Market Introduction
The European region comprises several economies such as Germany, France, the UK, and Italy. The western part of Europe is known for its better living standards, with people displaying a higher income level. In 2019, the automotive industry contributed 7% to the GDP of the region. The automotive sector supports the economy's growth by assisting the supply chain that results in the creation of a diversified array of business opportunities and services. The automotive manufacturers have production plants in 27 countries and 304 vehicle assembly plants across the region. In 2019, 4,371,499 units of commercial and passenger vehicles were manufactured in the region. The growing production of commercial and passenger vehicles is likely to surge the demand for automotive actuators. Recently, the automotive industry is witnessing massive growth in the Central and Eastern European (CEE) region. The car manufacturers are focusing on establishing their modern production and state-of-the-art sites in CEE countries. The CEE region has come over Western European countries due to the rising competitive advantage. Owing to the increased economic, political, and development consolidation, the region has attracted investors, as they consider the region as one joined-up sourcing, manufacturing, as well as a logistics hub. Almost each of the OEM's and the major automotive suppliers, such as Porsche, Audi, Dacia, Mercedes-Benz, Skoda, Kia, Jaguar Land Rover (JLR), and Hyundai, have established their presence in the region. Owing to the presence of developed and innovative supply chain environment, CEE offers some of the best environments for the automotive industry across the world. Therefore, the mounting automotive sector in the CEE region supports the development of the electric vehicle actuator market, as the requirement of actuators is directly associated with vehicle production.
In case of COVID-19, Europe is highly affected specially the UK. The outbreak of the virus has distrusted the supply chain in various countries in this region. The member states of Europe such as Italy, Spain and Germany have implemented drastic measures and travel restrictions to limit the spread of coronavirus among its citizens. European countries represent a major share in the market as this region has the highest road safety standards in world. However, due the disrupted supply chain of hardware components of electric vehicle actuator, the market has been significantly affected as deployment of electric vehicle actuator has been delayed. However, due to COVID-19, the manufacturing of various consumer electronics devices and production of automobiles have seen a sharp decline in European countries and is expected to be under stress in 2020 and it will require time to stabilize. Furthermore, the recent imposition of containment measure owing to the spread of newly mutated strain might further hamper the market in this region. Thus, the spread of newly mutated strain of COVID-19 is anticipated to affect the electric vehicle actuator market till first two quarters of 2021.
Market Overview and Dynamics
The Europe electric vehicle actuator market is expected to grow from US$ 135.02 million in 2020 to US$ 260.41 million by 2028; it is estimated to grow at a CAGR of 8.1 % from 2021 to 2028. Escalating investments to acquire intra-vehicle connectivity data will fuel the Europe electric vehicle actuator market. With the advent of industry 4.0 and IoT, these technologies becoming progressively mainstream across the automotive sector. The escalating adoption of EVs is fueling the adoption and integration of IoT. The data integration issues for collaborative and connected vehicle applications are creating a challenge for companies present in the Europe electric actuator market. Further, the Europe electric actuator market is highly competitive with the presence of leading players, which accounts for a significant market stake. These market players are further supporting the integration of IoT in EVs. Hence, IoT integration is becoming increasingly prominent across internal networks and intra-vehicle connectivity, to share data precisely among actuators, electronic control units (ECUs), and sensors. Therefore, the lack of EV data sources and charging station networks across the developing countries in Europe region represents a barrier to the market's growth. Therefore, the stakeholders are boosting their investments for the adoption and development of vehicular technologies and infrastructure and are making considerable efforts to develop advanced actuation system for intra-vehicle connectivity, which will drive the Europe electric vehicle actuator market in coming years.
Key Market Segments
In terms of type, the hydraulic actuator segment accounted for the largest share of the Europe electric vehicle actuator market in 2020. In terms of application, the hood segment held a larger market share of the Europe electric vehicle actuator market in 2020. Further, the hybrid electric vehicle (HEV) segment held a larger share of the Europe 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 Europe 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
Europe Electric Vehicle Actuator Market Segmentation
Europe Electric Vehicle Actuator Market - By Type
Europe Electric Vehicle Actuator Market – By Application
Europe Electric Vehicle Actuator Market - By Vehicle Type
Europe Electric Vehicle Actuator Market - By Country
Europe Electric Vehicle Actuator Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 135.02 Million |
| Market Size by 2028 | US$ 260.41 Million |
| CAGR (2021 - 2028) | 8.1 % |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Electric Vehicle Actuator Market is valued at US$ 135.02 Million in 2020, it is projected to reach US$ 260.41 Million by 2028.
As per our report Europe Electric Vehicle Actuator Market, the market size is valued at US$ 135.02 Million in 2020, projecting it to reach US$ 260.41 Million by 2028. This translates to a CAGR of approximately 8.1 % during the forecast period.
The Europe 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 Europe Electric Vehicle Actuator Market report:
The Europe Electric Vehicle Actuator Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Electric Vehicle Actuator Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Electric Vehicle Actuator Market value chain can benefit from the information contained in a comprehensive market report.
Please tell us your area of interest
(Market Segments/ Regions and Countries/ Companies)
E 1803, Panchshil Towers,
Wagholi, Haveli,
Pune - 412207,
Maharashtra, India
US:+16467917070
sales@businessmarketinsights.com
Get Free Sample For Europe Electric Vehicle Actuator Market
