South America Electric Vehicle Actuator Market is expected to reach US$ 51.89 million by 2028

Electric Actuator Segment is Expected to be Fastest Growing During Forecast Period for SAM Region

According to a new market research study on “SAM Electric Vehicle Actuator Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Application, and Vehicle Type” is expected to reach US$ 51.89 million by 2028 from US$ 25.68 million in 2020. The market is estimated to grow at a CAGR of 8.7 % from 2021 to 2028. The report provides trends prevailing in the SAM electric vehicle actuator market along with the drivers and restraints pertaining to the market growth. Rising investments to acquire intra-vehicle connectivity data and surging adoption of switchable electrochromic and glazing sunroof are the major factor driving the growth of the SAM electric vehicle actuator market. However, growing scalability issues and capital costs hinders the growth of SAM electric vehicle actuator market.  

In case of COVID-19, SAM is highly affected specially Brazil, followed by Colombia, Ecuador, Chile, Peru, and Argentina, among others which are also witnessing the adverse impacts of the pandemic across various industries. The government of SAM has taken an array of actions to protect their citizens and contain COVID-19’s spread. It is anticipated that the market in SAM will face steep decline as the majority of stimulus package deployed by the government were majorly focused to public healthcare and tax relief. In addition to this, the online as well as retail distribution channel will also face the negative impact due to supply chain disruptions and non-availability of raw materials. The sharp decline in business activities and product sales are expected to directly affect the growth rate of electric vehicle actuator market in this region for the next three to four quarters.

The SAM electric vehicle actuator market is segmented based on type, application, vehicle type, and country. Based on type, the SAM electric vehicle actuator market is segmented into the hydraulic actuator, electric actuator, and pneumatic actuator. The hydraulic actuator segment dominated the market in 2020 and electric actuator segment is expected to be fastest growing during forecast period. Based on application, the SAM electric vehicle actuator market is segmented into HVAC, headlights, brakes, grill shutter, mirrors, hood, trunk, and others. The hood segment dominated the market in 2020 and HVAC segment is expected to be fastest growing during forecast period.  Based on vehicle type, the SAM electric vehicle actuator market is segmented into battery electric vehicle (BEV), plug-in hybrid vehicle (PHEV), hybrid electric vehicle (HEV), and fuel cell electric vehicle (FCEV). The hybrid electric vehicle (HEV) segment dominated the market in 2020 and fuel cell electric vehicle (FCEV) segment is expected to be fastest growing during forecast period.

BorgWarner Inc.; Continental AG; HELLA GmbH and Co. KGaA; Hitachi, Ltd.; Johnson Electric Holdings Limited; Mahle GmbH; Mitsubishi Electric Corporation; Nidec Corporation; Robert Bosch GmbH; and Stoneridge, Inc. are among the leading companies in the SAM electric vehicle actuator market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Hella GMBH expanding its electronics plant to increase its production capacity actuators, sensors, and lightening electronic components.

The report segments the SAM Electric Vehicle Actuator Market as follows:

SAM Electric Vehicle Actuator Market – By Type

• Hydraulic Actuator
• Electric Actuator
• Pneumatic Actuator

SAM Electric Vehicle Actuator Market – By Application

• HVAC
• Headlights
• Brakes
• Grill Shutter
• Mirrors
• Hood
• Trunk
• Others

SAM Electric Vehicle Actuator Market – By Vehicle Type

• Battery Electric Vehicle (BEV)
• Plug-in Hybrid Vehicle (PHEV)
• Hybrid Electric Vehicle (HEV)
• Fuel Cell Electric Vehicle (FCEV)

SAM Electric Vehicle Actuator Market – By Country

• Brazil
• Argentina 
• Rest of SAM