North America Electric Vehicle Actuator Market Size, Trends and Insights 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), and By Region - Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032


Report Code: CMI39339

Published Date: January 2024

Pages: 320+

Category: North America

Report Snapshot

CAGR: 9.2%
189.4M
2022
204.9M
2023
453.3M
2032

Source: CMI

Study Period: 2023-2032
Fastest Growing Market: North America
Largest Market: North America

Major Players

  • Bosch Limited
  • Continental AG
  • Honeywell International Inc.
  • HELLA GmbH & Co. KGaA
  • Johnson Electric Holdings Limited
  • Others

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Reports Description

As per the current market research conducted by the CMI Team, the North America Electric Vehicle Actuator Market 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.

The North America Electric Vehicle Actuator Market refers to the industry focusing on the production, distribution, and innovation of actuators specifically designed for electric vehicles (EVs).

Actuators play a crucial role in various systems within EVs, such as powertrains, steering, and braking systems. The market is influenced by factors like the increasing adoption of EVs, government initiatives promoting sustainable transportation, technological advancements, and the need for environmentally friendly solutions.

Key players in this market continuously work on advancements and collaborations to meet the rising demand for efficient and reliable electric vehicle actuators in the North American automotive sector.

North America Electric Vehicle Actuator Market – Significant Growth Factors

The North America Electric Vehicle Actuator Market presents significant growth opportunities due to several factors:

  • Rising Adoption of Electric Vehicles (EVs): The increasing shift towards sustainable transportation and the growing adoption of electric vehicles drive the demand for electric vehicle actuators. Actuators play a critical role in the efficient functioning of various systems within EVs, contributing to the overall performance and safety.
  • Government Support and Incentives: Government initiatives, including financial incentives, tax credits, and regulatory support, encourage the adoption of electric vehicles. These policies stimulate market growth for electric vehicle actuators as automakers and suppliers align with environmental goals and standards.
  • Technological Advancements: Ongoing technological innovations in electric vehicle actuator design and functionality enhance their efficiency, reliability, and overall performance. Continuous research and development efforts contribute to the development of advanced actuators, meeting the evolving needs of the electric vehicle market.
  • Environmental Awareness and Regulations: Growing awareness of environmental issues and stringent emission regulations drive the transition to electric vehicles. Actuators play a key role in supporting eco-friendly solutions, making them essential components in electric vehicle systems that comply with environmental standards.
  • Infrastructure Development: The expansion of charging infrastructure for electric vehicles presents an opportunity for electric vehicle actuator manufacturers. Actuators involved in charging mechanisms and power distribution systems are crucial for the development of efficient and reliable charging solutions, aligning with the increasing demand for electric vehicles.
  • Collaborations and Partnerships: Strategic collaborations between key industry players, technology companies, and automotive manufacturers create opportunities for synergies in innovation and market expansion.

North America Electric Vehicle Actuator Market – Mergers and Acquisitions

The North America Electric Vehicle Actuator Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the North America Electric Vehicle Actuator Market include:

  • In 2021, Arkamys and Continental collaborated to enhance automotive audio, integrating Continental sound actuators into a demo vehicle equipped with traditional speakers. Arkamys combined its software with diverse loudspeaker configurations, offering scalable, space-efficient, and concealed sound solutions, providing manufacturer-friendly benefits such as reduced weight and components in the demo car.
  • In 2020, Bosch revealed an electronic airbag control module for automobiles, boasting the capability to fully inflate in under 30 milliseconds. This innovation enhances occupant safety by swiftly deploying airbags, offering swift and effective protection for both the driver and passengers in the event of a collision.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the North America Electric Vehicle Actuator Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

North America Electric Vehicle Actuator Market Smart Electric Mobility Scooter Market Electric Vehicle Actuator Market
CAGR 9.2% (Approx) CAGR 10.5% (Approx) CAGR 23% (Approx)
USD 453.3 Million by 2032 USD 33.7 Billion by 2032 USD 1400 Million by 2032

