Market Introduction
The automotive manufacturing in SAM is witnessing growth due to the presence of many OEM and automakers in the region. Brazil benefits from being a potentially large domestic market with low vehicle ownership and a growing economy. Moreover, the ever-increasing automotive production supports the growth of the electric vehicle actuators market in the region. For instance, as per Organisation Internationale des Constructeurs d'Automobiles (OICA), Brazil witnessed an increase of 2.2% Y-o-Y in the total vehicle production in 2019 and produced 2,448,490 cars. Additionally, the region has some of the major automakers such as Ford, Volkswagen, Peugeot, Hyundai, Toyota, General Motors, and Renault. The national regulatory bodies of various countries in the region have realized the importance of the automotive sector and are taking initiatives to develop the automotive industry. For instance, the Brazilian government has formulated favorable trade investment policies to encourage private investments. In 2017, Argentine President Mauricio Macri announced a 1 Million Plan for the automotive industry, under which the country aimed to produce 750,000 cars annually by 2019 and one million units by 2023. Therefore, the government initiatives to support the growth of the automotive sector would support the growth of the region's automotive actuators market. Further, Brazil is also making significant strides in the EV business in the South American market. The country's progress in EV business compared to other advanced countries is much slower; however, Brazil's EV business is continuously growing. The growing number of EVs on the road is encouraging the government and manufacturers to develop electric vehicle actuators.
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.
Market Overview and Dynamics
The SAM electric vehicle actuator market is expected to grow from US$ 25.68 million in 2020 to US$ 51.89 million by 2028; it is estimated to grow at a CAGR of 8.7 % from 2021 to 2028. Mounting demand for advanced automation systems in the vehicle is expected to surge the SAM electric vehicle actuator market growth. The integration of automotive actuators for performing various functions, such as HVAC, braking, throttling, operating the headlight, closures, and electronic clutch actuation in vehicles, is boosting the SAM market growth. With the advancement in technology, the automotive manufacturers across SAM region are investing on integrating the advanced system in the vehicles such as power window, hood openers, advanced braking system, and headlights. Also, there is increased technological advancements, such as the advanced driver assistance systems (ADAS), like the automated brake assist, lane keep assist, and adaptive cruise control (ACC) in the vehicles. At present, advanced features such as the adaptive front-lighting system (AFS), adaptive cruise control (ACC), and advanced driver assistance systems (ADAS), are being majorly deployed in modern vehicles, which are integrated with different actuators to perform unique tasks to comfort the driver as well as passengers. The increasing demand for safety features, such as telematics, collision avoidance systems, electronic stability control, tire pressure monitors, lane departure warnings, traction control, airbags, and parking assistance, is in demand owing to the rising number of road accidents. The vehicles with an installed advanced technological system can detect and categorize specific objects on the road, alert the driver corresponding to the road conditions, and at times automatically decelerate or stop the vehicle. Thus, technological advancements in the multifunctional system's automotive and production are projected to drive the growth of the SAM electric vehicle actuator market.
Key Market Segments
In terms of type, the hydraulic actuator segment accounted for the largest share of the SAM electric vehicle actuator market in 2020. In terms of application, the hood segment held a larger market share of the SAM electric vehicle actuator market in 2020. Further, the hybrid electric vehicle (HEV) segment held a larger share of the SAM 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 SAM 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
SAM Electric Vehicle Actuator Market Segmentation
SAM Electric Vehicle Actuator Market - By Type
SAM Electric Vehicle Actuator Market – By Application
SAM Electric Vehicle Actuator Market - By Vehicle Type
SAM Electric Vehicle Actuator Market - By Country
SAM Electric Vehicle Actuator Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 25.68 Million |
| Market Size by 2028 | US$ 51.89 Million |
| CAGR (2021 - 2028) | 8.7 % |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The South America Electric Vehicle Actuator Market is valued at US$ 25.68 Million in 2020, it is projected to reach US$ 51.89 Million by 2028.
As per our report South America Electric Vehicle Actuator Market, the market size is valued at US$ 25.68 Million in 2020, projecting it to reach US$ 51.89 Million by 2028. This translates to a CAGR of approximately 8.7 % during the forecast period.
The South 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 South America Electric Vehicle Actuator Market report:
The South 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 South America Electric Vehicle Actuator Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Electric Vehicle Actuator Market value chain can benefit from the information contained in a comprehensive market report.
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