Market Introduction
The electric vehicle actuator market in APAC is sub-segmented into China, India, Japan, South Korea, and the rest of APAC. Increasing individuals' disposable income coupled with the rising economy has led to the surge in the sales of passenger cars and commercial vehicles in the past few years. The region has become a global manufacturing hub with the presence of a robust automotive industry. The rising awareness of vehicle emissions, such as CO2; maintenance costs; lower operating; and increasing government initiative across the region are propelling the adoption of electric vehicles, thus driving the growth of the electric vehicle actuators market. Similarly, the consumer awareness and inclination toward purchasing the automobiles integrated with the advanced technologies are driving the demand for these vehicles in countries such as China, Japan, and Korea. Japan and China are the major contributors to the electric vehicle market in the APAC region. Moreover, China witnessed a boost in the adoption of battery electric vehicles (BEV). The adoption of BEV will escalate the electric vehicle actuator market for APAC region. Rise in the adoption of switchable electrochromic and glazing sunroof and surging investments to acquire intra-vehicle connectivity data are the major factor driving the growth of the APAC electric vehicle actuator market.
In case of COVID-19, APAC is highly affected specially India. The containment measure undertaken by the governments in this region has negatively affected the automotive and electronics sector. China is the leading manufacturing country in this region and is among the worst-hit country along with India which has ultimately impacted the production of automotive and electronics equipment. Further, due the interruption in supply chain and logistics the procurement rate of various automotive and electronics equipment including hardware components of electric vehicle actuator has been quite affected. In India, South Korea, Japan, Vietnam, and others have witnessed a sharp decline in the production of automotive and electric vehicle. In addition to this, APAC is an also a global manufacturing hub with countries such as China, Japan, South Korea, and India leading the global manufacturing industry growth. The ongoing COVID-19 is anticipated to cause huge disruptions in the growth of various industries in the region. For instance, China is the global hub of manufacturing and largest raw material supplier for various industries, and it is one of the worst affected COVID-19 countries. Hence, the ongoing disruptions in supply of raw materials & components and also demand from China & other Asian countries is expected to impact the growth of the electric vehicle actuator market in coming quarters.
Market Overview and Dynamics
The APAC electric vehicle actuator market is expected to grow from US$ 303.22 million in 2020 to US$ 629.78 million by 2028; it is estimated to grow at a CAGR of 9.1 % from 2021 to 2028. Mounting adoption of fuel-efficient vehicles will fuel the APAC electric vehicle actuator market. Increasing requirement for electronically advanced systems in vehicles, owing to the strict guideline announced by the governments across the APAC region to fuel the efficiency, is one of the major drivers for the market growth. Moreover, the rising production of vehicles and growing preference for smooth driving experience and high comfort is boosting the demand for different types of actuators. Currently, most light-duty vehicles are well equipped with mechanical or electric actuators. The diesel engines consume 10–20% less fuel as they have more efficient engine operations, whereas hybrid vehicles powered with gasoline have lower fuel consumption. The hybrid vehicle engine operates to its peak efficiency as well as accommodates an amount of energy from regenerative braking, which is triggered with the help of actuators. The electric vehicles (EV) have the lowest energy consumption as they operate through battery that uses intrinsically higher efficiency of electric motors compared to internal combustion engines. In 2019, Japan sanctioned a rule to tighten its fuel economy standards for light duty vehicle (LDVs) until 2030. These new standards require the vehicles to corporate average fuel efficiency of about 3.95 L/i100 km (WLTC test) by 2030. Therefore, growing implementation of standards by governments across the APAC region and mounting requirement of fuel-efficient vehicles is one of the significant factors driving the growth of the APAC electric vehicle actuator market.
Key Market Segments
In terms of type, the hydraulic actuator segment accounted for the largest share of the APAC electric vehicle actuator market in 2020. In terms of application, the hood segment held a larger market share of the APAC electric vehicle actuator market in 2020. Further, the hybrid electric vehicle (HEV) segment held a larger share of the APAC electric vehicle actuator market based on vehicle type in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the APAC electric vehicle actuator market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 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.
Reasons to buy report
APAC Electric Vehicle Actuator Market Segmentation
APAC Electric Vehicle Actuator Market - By Type
APAC Electric Vehicle Actuator Market – By Application
APAC Electric Vehicle Actuator Market - By Vehicle Type
APAC Electric Vehicle Actuator Market - By Country
APAC Electric Vehicle Actuator Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 303.22 Million |
| Market Size by 2028 | US$ 629.78 Million |
| CAGR (2021 - 2028) | 9.1 % |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia-Pacific Electric Vehicle Actuator Market is valued at US$ 303.22 Million in 2020, it is projected to reach US$ 629.78 Million by 2028.
As per our report Asia-Pacific Electric Vehicle Actuator Market, the market size is valued at US$ 303.22 Million in 2020, projecting it to reach US$ 629.78 Million by 2028. This translates to a CAGR of approximately 9.1 % during the forecast period.
The Asia-Pacific Electric Vehicle Actuator Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia-Pacific Electric Vehicle Actuator Market report:
The Asia-Pacific Electric Vehicle Actuator Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia-Pacific Electric Vehicle Actuator Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia-Pacific Electric Vehicle Actuator Market value chain can benefit from the information contained in a comprehensive market report.
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