Increase in vehicle production in developing countries in developing nations owing to urbanization and surge in demand for engine performance & fuel efficiency drive the growth of the global automotive torque actuator motor market. Region-wise, the market in Asia-Pacific is expected to dominate in terms of revenue and attain the fastest growth during the forecast period.
Portland, OR, Nov. 21, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global automotive torque actuator motor market generated $8.9 billion in 2021, and is estimated to reach $14.9 billion by 2031, witnessing a CAGR of 5.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $8.9 Billion |
| Market Size in 2031 | $14.9 Billion |
| CAGR | 5.6% |
| No. of Pages in Report | 344 |
| Segments Covered | Distribution Channel, Application, Vehicle Type, Type, and Region |
| Drivers | Increase in vehicle production in developing countries in developing nations owing to urbanization. |
| Surge in demand for engine performance & fuel efficiency. | |
| Improved turbocharger performance and fuel efficiency of automotive torque actuator motors. | |
| Opportunities | Engine downsizing to reduce vehicle weight and increase in demand for commercial vehicles. |
| Restraints | Increase in demand for battery electric vehicles of torque actuator motors. |
Covid-19 Scenario:
- The COVID-19 outbreak forced governments across the globe to implement stringent lockdowns and ban on import-export of essential raw materials for most of 2020, and few months in 2021. This led to a sudden decline in availability of important raw materials for vehicle components.
- As a result, the aviation production and sales suffered, which affected the automotive torque actuator motor market in 2020. The pandemic had a negative impact on automotive torque actuator motor suppliers due to the reduced sales and vehicle production.
- Nonetheless, the automotive manufacturers focused on new developments and strategic expansion and collaborations across the industry. These factors were responsible for fluctuation in sales of automotive torque actuator motor globally.
- The easing of restrictions is expected to drive the growth in sales of the automotive torque actuator motor market and aid in the increase of demand for automotive torque actuator motors.
The report offers a detailed segmentation of the global automotive torque actuator motor market based on distribution channel, application, vehicle type, type, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on distribution channel, the OEM segment held the largest share of more than half of the global automotive torque actuator motor market in 2021 and would dominate in terms of revenue during the forecast period. However, the aftermarket segment is estimated to witness the fastest CAGR of 6.3% during the forecast period.
Based on application, the electronic throttle control (ETC) segment was the largest in 2021, capturing two-fifths of the global automotive torque actuator motor market share, and would rule the roost through 2031. Moreover, the same segment is estimated to witness the fastest CAGR of 6.3% during the forecast period. The report also offers an analysis of the turbocharger, exhaust gas circulation (EGR), and others segments.
Based on vehicle type, the passenger car segment was the largest in 2021, grabbing nearly three-fourths of the global automotive torque actuator motor market share and would dominate in terms of revenue during the forecast period. The same segment would witness the fastest CAGR of 6.0% during the forecast period. The report also includes light commercial vehicle and heavy commercial vehicle.
Based on type, the electrical segment was the largest in 2021, grabbing more than 90% of the global automotive torque actuator motor market share and would dominate in terms of revenue during the forecast period. However, the pneumatic segment is expected to witness the fastest CAGR of 16.5% during the forecast period.
Based on region, the market in Asia-Pacific was the largest in 2021, accounting for over one-third of the global automotive torque actuator motor market share and would maintain a progressive revenue growth during the forecast period. The same market is expected to manifest the highest CAGR of 6.3% from 2022 to 2031. The other regions analyzed in the study include North America, Europe and LAMEA.
Leading players of the global Automotive torque actuator motor market analyzed in the research include B Bray International, Continental AG, CTS Corporation, Electrocraft, Inc., Emerson Electric Co., HIWIN Technologies Corp., Igarashi Motors India Limited, Johnson Electric, Mabuchi Motor Co., ltd., Mitsuba Corporation, NSK, Rheinmetall, Siko-Global, Sonceboz, and Val-Matic Valve & Mfg. Corporation.
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The report analyzes these key players of the global automotive torque actuator motor market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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