
- Increased Collaboration and Partnerships: Collaborations between industry stakeholders, including automakers, suppliers, and technology companies, can accelerate recovery efforts. Shared expertise, resources, and collaborative projects can lead to the development of innovative solutions and help the industry adapt to the changing market dynamics.
In conclusion, the COVID-19 pandemic has had a mixed impact on the North America Electric Vehicle Actuator Market, with some challenges and opportunities arising from the pandemic.
List of the prominent players in the North America Electric Vehicle Actuator Market:
- Bosch Limited
- Continental AG
- Honeywell International Inc.
- HELLA GmbH & Co. KGaA
- Johnson Electric Holdings Limited
- Mahle GmbH
- Mitsubishi Electric Corporation
- Nidec Corporation
- Nexteer Automotive Group Limited
- NSK Ltd.
- Robert Bosch GmbH
- Schaeffler AG
- Siemens AG
- Stoneridge Inc.
- ZF Friedrichshafen AG
- Others
The North America Electric Vehicle Actuator Market is segmented as follows:
By Type
- Hydraulic Actuator
- Pneumatic Actuator
- Electric Actuator
By Application
- HVAC
- Brakes
- Headlights
- Grill Shutter
- Mirrors
- Trunk
- Hood
- Others
- Power Windows
- Seat Adjustment
- Steering Column Adjustment
- Others
- Window Wipers
- Convertible Tops
- Transmission System
- Electric Door Locks
- Sunroof Operations
- Seatbelt Tensioners
- Adjustable Pedals
- Seatback Recliners
- Power Trunk Or Tailgate Release
- Charging Port Doors
By End Use
- Battery EV
- Hybrid EV
- Plug-in-hybrid EV
- Fuel Cell EV
Regional Coverage:
Europe
- Germany
- France
- U.K.
- Russia
- Italy
- Spain
- Netherlands
- Rest of Europe