Six out of Ten Automotive Actuators Observe Sales through Aftermarket, reveals Fact.MR
Lucrativeness of aftermarket automotive actuator sales will retain its preeminence, albeit sales growth in OEM continues to give a tough competition with a CAGR difference of just 0.1% through 2027. Over 6 out of 10 automotive actuators will witness sales in the aftermarket during the period 2018 to 2027, according to recent Fact.MR report. Relative dominance of aftermarket in the automotive actuator market is the result of availability of comparatively affordable actuators, which are designed for functioning as effectively as an OEM-produced actuator.
The report foresees the automotive actuator market to record an above-average rise at over 6.5% CAGR through 2027. Sales in OEM are increasingly becoming visible, as these players explore inorganic growth avenues across developing markets, in a bid to uphold expansion and diversify product portfolio and clientele. OEMs are further likely to focus on standardizing the value chain to mitigate lucrativeness and competitive pressures in this already mature market.
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“Up-close analysis on the automotive supply chain has pointed at several existing unsolved challenges, including high power density, thermal conductivity, and restricted space. Smart automotive actuators have gained visibility as an effective alternative to cater these challenges, thereby paving remunerative avenues for automotive actuator market. Proliferation of AI that works in coordination with actuators and sensors, has further led the development and design of smart actuators,” says a lead Fact.MR analyst.
Automotive component manufacturers have designed and introduced a wide range of actuators, with preeminence of VGT actuator foreseen to retain its predominance, according to the study. Sales rate of HVAC actuator will however overshadow that of VGT actuator, showcasing over two-fold rise in value sales during 2018 to 2027. Value sales of VGT actuator will continue to remain nearly 13x than those of HVAC actuator during the period of forecast.
Moderately competitive nature, coupled with the presence of few well-established vendors, has made the nature of the automotive actuator market cost-sensitive. This has further led companies operating in the automotive actuator market to make investments in the development of advanced technologies. Purpose-specific demand for actuators spars across a wide variety ranging from improving safety to curtailing fuel consumption & emissions.
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Government mandates apropos of safety features, such as the anti-lock braking system (ABS), will also significantly impact the development and demand trends in the automotive actuator market. A key trend gaining widespread traction in the automotive actuator market is surging adoption of actuators for automation of heavy-duty vehicles, as these vehicles need to withstand extreme weather conditions. However, passenger cars continue to subjugate worldwide automotive actuator sales, both in terms of value and volume, estimates Fact.MR study.
APEJ continues to endure as a nesting place for automotive actuator manufacturers, as the region is envisaged to showcase over US$ 12,500 Mn opportunity by 2027-end. Majority of APEJ’s automotive actuator market is likely to remain consolidated in China, which accounts for 50% value shares of the region’s market. Imposition of stricter regulations concerning carbon footprint of vehicles will remain a key growth determinant for automotive actuator market in APEJ.
Gear motors or electric actuators have witness a remarkable demand proliferation as they hold potency to offset high operational and maintenance cost of pneumatic and hydraulic automotive actuators. Yet, latter variants are foretold to remain predominant in terms of value and volume sales throughout the period of forecast. Revenues from pneumatic actuators are likely to be twice those of gear motors or electric actuators by 2027-end. Additionally, revenues from electromagnetic automotive actuators will remain relatively low, being at their infancy, however sales rate for these varaints are foreseen to remain promising through 2027.
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