According to a new report published by Allied Market Research, titled, “Automotive Torque Actuator Motor Market Size,” The automotive torque actuator motor market was valued at $8.9 billion in 2021, and is estimated to reach $14.9 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.
In 2021, Asia-Pacific region dominated the market in terms of revenue, followed by Europe, North America, and LAMEA. China dominated the automotive torque actuator motor market in 2021. The rapid growth of the automobile sector across all segments along with growing customer inclination toward advancements of the fuel-efficient vehicles propels the growth of the market.
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The prominent key factors that drive the growth of the automotive torque actuator motor market are increase in vehicle production in developing countries, and increase in demand for engine performance and fuel efficiency. The market economy is also responsible for the growth of the market. Countries such as China, India, Brazil, and South Africa are developing economies. Thus, the manufacturing sector witnessed prominent growth in these countries, which is expected to provide lucrative opportunities for the growth of the automotive industry which in turn is expected fuel the market. In addition, in some undeveloped countries, there is an increase in the production and sales of vehicles, which is expected to boost the automotive torque actuator motor industry.
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.
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KEY FINDINGS OF THE STUDY
- By distribution channel, the aftermarket segment is expected to register a significant growth during the forecast period.
- By application, the electronic throttle control (ETC)segment is projected to lead the global automotive torque actuator motor market
- By vehicle type, the passenger car segment is projected to lead the global automotive torque actuator motor market
- By type, the electrical component segment is projected to lead the global automotive torque actuator motor market
- Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
The key players that operate in this automotive torque actuator motor market are 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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