Demand for automotive actuators has been adversely affected as almost every region in the world has been hit by the outbreak of COVID-19. The shutdown of automotive plants in leading automobile manufacturing countries such as China, Germany, India and US among others is having a severe impact on the automotive actuators market. However, after the pandemic is brought under control, the market players will focus on innovations of automotive actuators by targeting high efficiency products.
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This, in turn, is expected to increase the automotive actuators market in several regions by the end of 2020. In its recently published report, Fact.MR forecasts the automotive actuators market to expand by 1.7X in terms of value and grow at a CAGR of 5.4% during the forecast period 2020-2030.
Passenger Vehicle Segment to Amplify Sales of Automotive Actuators
Amid the coronavirus outbreak, automotive industry has been a highly affected sector, hampering the sales of automotive actuators. The existing vulnerabilities like declining sales of passenger cars is anticipated to decrease the global demand for automotive actuators till the end of 2020. However, consumer inclination towards features in vehicles such as automatic lighting, panoramic sunroof, auto-sense wipers, and power windows is set to boost the growth of automotive actuators market.
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In an effort to stabilize their businesses and to gain a competitive advantage over competitors in terms of customer base, automotive manufacturers will equip vehicles with more electric assisted features. This, in turn, is anticipated to increase the demand for automotive actuators during the forecast period. Among all vehicle types, the passenger vehicle segment is estimated to account for nearly 76% of the automotive actuators market.
APEJ to Remain Kingpin in Automotive Actuator Market
In the current scenario, the global economy is showing a downward trend due to the global pandemic of COVID-19. This is anticipated to show a sluggish growth of automotive actuators market in the near term. However, post coronavirus related lockdown in Asian countries, the demand for passenger cars will swiftly increase, which is expected to see an upward trend in the automotive actuator market. Moreover, the condition is likely to ease in countries like China where pandemic originated and has shown signs of recovery with manufacturing being started in some parts. APEJ dominance in automotive actuators market is expected to register a market share of around 39% by the end of 2030, due to the growing demand for better functioning automobiles.
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The Automotive Actuators market report answers important questions which include:
- What does the status of the Automotive Actuators market look like after the forecast period?
- Which region has the highest contribution to the global Automotive Actuators market and why?
- Which players remain at the top of the global Automotive Actuators market?
- What opportunities are available for the Automotive Actuators market players to expand their production footprint?
- Which segment has the maximum impact on the global Automotive Actuators market?
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