North America Electric Vehicle Actuator Market – Significant Threats

The North America Electric Vehicle Actuator Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

  • Supply Chain Disruptions: The electric vehicle actuator market faces threats from supply chain disruptions, including shortages of critical components and materials. Factors such as geopolitical tensions, natural disasters, or global events like the COVID-19 pandemic can impact the supply chain, leading to delays in production and increased costs.
  • Intense Competition: The market for electric vehicle actuators is becoming increasingly competitive, with numerous players entering the space. Intense competition may result in pricing pressures and a focus on cost-cutting measures, potentially affecting profit margins for companies in the market.
  • Technological Obsolescence: Rapid advancements in technology pose a threat to existing electric vehicle actuator solutions. Companies must continuously innovate to stay ahead of technological obsolescence, ensuring that their products remain competitive and aligned with evolving industry standards.
  • Regulatory Changes: Changes in government regulations and standards related to electric vehicles can pose challenges for market players. Shifts in emission targets, safety standards, or other regulatory requirements may necessitate costly modifications to existing electric vehicle actuator designs, impacting both development timelines and costs.
  • Consumer Acceptance and Perception: The success of electric vehicles depends on widespread consumer acceptance. Any negative perceptions or concerns regarding the safety, reliability, or cost-effectiveness of electric vehicle actuators can significantly impact market growth. Building and maintaining consumer trust is crucial for the long-term success of the electric vehicle actuator market in North America.

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 2022
Forecast Period 2023-2032
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.

Category-Wise Insights

By Type:

  • Hydraulic Actuator: Hydraulic actuators in the North America Electric Vehicle Actuator Market utilize fluid power to convert energy into motion. The market trend indicates a shift towards more compact and efficient hydraulic actuators, emphasizing reduced energy consumption and enhanced responsiveness in electric vehicle applications.
  • Pneumatic Actuator: Pneumatic actuators use compressed air to drive motion in electric vehicles. In the North American market, trends involve the integration of lightweight and durable pneumatic actuators, promoting energy efficiency and responsive control in various automotive applications.
  • Electric Actuator: Electric actuators convert electrical energy into mechanical motion. In North America’s Electric Vehicle Actuator Market, there’s a notable trend towards the development of advanced electric actuators with improved precision, reliability, and integration capabilities, aligning with the increasing demand for smart and connected electric vehicles.

North America Electric Vehicle Actuator Market 2023–2032 (By Million)

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By Application

  • HVAC (Heating, Ventilation, and Air Conditioning): Electric Vehicle (EV) actuators control HVAC systems, optimizing interior climate. Trends include energy-efficient HVAC designs, integration with smart climate control, and increased focus on occupant comfort, aligning with the broader push for sustainable and comfortable EV experiences in North America.
  • Brakes: Actuators in electric vehicle braking systems ensure precise control. Trends involve advancements in regenerative braking technology, enhancing energy recovery. Safety innovations and integration with autonomous driving features drive brake actuator developments in the North American market.
  • Headlights: Electric vehicle headlight actuators regulate lighting systems. Trends include adaptive LED technology, automatic beam adjustments, and integration with sensor systems for improved visibility and safety. Ongoing developments cater to North American demands for enhanced visibility and energy efficiency.
  • Grill Shutter: Actuators control grill shutters, managing airflow for thermal efficiency. Trends involve smart shutters responding to temperature and aerodynamic needs. In North America, the focus is on aerodynamics and thermal management to improve overall electric vehicle efficiency.
  • Mirrors: Electric vehicle mirror actuators adjust mirrors for optimal visibility. Trends include aerodynamic designs, integration with camera-based systems, and enhanced automation for improved safety. North American markets see increased emphasis on sleek designs and advanced safety features.
  • Trunk: Actuators in the trunk system facilitate easy opening and closing. Trends involve smart trunk features, hands-free operation, and sensor integration for convenience. North American consumers seek practical and user-friendly trunk solutions in electric vehicles.
  • Hood: Hood actuators control the opening and closing of electric vehicle hoods. Trends include automated hood systems, pedestrian safety features, and lightweight materials for improved efficiency. The North American market focuses on safety innovations and streamlined designs.
  • Others: Actuators in various other applications contribute to electric vehicle functionality. Trends encompass innovations in powertrain systems, electronic control units, and connectivity features. The North American market witnesses diverse advancements catering to the multifaceted demands of electric vehicle applications beyond standard components.

