Report ID: SQMIG25A2162
Report ID:
SQMIG25A2162 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|
Tables:
61 |
Figures:
75
Automotive Actuators Market Drivers
Increasing Demand for Electric Vehicles
There has been a massive demand generated by electric vehicles (EVs) in the automobile segment. Electric vehicles require actuators to control their power trains, manage their batteries, or check the electronic stability systems along with other crucial applications. Growing demands of EVs manufactured today primarily result from strict pollution restriction in every government and consumers' need to have a greener source of transport, thereby majorly affecting the global automotive actuator market.
Better Regulations in Vehicle Safety
Another factor driving the automotive actuators market is the increasing concern over vehicle safety. Most advanced safety systems, such as airbags, collision detection, and automated braking, require actuators for proper operation. Manufacturers are fitting more actuators to their cars to meet the regulatory requirements and enhance the overall safety performance of their vehicles as the safety standards in all parts of the world become more stringent.
Automotive Actuators Market Restraints
High Cost of Advanced Actuators
The sophisticated and specialized nature of modern actuators, particularly those in autonomous systems and electric automobiles, leads to high production costs. This may bar their extensive use, especially in entry-level or inexpensive cars. High cost is a serious impediment to the market expansion of actuators, particularly those needed for automation and accuracy in safety.
Challenges in the Supply Chain
Global supply chain disruptions, which include raw material shortages and logistical delays, are a critical barrier for the automotive actuators industry. For many automobile companies, the production of actuators was affected by the scarcity of semiconductors in general. The challenges can lead to stalling market growth through a slowdown in car production and the delay in introducing new technologies requiring complex actuators.
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Report ID: SQMIG25A2162