Electric Vehicle Actuator Market Size, Trends and Growth Analysis by 2027

The electric vehicle actuator market is projected to expand significantly, increasing from US$ 585.61 million in 2020 to US$ 1,164.71 million by 2028. This growth represents a compound annual growth rate (CAGR) of 8.5% from 2021 to 2028.

Automotive manufacturers are channeling investments into the integration of chromogenic technology for the creation of advanced vehicle glazing systems. This innovative technology allows for the dynamic adjustment of sunroof transmittance, enhancing the comfort of the vehicle's interior according to the driver's preferences and varying visual conditions. By utilizing an actuation system, chromogenic technology significantly improves safety by virtually eliminating glare and reflections. This cutting-edge technology is gaining traction in the market due to its compact size compared to traditional windows, although it has a relatively shorter lifespan, averaging around 7 years. Dynamic glazing systems can operate in automatic, semi-automatic, or manual modes, necessitating the incorporation of actuators for optimal performance. The demand for switchable sunroof glazing is on the rise, with the electrochromic automotive mirror being one of the most successful products, widely available in vehicles from major automotive brands.

In terms of product type, the electric actuator segment is anticipated to experience the highest CAGR within the global electric vehicle actuator market throughout the forecast period. Electric actuators utilize an electric motor combined with gear reduction to produce torque or force. Various technologies are employed in the design of electric actuators, which may operate on AC or DC power, and can feature synchronous or asynchronous (squirrel cage) designs. Additionally, these actuators incorporate gearing systems such as spur, worm, and scotch yoke, with lubrication provided by heavy-duty grease or oil-filled gearboxes. A range of accessories is available to monitor and report on the operating conditions and status of the actuators. The market offers a diverse selection of electric actuators, chosen based on technology, cost, performance, and quality.

The market is categorized by application into several segments, including HVAC systems, headlights, brakes, grill shutters, mirrors, hoods, trunks, and others. Furthermore, it is segmented by vehicle type into battery electric vehicles (BEV), plug-in hybrid vehicles (PHEV), hybrid electric vehicles (HEV), and fuel cell electric vehicles (FCEV). Geographically, the Asia-Pacific (APAC) region was identified as the fastest-growing market in 2020. The increase in disposable income among consumers, coupled with economic growth, has led to a rise in the sales of both passenger and commercial vehicles in recent years. APAC has emerged as a global manufacturing hub, bolstered by a strong automotive industry. Growing awareness regarding vehicle emissions, maintenance costs, and lower operating expenses, along with increasing government initiatives, are driving the adoption of electric vehicles and, consequently, the electric vehicle actuator market.

The COVID-19 pandemic has had a profound impact on the supply chain and manufacturing processes of electronic equipment, including the hardware components essential for electric vehicle actuators. The global outbreak of COVID-19, followed by widespread lockdowns, has prompted industry experts to predict a lag of at least one quarter in the supply chain for electronic equipment. This disruption is expected to reverberate through the industry until mid-2021. However, as governments gradually lift containment measures to stimulate economic recovery, the electronics and automotive sectors are anticipated to regain momentum. The production of electronic equipment and automotive components is expected to accelerate from 2021 onwards, positively influencing the manufacturing of hardware components for electric vehicle actuators.

The overall size of the electric vehicle actuator market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aimed to provide a comprehensive overview and forecast for the electric vehicle actuator market across all segments and regions. Additionally, numerous primary interviews were conducted with industry participants and experts to validate the data and gain deeper analytical insights. Participants included industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the electric vehicle actuator market.

Key players in the market include Robert Bosch GMBH, Continental AG, HELLA GMBH AND CO. KGAA, Johnson Electric, Stoneridge Inc, Hitachi Automotive Systems, LTD., Borgwarner INC., Mahle GMBH, Mitsubishi Electric Corporation, and Nidec Corporation.