In its research report, Market Research Future (MRFR), emphasizes that the global automotive actuator market 2020 is expected to grow exponentially over the review period, securing a substantial market valuation and a healthy 8% CAGR over the review period.
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Drivers and Restraints
Autonomous vehicles are poised to install various actuators with advances in technology to improve safety and comfort. The demand for automotive actuators is steadily growing due to the relentless increase in manufacturing and sales of automobiles (LCVs, passenger cars, HCVs, and off-road vehicles) worldwide. Sensors, hardware controllers, software programs, and actuators are considered the foundation of current and future automotive systems. Automotive actuators improve vehicle efficiency and performance by supporting engine flywheel rotations, controlling engine idle speed, engine torque, among others, which is likely to boost growth opportunities on the market for automotive actuators. The technological developments, increased research & development activities, huge investments by key players, among others, would further propel the development of the market over the evaluation period. The increased use of electronics in the automotive industry is likely to fuel the growth of the demand for automotive actuators over the next few years. The market for actuators is expected to grow, as manufacturers are now focused on making automated systems that will require actuators. This can also be used in air crafts, and demand is rising as a result of increased air traffic and full automation. Accordingly, actuator demand is growing globally. Increasing a wide variety of applications in industries where high machinery entails increased global demand for actuators. However high costs incurred in producing actuator devices that impede potential actuator market development.