By End Use

  • Battery Electric Vehicle (BEV): BEVs are fully electric vehicles powered solely by rechargeable batteries. The North America Electric Vehicle Actuator Market for BEVs is driven by increasing demand for zero-emission vehicles, with trends focusing on enhanced battery efficiency and the development of high-performance actuators for improved electric vehicle dynamics.
  • Hybrid Electric Vehicle (HEV): HEVs combine an internal combustion engine with an electric motor. In North America, the Electric Vehicle Actuator Market for HEVs is characterized by the integration of actuators to optimize energy management, supporting seamless transitions between electric and combustion modes. Trends include advancements in regenerative braking systems.
  • Plug-in Hybrid Electric Vehicle (PHEV): PHEVs feature both electric and internal combustion engines with the ability to charge from external sources. The North America Electric Vehicle Actuator Market for PHEVs emphasizes actuators that enhance the efficiency of dual powertrains, aligning with trends promoting extended electric-only driving ranges and improved overall system performance.
  • Fuel Cell Electric Vehicle (FCEV): FCEVs use hydrogen fuel cells to generate electricity. In the North America Electric Vehicle Actuator Market for FCEVs, trends include the development of actuators that support the unique requirements of fuel cell systems, such as precise control of air and hydrogen flow, contributing to enhanced fuel cell vehicle efficiency.

North America Electric Vehicle Actuator Market 2023–2032 (By End Use)

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Competitive Landscape – North America Electric Vehicle Actuator Market

The North America Electric Vehicle Actuator Market is highly competitive, with a large number of manufacturers and retailers operating. Some of the key players in the market include:

  • 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

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships.

New entrants like Rivian, Lucid Motors, and Fisker Inc. are leveraging innovation to enter the North America Electric Vehicle Actuator Market. These companies prioritize advanced technologies and sustainable solutions in their electric vehicle offerings, incorporating cutting-edge actuators.

Established key players like Bosch, Continental, and Siemens dominate the market with extensive R&D investments, global presence, and strategic collaborations. Their market dominance is reinforced by a wide range of high-performance electric vehicle actuators, a strong brand reputation, and the ability to meet the evolving demands of the rapidly growing electric vehicle industry in North America.

North America Electric Vehicle Actuator Market 2023–2032 (By Type)

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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

