Market Introduction
The US, Canada, and Mexico are the economies in North America. As the increasing populations attract several technological developments due to high spending powers, technological advancements have led to a highly competitive market in the region. North America is one among the largest automotive manufacturing hubs across the world with the presence of prominent automotive manufacturers in the region. The region’s economic growth has positively affected the sale of commercial vehicles and passenger cars. As automotive actuators are strong enough to regulate idle speed, control air flaps for torque, and power optimization, these are installed in light commercial vehicles, passenger cars, and heavy commercial vehicles. The boost in the sales of commercial vehicles and passenger cars is increasing the demand for the automotive actuator. In 2019, around 16,783,398 units of passenger cars and commercial vehicles were produced. An increase in the production of electric vehicles as well as the development of actuators is a foremost opportunity for the electric vehicle actuators market. The developments have allowed the manufacturers to offer comfort to the passengers, which could substantially enhance the actuators' functionality. Further, in 2011, the Northeast Electric Vehicle Network was initiated, which is anticipated to increase EVs' adoption in different cities, including Delaware, Maryland, Massachusetts, New York, New Hampshire, Connecticut, New Jersey, Rhode Island, Vermont, and Maine. Such initiatives support the adoption of electric vehicles in the region and demands for the integration of electric actuators in these vehicles.
In case of COVID-19, The US is the most affected country in North America. The growing number of infections in has led the government to impose various containment measure such factories shut down, travel restrictions, closure of international borders and lockdowns. The huge increase in the number of confirmed cases and rising reported deaths in the country is affected both manufacturing and sales of materials associated with electric vehicle actuator. The region is expecting market recovery and economic improvement with the start of the COVID-19 vaccination. However, companies risk still remain with the market uncertainties from tough business environment associated with unfavorable foreign exchange rate, raw material price and logistics cost.
Market Overview and Dynamics
The North America electric vehicle actuator market is expected to grow from US$ 105.17 million in 2020 to US$ 193.16 million by 2028; it is estimated to grow at a CAGR of 7.4 % from 2021 to 2028. Growing adoption of switchable electrochromic and glazing sunroof is expected to accelerate the market. The automotive manufacturers are investing in the adoption of chromogenic technology for the development of advanced vehicle glazing. The technology can dynamically change how the transmittance of the sunroof. Glazing chromogenic technology can make an interior comfortable and adjustable as per the driver’s requirement and fluctuating visual environment. This technology can provide excellent safety by the virtual elimination of glare and reflections with an actuation system. The application to automotive glazing is one of the most recent and advanced technology in the market, owing to smaller sizes than commercial windows, and the lifetime is less (7 years is the average lifetime). The dynamic glazing systems have automatic, semi-automatic, or manual switching capabilities, which demand for the integration of actuators for proper functioning. The demand for switchable sunroof glazing is growing nowadays, and the most successful product is the electrochromic automotive mirror, which is available for most major manufacturers of cars. The growing demand of switchable sunroof glazing will escalate the demand of electric vehicle actuator, thereby driving the North America electric vehicle actuator market growth.
Key Market Segments
In terms of type, the hydraulic actuator segment accounted for the largest share of the North America electric vehicle actuator market in 2020. In terms of application, the hood segment held a larger market share of the North America electric vehicle actuator market in 2020. Further, the hybrid electric vehicle (HEV) segment held a larger share of the North America 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 North America 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
North America Electric Vehicle Actuator Market Segmentation
North America Electric Vehicle Actuator Market - By Type
North America Electric Vehicle Actuator Market – By Application
North America Electric Vehicle Actuator Market - By Vehicle Type
North America Electric Vehicle Actuator Market - By Country
North America Electric Vehicle Actuator Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 105.17 Million |
| Market Size by 2028 | US$ 193.16 Million |
| CAGR (2021 - 2028) | 7.4 % |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Electric Vehicle Actuator Market is valued at US$ 105.17 Million in 2020, it is projected to reach US$ 193.16 Million by 2028.
As per our report North America Electric Vehicle Actuator Market, the market size is valued at US$ 105.17 Million in 2020, projecting it to reach US$ 193.16 Million by 2028. This translates to a CAGR of approximately 7.4 % during the forecast period.
The North America 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 North America Electric Vehicle Actuator Market report:
The North America Electric Vehicle Actuator Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Electric Vehicle Actuator Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Electric Vehicle Actuator Market value chain can benefit from the information contained in a comprehensive market report.
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