Europe Electric Vehicle Actuator Market Size Likely to Surpass at a CAGR of 9.3% By 2033

As per the current market research conducted by the CMI Team, the Europe Electric Vehicle Actuator Market size is expected to record a CAGR of 9.3% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 146.6 Million. By 2032, the valuation is anticipated to reach USD 325.5 Million.

Europe Electric Vehicle Actuator Market: Growth Factors and Dynamics

• Incentives for Research and Development: European governments provide incentives and funding for research and development in the electric vehicle sector, including advancements in actuator technology. This encourages innovation among manufacturers and suppliers, fostering the growth of the Electric Vehicle Actuator Market in Europe.
• Strategic Investments in Manufacturing Facilities: Key players in the European market are making strategic investments in manufacturing facilities dedicated to electric vehicle components, including actuators. This enhances production capacity, reduces costs, and ensures a stable supply chain, contributing to the overall growth of the market.
• Adoption of Smart and Connected Technologies: The integration of smart and connected technologies in electric vehicles is a driving force. Actuators play a crucial role in these technologies, enabling features like advanced driver assistance systems (ADAS) and autonomous driving. The demand for such features contributes to the growth of the Electric Vehicle Actuator Market in Europe.
• Focus on Lightweight Solutions: The emphasis on lightweight solutions for electric vehicles to enhance energy efficiency and extend range is influencing the actuator market. Actuator manufacturers are developing lightweight components that meet performance requirements, aligning with the overall trend towards more energy-efficient and environmentally friendly electric vehicles in Europe.
• Increasing Demand for Electric Vehicles (EVs): The Europe Electric Vehicle Actuator Market is experiencing growth due to the rising demand for electric vehicles. As European countries focus on sustainability and emissions reduction, consumers are increasingly adopting EVs, driving the need for advanced actuators that enhance the efficiency and performance of electric vehicle systems.
• Infrastructure Development: The growth of charging infrastructure for electric vehicles is a dynamic factor driving the actuator market. Actuators play a critical role in charging mechanisms, and as the European charging network expands, the demand for efficient and reliable actuators in charging systems increases.
• Consumer Awareness and Preferences: Increasing awareness of environmental issues and a growing preference for eco-friendly transportation contribute to market growth. As European consumers prioritize sustainability, the demand for electric vehicles equipped with high-performance actuators to ensure safety and efficiency continues to rise.

Europe Electric Vehicle Actuator Market: Partnership and Acquisitions

• In 2023, Fisker collaborates with Ample to introduce innovative swappable batteries for the Fisker Ocean EVs by early 2024. This strategic partnership aligns with Fisker’s long-term goals, aiming to enhance scalability and promote wider adoption of its electric vehicles in both the United States and Europe.

• In 2021, Vitesco Technologies initiated the production of electrical catalyst heating for high-voltage hybrid vehicles. This development represents a crucial step in advancing technology for hybrid automobiles, enhancing efficiency and contributing to the evolution of sustainable and high-performance automotive solutions.

Report Scope

Europe Electric Vehicle Actuator Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the Europe Electric Vehicle Actuator Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Supply Chain Disruptions: The COVID-19 pandemic led to disruptions in global supply chains, affecting the production and availability of electric vehicle components, including actuators. Lockdowns, restrictions, and reduced workforce capacity impacted manufacturing processes, leading to delays in the supply of actuators for electric vehicles in Europe.

• Reduced Consumer Spending and Demand: Economic uncertainties during the pandemic resulted in reduced consumer spending and a cautious approach towards large investments, including the purchase of electric vehicles. This decline in consumer demand directly affected the market for electric vehicle actuators as automakers scaled back production in response to weakened market conditions.

• Government Stimulus Packages: Governments in Europe can implement stimulus packages and financial incentives to boost the electric vehicle market. These measures may include subsidies for electric vehicle purchases, tax credits, and grants for research and development in the electric vehicle sector, stimulating consumer demand for electric vehicles and, consequently, electric vehicle actuators.

• Accelerated Research and Development: To recover from the impact of the pandemic, companies in the electric vehicle actuator market can focus on accelerated research and development. Innovations in actuator technology, improved efficiency, and new features can create a competitive edge, attracting consumers and manufacturers looking for advanced solutions in the post-pandemic era.

• Collaborations and Partnerships: Collaboration among industry stakeholders can expedite recovery efforts. Collaborative projects and partnerships between automakers, technology companies, and suppliers can drive innovation, resulting in the development of high-performance electric vehicle systems. Such collaborations contribute to the overall recovery of the electric vehicle actuator market in Europe.

• Investment in Digitalization: Embracing digital technologies for manufacturing, supply chain management, and customer engagement can enhance the resilience of companies in the electric vehicle actuator market. Investments in digitalization can improve operational efficiency, reduce costs, and streamline processes, supporting a quicker recovery from the disruptions caused by the COVID-19 pandemic.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Europe Electric Vehicle Actuator Market, with some challenges and opportunities arising from the pandemic.

List of the prominent players in the Europe Electric Vehicle Actuator Market:

• Siemens AG
• HELLA GmbH & Co. KGaA
• Valeo SA
• Mitsubishi Electric Corporation
• Schaeffler AG
• Bosch Limited
• Continental AG
• Johnson Electric Holdings Limited
• Nidec Corporation
• Nexteer Automotive Group Limited
• Thyssenkrupp AG
• Sonceboz SA
• APTIV PLC
• Stoneridge Inc.
• Brose Fahrzeugteile SE & Co. KG
• Others

The Europe Electric Vehicle Actuator Market is segmented as follows:

By Type

• Hydraulic Actuator
• Pneumatic Actuator
• Electric Actuator

By Application

• HVAC
• Brakes
• Headlights
• Grill Shutter
• Mirrors
• Trunk
• Hood
• Others
  • Power Windows
  • Seat Adjustment
  • Steering Column Adjustment
  • Others
    • Window Wipers
    • Convertible Tops
    • Transmission System
    • Electric Door Locks
    • Sunroof Operations
    • Seatbelt Tensioners
    • Adjustable Pedals
    • Seatback Recliners
    • Power Trunk Or Tailgate Release
    • Charging Port Doors

By End Use

• Battery EV
• Hybrid EV
• Plug-in-hybrid EV
• Fuel Cell EV

Regional Coverage:

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe