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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 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.
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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.
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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
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Relevant Report Titles:
A. Automotive Actuators Market
B. Automotive Electric Actuators Market
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