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market Research Methodology
  • Chapter 2. Executive Summary
    • 2.1 North America Electric Vehicle Actuator Market, (2023 – 2032) (USD Million)
    • 2.2 North America Electric Vehicle Actuator Market: snapshot
  • Chapter 3. North America Electric Vehicle Actuator Market – Industry Analysis
    • 3.1 North America Electric Vehicle Actuator Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Stringent Emission Standards
      • 3.2.2 Technological Advancements
      • 3.2.3 Growing Charging Infrastructure
      • 3.2.4 Rising Adoption of Electric Vehicles (EVs)
      • 3.2.5 Integration of Smart Technologies
      • 3.2.6 Consumer Awareness and Preferences.
      • 3.2.7 Rising Adoption of Electric Vehicles (EVs)
      • 3.2.8 Government Support and Incentives
      • 3.2.9 Technological Advancements
      • 3.2.10 Environmental Awareness and Regulations
      • 3.2.11 Infrastructure Development
      • 3.2.12 Collaborations and Partnerships.
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market Attractiveness Analysis By Type
      • 3.7.2 Market Attractiveness Analysis By Application
      • 3.7.3 Market Attractiveness Analysis By End Use
  • Chapter 4. North America Electric Vehicle Actuator Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 North America Electric Vehicle Actuator Market: Company Market Share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, collaboration, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. North America Electric Vehicle Actuator Market – Type Analysis
    • 5.1 North America Electric Vehicle Actuator Market Overview: By Type
      • 5.1.1 North America Electric Vehicle Actuator Market Share, By Type, 2022 and 2032
    • 5.2 Hydraulic actuator
      • 5.2.1 North America Electric Vehicle Actuator Market by Hydraulic actuator, 2023 – 2032 (USD Million)
    • 5.3 Pneumatic actuator
      • 5.3.1 North America Electric Vehicle Actuator Market by Pneumatic Actuator, 2023 – 2032 (USD Million)
    • 5.4 Electric Actuator
      • 5.4.1 North America Electric Vehicle Actuator Market by Electric Actuator, 2023 – 2032 (USD Million)
  • Chapter 6. North America Electric Vehicle Actuator Market – Application Analysis
    • 6.1 North America Electric Vehicle Actuator Market Overview: By Application
      • 6.1.1 North America Electric Vehicle Actuator Market Share, By Application, 2022 and 2032
    • 6.2 HVAC
      • 6.2.1 North America Electric Vehicle Actuator Market by HVAC, 2023 – 2032 (USD Million)
    • 6.3 Brakes
      • 6.3.1 North America Electric Vehicle Actuator Market by Brakes, 2023 – 2032 (USD Million)
    • 6.4 Headlights
      • 6.4.1 North America Electric Vehicle Actuator Market by Headlights, 2023 – 2032 (USD Million)
    • 6.5 Grill Shutter
      • 6.5.1 North America Electric Vehicle Actuator Market by Grill Shutter, 2023 – 2032 (USD Million)
    • 6.6 Mirrors
      • 6.6.1 North America Electric Vehicle Actuator Market by Mirrors, 2023 – 2032 (USD Million)
    • 6.7 Trunk
      • 6.7.1 North America Electric Vehicle Actuator Market by Trunk, 2023 – 2032 (USD Million)
    • 6.8 Hood
      • 6.8.1 North America Electric Vehicle Actuator Market by Hood, 2023 – 2032 (USD Million)
    • 6.9 Others
      • 6.9.1 North America Electric Vehicle Actuator Market by Others, 2023 – 2032 (USD Million)
    • 6.10 Power Windows
      • 6.10.1 North America Electric Vehicle Actuator Market by Power Windows, 2023 – 2032 (USD Million)
    • 6.11 Seat adjustment
      • 6.11.1 North America Electric Vehicle Actuator Market by Seat Adjustment, 2023 – 2032 (USD Million)
    • 6.12 Steering column adjustment
      • 6.12.1 North America Electric Vehicle Actuator Market by Steering Column Adjustment, 2023 – 2032 (USD Million)
