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India Automotive Actuator Motor Market - Forecast(2023 - 2028)
India automotive actuator motor Market Overview
The global India automotive
actuator motor market
size is forecast to reach $3.62 billion by 2026, growing at CAGR 6.72% from
2021 to 2026. The growth in the Indian automotive industry along with high adoption
rate of automation in this industry drives the growth of India automotive
actuator motor market. The growth in purchasing power and increasing demand for
vehicles, especially passenger cars, affect the demand for automotive parts
market, which in turn accelerates the growth of India automotive actuator motor
industry. New vehicle launches in India with various advanced features and
equipment such as refrigerant valves, coolant and
refrigerant valves, grille shutter, power seat and others play a major role
in the growing demand of various actuators including grille shutter actuator,
power seat actuator, headlamp actuator, HVAC actuator and others. Moreover,
increasing investment for developing the technologically advanced automotive
components triggers the growth of this market. Furthermore, the increasing initiatives
taken by the Government to promote the usage of environment friendly electric
vehicles accelerates the growth of the India automotive actuator motor industry
during the forecast period 2021-2026.
India Automotive Actuator Motor Market Report Coverage
The report: “India Automotive Actuator Motor Market– Forecast (2021-2026)”, by
IndustryARC covers an in-depth analysis of the following segments of the India
automotive actuator motor Market.
By Type: Hydraulic Actuators, Pneumatic Actuators, Electric Actuators
and others.
By
Motor Type: Stepper Motor,
Permanent Magnet DC (PMDC) motor, Linear Motor and others
By Vehicle Type: Passenger vehicles, Light commercial vehicles, Heavy
commercial vehicles and others.
Key Takeaways
- Hydraulic actuator is anticipated to witness the significant market growth during the forecast period, due to its various advantages over the other actuators.
- Passenger vehicle held major India automotive actuator motor market share and is analysed to be the fastest growing segment during 2021-2026, owning to the growing demand for passenger vehicles along with increasing purchasing power.
- The market of India automotive actuator motor market is estimated to witness significant upsurge during the forecast period, owing to the growth of Indian automotive industry.
- This industry is consolidated with top market players including APC
International, Ltd., Buehler Motor Inc., Continental AG, CTS Corporation, CVEL Automotive Electronics among others.
India automotive actuator motor Market Value Share, by Vehicle Type, 2020 (%)
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India automotive actuator motor Market Segment Analysis - By Type
Based
on type, India automotive actuator motor market is segmented Hydraulic Actuators, Pneumatic
Actuators, Electric Actuators and others. According to India automotive
actuator motor market report of IndustryARC, hydraulic actuator segment is
anticipated to witness a significant amount of growth with a CAGR of 7.21% in the
forecast period 2021-2026. Unlike electric actuators, this type of actuator has
lesser complex system, very high peak power, load ratings, and acceleration.
Apart from that, hydraulic actuators are explosion-proof, shock-proof, and
spark-proof, which drives the demand for such actuators in automotive industry.
In August 2020, Hyundai Motor India launched the iMT variants
of the Venue, with some advanced features, including a transmission gear shift
(TGS) lever along with intention sensor, hydraulic actuator and transmission
control unit (TCU), to offer a smooth driving experience to the customers. Hence, its benefits over the other actuators,
and high usage rate of this product have significant potential to drive the
market in the forecast period 2021-2026.
India automotive actuator motor Market Segment Analysis - By Vehicle Type
Based on vehicle-type, India automotive actuator motor market is segmented into Passenger vehicles, Light commercial vehicles, Heavy commercial vehicles and others. Passenger vehicle segment held the major India automotive actuator motor market share around 40% in 2020, and is anticipated to witness the fastest amount of growth with a CAGR of 6.78% in the forecast period 2021-2026. High demand for personal vehicles along with the economic growth of this country and increase in disposable income is creating more demand for passenger vehicles. According to a report of IBEF, in FY21, passenger vehicles sales reached 27.11 lakhs units in India. According to the same report, Two-wheelers and passenger cars represented around 81% and 13% of market share, respectively, for a combined sale of Indian automobiles in FY20. Such increasing sales rate and high production rate creates demand for automotive actuators, which drives the growth of this market during the forecast period 2021-2026.
