Engine Actuators Market Set for Significant Growth in Asia Pacific and Europe
United States/WA: Market Will Boom In Near Future
Report Pages:[130 Pages]
The Competitive Area of the Engine Actuators Market is Defined by Key Players Like:- Hitachi Automotive System, Aptiv PLC, Continental Automotive GmbH, Eaton Corporation, Aisin Seiki Co., Ltd. Arkwin Industries Inc., Johnson Electric Holdings Limited, Moving Magnet Technologies S.A., Delphi Automotive LLP., and Woodward, Inc.
An Engine Actuator is a component used to control and move a mechanism or system. Actuators are an essential part of electronic control systems in passenger cars and commercial vehicles. It is their job to convert the electrical signals from the control unit into an action. Most actuators are electric motors or electro-magnetic valves. An actuator requires a source of energy and a control signal, which is comparatively a low energy such as hydraulic or pneumatic pressure, electric current or voltage, or sometimes human power. They converts energy into mechanical motion when it receives the control signal.
Thus, there is an increasing demand for engine actuators in the automotive industry due to the increasing demand for fuel-efficient vehicles worldwide, driving the engine actuators market growth. This is attributed to factors such as the increasing need for safety features, regulations concerning exhaust gas emissions, and increasing dearth of conventional fuels. The European Union implemented mandatory fleet wide average carbon dioxide standards. New regulations require the average CO2 emissions of new cars to fall to 95 grams per kilometer by 2021, from a previous mandatory standard settled in 2009 of 130 g/km for the fleet average in 2015.
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The aforementioned factors led to the increased demand for engine actuators to enhance engine performance and fuel efficiency, leading to the growth of the engine actuators market in this region. Geographically, the market is expected to witness robust growth in the Asia Pacific due to the increasing sales of passenger and commercial vehicles and the rapid growth of the automotive industry in this region. According to the India Brand Equity Foundation (IBEF), in 2020, India was the fifth-largest auto market, with ~3.49 million units combined sold in the passenger and commercial vehicles categories.
Moreover, India was the seventh largest manufacturer of commercial vehicles in 2019, which in turn, is driving the growth of the engine actuators market in the Asia Pacific, especially in India. However, increasing production and sales of electric vehicles is expected to decrease the demand for engine actuators, as electric vehicles have high performance engines, which do not require engine actuator for engine operation. According to the International Energy Agency, around 30% of the new vehicle sales in India will be electric by 2030. This in turn is expected to restrain the growth of the engine actuators market.
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