US Electric Vehicle Actuator Market Size Likely to Reach at a CAGR of 9% By 2033

As per the current market research conducted by CMI Team, the US Electric Vehicle Actuator Market size is expected to record a CAGR of 9% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 160.5 Million. By 2032, the valuation is anticipated to reach USD 349.6 Million.

US Electric Vehicle Actuator Market: Growth Factors and Dynamics

• Government Initiatives and Incentives: In the US, government initiatives such as tax credits, grants, and regulations promoting cleaner transportation drive the growth of the Electric Vehicle Actuator Market. Incentives encourage both consumers and manufacturers to adopt electric vehicles, increasing the demand for advanced actuators.

• Increasing Consumer Awareness: Growing environmental consciousness among US consumers fuels the demand for electric vehicles. Actuators play a critical role in the performance of these vehicles, contributing to increased adoption as consumers seek sustainable and eco-friendly transportation options.

• Technological Advancements: Ongoing innovations in electric vehicle technology, including actuator systems, drive market growth. Advancements aim at improving efficiency, range, and safety, making electric vehicles more appealing to consumers in the US and stimulating the demand for advanced actuators.

• Infrastructure Development: The expansion of charging infrastructure across the US is a significant factor. Actuators involved in charging mechanisms play a crucial role, and as the charging network grows, the demand for efficient and reliable actuators increases, supporting overall market expansion.

• Collaborations and Partnerships: Collaborations between automakers, technology companies, and suppliers are fostering innovation in the Electric Vehicle Actuator Market. These partnerships contribute to the development of cutting-edge technologies, ensuring the seamless integration of high-performance actuators into electric vehicles in the US.

• Consumer Incentives and Rebates: Beyond government incentives, manufacturers and dealers often offer consumer incentives and rebates to promote electric vehicle adoption in the US These incentives, coupled with lower operating costs for electric vehicles, contribute to a positive market outlook for electric vehicle actuators.

• Investment in Research and Development: Continued investment in research and development by key players in the US Electric Vehicle Actuator Market is driving growth. This commitment to innovation ensures the development of cutting-edge actuator technologies, addressing evolving market demands for higher efficiency, enhanced safety features, and seamless integration into the next generation of electric vehicles.

US Electric Vehicle Actuator Market: Partnership and Acquisitions

• 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.

• In 2021, Lordstown Motors and Hon Hai Technology Group have announced an agreement in principle to collaborate on scalable electric vehicle programs. The partnership will involve joint efforts at Lordstown Motors’ assembly plant in Ohio, reflecting a strategic move to enhance the development and production of electric vehicles.

• In 2021, Lucid Motors has partnered with LG Chem to secure advanced battery cells, ensuring long-term volume production of the Lucid Air. This strategic collaboration allows Lucid to solidify production forecasts for several years, with plans for additional agreements to be revealed in the future, emphasizing the commitment to sustained innovation in electric vehicle technology.

Report Scope

US Electric Vehicle Actuator Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the US 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 caused disruptions in global supply chains, impacting the production of electric vehicles and their components, including actuators. Factory closures, restrictions, and reduced workforce capacity hindered manufacturing processes, leading to delays and shortages in the US electric vehicle actuator market.

• Consumer Spending and Demand Decline: Economic uncertainties during the pandemic resulted in reduced consumer spending and a cautious approach towards large investments, such as purchasing electric vehicles. This decline in consumer demand directly affected the US electric vehicle actuator market, as automakers scaled back production in response to weakened market conditions.

• Government Stimulus Packages: To stimulate economic recovery and promote electric vehicle adoption, the US government may implement stimulus packages and incentives. These measures can include subsidies for electric vehicle purchases, tax credits, and grants for research and development in the electric vehicle sector, boosting consumer confidence and driving demand for electric vehicles and associated actuators.

• Resilience in Manufacturing and Supply Chains: Companies in the US electric vehicle actuator market can focus on building resilient manufacturing processes and supply chains. Diversification of suppliers, strategic stockpiling of critical components, and the adoption of digital technologies for supply chain management can help mitigate the impact of future disruptions and ensure a steady flow of actuators to meet market demands.

• Technological Innovation and Product Development: Continued investment in research and development is crucial for market recovery. Innovations in electric vehicle actuator technology, including advancements in efficiency, reliability, and integration capabilities, can attract consumers and manufacturers seeking cutting-edge solutions in the post-pandemic era.

• Increased Collaboration and Partnerships: Collaborations between industry stakeholders, such as automakers, suppliers, and technology companies, can expedite recovery efforts. Shared expertise, resources, and collaborative projects can lead to the development of innovative solutions and help the industry adapt to changing market dynamics in the US Electric Vehicle Actuator Market.

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

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

• Bosch Limited
• Continental AG
• Siemens AG
• HELLA GmbH & Co. KGaA
• Valeo SA
• Mitsubishi Electric Corporation
• Johnson Electric Holdings Limited
• Nidec Corporation
• Nexteer Automotive Group Limited
• NSK Ltd.
• Robert Bosch GmbH
• Schaeffler AG
• Siemens AG
• Stoneridge Inc.
• ZF Friedrichshafen AG
• Others

The US 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