    • 6.13 Others
      • 6.13.1 North America Electric Vehicle Actuator Market by Others, 2023 – 2032 (USD Million)
    • 6.14 Window wipers
      • 6.14.1 North America Electric Vehicle Actuator Market by Window Wipers, 2023 – 2032 (USD Million)
    • 6.15 convertible tops
      • 6.15.1 North America Electric Vehicle Actuator Market by Convertible Tops, 2023 – 2032 (USD Million)
    • 6.16 Transmission System
      • 6.16.1 North America Electric Vehicle Actuator Market by Transmission System, 2023 – 2032 (USD Million)
    • 6.17 electric door locks
      • 6.17.1 North America Electric Vehicle Actuator Market by Electric Door Locks, 2023 – 2032 (USD Million)
    • 6.18 Sunroof Operations
      • 6.18.1 North America Electric Vehicle Actuator Market by Sunroof Operations, 2023 – 2032 (USD Million)
    • 6.19 Seatbelt Tensioners
      • 6.19.1 North America Electric Vehicle Actuator Market by Seatbelt Tensioners, 2023 – 2032 (USD Million)
    • 6.20 Adjustable Pedals
      • 6.20.1 North America Electric Vehicle Actuator Market by Adjustable Pedals, 2023 – 2032 (USD Million)
    • 6.21 Seatback Recliners
      • 6.21.1 North America Electric Vehicle Actuator Market by Seatback Recliners, 2023 – 2032 (USD Million)
    • 6.22 Power Trunk or Tailgate Release
      • 6.22.1 North America Electric Vehicle Actuator Market by Power Trunk or Tailgate Release, 2023 – 2032 (USD Million)
    • 6.23 Charging Port Doors
      • 6.23.1 North America Electric Vehicle Actuator Market by Charging Port Doors, 2023 – 2032 (USD Million)
  • Chapter 7. North America Electric Vehicle Actuator Market – End Use Analysis
    • 7.1 North America Electric Vehicle Actuator Market Overview: By End Use
      • 7.1.1 North America Electric Vehicle Actuator Market Share, By End Use, 2022 and 2032
    • 7.2 Battery EV
      • 7.2.1 North America Electric Vehicle Actuator Market by Battery EV, 2023 – 2032 (USD Million)
    • 7.3 Hybrid EV
      • 7.3.1 North America Electric Vehicle Actuator Market by Hybrid EV, 2023 – 2032 (USD Million)
    • 7.4 Plug-in-hybrid EV
      • 7.4.1 North America Electric Vehicle Actuator Market by Plug-in-hybrid EV, 2023 – 2032 (USD Million)
    • 7.5 Fuel Cell EV
      • 7.5.1 North America Electric Vehicle Actuator Market by Fuel Cell EV, 2023 – 2032 (USD Million)
  • Chapter 8. North America Electric Vehicle Actuator Market – Regional Analysis
    • 8.1 North America Electric Vehicle Actuator Market Regional Overview
    • 8.2 North America Electric Vehicle Actuator Market Share, by Region, 2022 & 2032 (USD Million)
    • 8.3. North America
      • 8.3.1 North America North America Electric Vehicle Actuator Market, 2023 – 2032 (USD Million)
        • 8.3.1.1 North America North America Electric Vehicle Actuator Market, by Country, 2023 – 2032 (USD Million)
    • 8.4 North America North America Electric Vehicle Actuator Market, by Type, 2023 – 2032
      • 8.4.1 North America North America Electric Vehicle Actuator Market, by Type, 2023 – 2032 (USD Million)
    • 8.5 North America North America Electric Vehicle Actuator Market, by Application, 2023 – 2032
      • 8.5.1 North America North America Electric Vehicle Actuator Market, by Application, 2023 – 2032 (USD Million)
    • 8.6 North America North America Electric Vehicle Actuator Market, by End Use, 2023 – 2032
      • 8.6.1 North America North America Electric Vehicle Actuator Market, by End Use, 2023 – 2032 (USD Million)
  • Chapter 9. Company Profiles
    • 9.1 Bosch Limited
      • 9.1.1 Overview
      • 9.1.2 Financials
      • 9.1.3 Product Portfolio
      • 9.1.4 Business Strategy
      • 9.1.5 Recent Developments
    • 9.2 Continental AG
      • 9.2.1 Overview
      • 9.2.2 Financials
      • 9.2.3 Product Portfolio