India Automotive Actuator Motor Market Segment Analysis – Country Analysis
Due to the presence of growth opportunities, domestic as well as international automotive companies
are investing in Indian automotive sector. According to a report of
Invest India, India is estimated to become world’s third-largest manufacturer
of passenger vehicles by end of 2021. According to the data released by Department for
Promotion of Industry and Internal Trade (DPIIT), Indian Automotive industry
has attracted Foreign Direct Investment (FDI) worth $25.85 billion between
April 2000 and March 2020. Such high investments for the development of this
sector will drive the demand for automotive actuator motor in this country, as
it is a crucial part of the vehicles. Hence, the above-mentioned factors will
drive the growth of this industry.
India automotive actuator motor Market Drivers
Growth of Indian Automotive industry is set to Boost the Growth of this Market
With the economic development and rise
in purchasing power, the demand for automotive vehicles is growing in India,
which drives the growth of India automotive actuator market by driving the
demand of automotive components. In December 2020, the Society of Indian Automobile
Manufacturers (SIAM) published a report, which states that, the sales of
passenger vehicles increased 4.65% to 264,898 units in November. Such high
demand of vehicles also affects the demand of automotive actuators, which gives
incentives to the market players of automotive actuator motor to launch more
advanced products. Apart from that, the growing demand and investment on
electric vehicles also has a positive impact on the growth of automotive
industry that creates a higher demand for automotive actuators motor, thereby
driving the growth of this market. India Energy Storage Alliance estimated that
EV market in India will grow rapidly with a CAGR of 36% until 2026. Such high
growth rate of automotive industry will create growth opportunity for this market
as well during the forecast period 2021-2026.
Increasing investment for the development of automotive parts in India is driving the market
Increasing investment for the
development of various automotive parts by the top market players is enhancing
the growth of this market. In June 2021, a German automotive part maker, ZF
Friedrichshafen AG announced its plan of investing $238 million to make
India a global hub for R&D, IT, digital innovation as well as material
sourcing, and to aid the growth through product launches, manufacturing and
other strategies over the next few years. According to a report of Invest India, the auto components
industry represented 2.3% of India's GDP and is set to become the 3rd largest
in the world by 2025. Such investments and the high growth rate of automotive
components market will accelerate the growth of this market during 2021-2026.
India automotive actuator motor Market Challenges
High cost is harming the growth of this market
Even though the India
automotive actuator motor market is growing rapidly due to the exponential
growth in automotive sector, but high cost is hampering the growth of this
market. The hydraulic
actuators have high purchasing, operational and maintenance cost, wherein the
electric actuators have high purchasing cost, which in turn harms the growth
of this market. Hence, high cost is poised to impede the growth of India
automotive actuator motor market during the forecast period 2021-2026.
India automotive actuator motor Market Landscape
Partnerships and
acquisitions along with product launches are the key strategies adopted by the
players in the India automotive actuator motor Market. As of 2020, the market
for India automotive actuator motor industry outlook is consolidated with the
top market players. India automotive actuator motor top 10 companies are
- APC International, Ltd.
- Buehler Motor Inc.
- Continental AG
- CTS Corporation
- CVEL Automotive Electronics
- Delphi Automotive PLC
- Denso Corporation
- Firgelli Automations
- Hella KGaA Hueck & Co
- Hitachi, Ltd.
Acquisitions/Technology Launches/Partnerships
- In January 2019, Eicher Motors launched Eicher Pro 3016 truck with an AMT (Automated manual) transmission in the 16-tonne category. This new product is equipped with an Intelligent Shift Control Actuator that automatically performs clutch and shift operations, thereby eliminating the need to use clutch and shift gears manually.
- In January 2019, Continental AG announced about their investment of around $35 million approximately for the infrastructure development till 2020, to start the production of various drivetrain products including engine management systems, sensors and actuators as well as fuel and exhaust management components, for passenger cars, 2-wheelers and commercial vehicles.
Relevant Report Titles:
Automotive Actuators Market – Forecast (2021 -
2026)
Report Code: ATR
0018
Automotive Electric Actuators Market - Forecast 2021 - 2026
Report Code: AM 93024
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