      • 9.2.4 Business Strategy
      • 9.2.5 Recent Developments
    • 9.3 Honeywell International Inc.
      • 9.3.1 Overview
      • 9.3.2 Financials
      • 9.3.3 Product Portfolio
      • 9.3.4 Business Strategy
      • 9.3.5 Recent Developments
    • 9.4 HELLA GmbH & Co. KGaA
      • 9.4.1 Overview
      • 9.4.2 Financials
      • 9.4.3 Product Portfolio
      • 9.4.4 Business Strategy
      • 9.4.5 Recent Developments
    • 9.5 Johnson Electric Holdings Limited
      • 9.5.1 Overview
      • 9.5.2 Financials
      • 9.5.3 Product Portfolio
      • 9.5.4 Business Strategy
      • 9.5.5 Recent Developments
    • 9.6 Mahle GmbH
      • 9.6.1 Overview
      • 9.6.2 Financials
      • 9.6.3 Product Portfolio
      • 9.6.4 Business Strategy
      • 9.6.5 Recent Developments
    • 9.7 Mitsubishi Electric Corporation
      • 9.7.1 Overview
      • 9.7.2 Financials
      • 9.7.3 Product Portfolio
      • 9.7.4 Business Strategy
      • 9.7.5 Recent Developments
    • 9.8 Nidec Corporation
      • 9.8.1 Overview
      • 9.8.2 Financials
      • 9.8.3 Product Portfolio
      • 9.8.4 Business Strategy
      • 9.8.5 Recent Developments
    • 9.9 Nexteer Automotive Group Limited
      • 9.9.1 Overview
      • 9.9.2 Financials
      • 9.9.3 Product Portfolio
      • 9.9.4 Business Strategy
      • 9.9.5 Recent Developments
    • 9.10 NSK Ltd.
      • 9.10.1 Overview
      • 9.10.2 Financials
      • 9.10.3 Product Portfolio
      • 9.10.4 Business Strategy
      • 9.10.5 Recent Developments
    • 9.11 Robert Bosch GmbH
      • 9.11.1 Overview
      • 9.11.2 Financials
      • 9.11.3 Product Portfolio
      • 9.11.4 Business Strategy
      • 9.11.5 Recent Developments
    • 9.12 Schaeffler AG
      • 9.12.1 Overview
      • 9.12.2 Financials
      • 9.12.3 Product Portfolio
      • 9.12.4 Business Strategy
      • 9.12.5 Recent Developments
    • 9.13 Siemens AG
      • 9.13.1 Overview
      • 9.13.2 Financials
      • 9.13.3 Product Portfolio
      • 9.13.4 Business Strategy
      • 9.13.5 Recent Developments
    • 9.14 Stoneridge Inc.
      • 9.14.1 Overview
      • 9.14.2 Financials
      • 9.14.3 Product Portfolio
      • 9.14.4 Business Strategy
      • 9.14.5 Recent Developments
    • 9.15 ZF Friedrichshafen AG
      • 9.15.1 Overview
      • 9.15.2 Financials
      • 9.15.3 Product Portfolio
      • 9.15.4 Business Strategy
      • 9.15.5 Recent Developments
    • 9.16 Others.
      • 9.16.1 Overview
      • 9.16.2 Financials
      • 9.16.3 Product Portfolio
      • 9.16.4 Business Strategy
      • 9.16.5 Recent Developments
List Of Figures

Figures No 1 to 41

List Of Tables

Tables No 1 to 5

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2032

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2032
  • Market revenue estimates and forecasts up to 2032, by technology
  • Market revenue estimates and forecasts up to 2032, by application
  • Market revenue estimates and forecasts up to 2032, by type
  • Market revenue estimates and forecasts up to 2032, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • 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

FAQs

The key factors driving the Market are Rising Adoption of Electric Vehicles (EVs), Government Support and Incentives, Technological Advancements, Environmental Awareness and Regulations, Infrastructure Development And Collaborations and Partnerships.

The “Hydraulic actuator” category dominated the market in 2022.

The key players in the market are 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 market is projected to grow at a CAGR of 9.2% during the forecast period, 2023-2032.

The North America Electric Vehicle Actuator Market size was valued at USD 204.9 Million in 2023.

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