South Korea Automotive Electric Actuators Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 8.30 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
South Korea Automotive Electric Actuators Market Analysis
The South Korea Automotive Electric Actuators Market is expected to register a CAGR of 8.3% during the forecast period, 2020-2025.
Currently, the market for automotive electric actuators is primarily driven by rising automation and digitalization. Increased demand for fuel efficiency and growing demand for comfort, especially in passenger vehicles, is driving the growth of the automotive electric actuators market.
Many high-end models are offering small electric actuators, also known as mini actuators. Mini electric linear actuators are becoming popular because their energy conversion rate is much higher for different kinds of linear motion.
For instance, most automotive headlights maintain a fixed position mounted on an aligned orientation of the vehicle. However, high-end manufacturers are providing mini actuators that allow the headlights to move either up and down and helps focus the light on curving or undulating road surfaces. Since mini actuators can be fitted in compact spaces due to its small size, there are preferred over standard actuators. Also, the conversion of energy into linear motion, while providing perfect linear actuation is desirable for luxury manufacturers. Also, in South Korea, there is a rise in the sales of SUVs and premium vehicles, resulting in the growth in other electric actuators segments.
South Korea Automotive Electric Actuators Market Trends
This section covers the major market trends shaping the South Korea Automotive Electric Actuators Market according to our research experts:
Rising Demand for Fuel-Efficient Vehicles Will Help the Actuators Market to Grow
Although, in 2019, the growth of passenger and commercial vehicle sales has reduced. But OEMs are still making electric actuators one of the main areas of focus to improve passengers' safety and comfort. As a part of that effort, electric actuators have also gained significant attention in recent years.
The electric actuators market has evolved from a working mechanic application to a fully automotive. Factors such as increasing fuel efficiency rules in South Korea are resulting in consumer awareness to use automobiles, which give a higher performance for the same fuel efficiency.
The electric engine actuator products, maximize the potential of modern engine management, offering consistency and improved performance, thus reducing CO2 emissions from vehicles of all classes. As a result, electric automotive actuators will experience a higher deployment in various automotive applications.
The increasing demand for fuel-efficient vehicles, along with the rising demand for advanced electric actuator products, among the buyers, is compelling the major manufacturers to invest in R&D activities. The sales of luxury cars in South Korea have gone up, which will have a positive impact on the Automotive Electric Actuators Market.
Luxury cars Will Drive the Demand for Electric Actuators
Many technological advancements have been done in the automotive market field, which has had a direct impact on the automotive electric actuators, which is witnessing newer challenges and developments. There is an increased focus on vehicle safety regulations mandated by the government and other regulatory authorities. As a result, automakers install safety systems in their vehicles, driving the automotive electric actuators market.
Increasing demand for comfort systems luxury vehicles is attributed to a rise in the need for haste free and comfortable ride. As a result, driving the market for functional components in the vehicle ranging from Throttle Actuator, Brake Actuator, Closure Actuator (Window, Door, and Sunroof), and Other Application Types are driving towards the research and development of the market.
The electrical actuators are equipped in most of the luxury vehicles. They emit lesser heat, lower noise emission, offer an improved design and offer flexible installation options. Additionally, since they run on battery, they can deliver higher torque while being compact and lightweight, making it an optimum choice over the regular actuators. Advanced electrical circuiting and also well-designed software make actuators easier to operate. Electric actuators are widely used in window lifts, power tailgate drive, seat adjustment, and sunroof drive.
There is also a growing demand for features offering better comfort to the passengers, which has become a necessary factor for top manufacturers to differentiate to each in the growing actuators industry. As a result, OEMs invest heavily in enhancing the driving and passenger experience by proving the best actuators in its luxury vehicles.
South Korea Automotive Electric Actuators Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Restraints
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4.3 Porters Five Force Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 Vehicle Type
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5.1.1 Passenger Car
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5.1.2 Commercial Vehicle
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5.2 Application Type
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5.2.1 Throttle Actuator
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5.2.2 Seat Adjustment Actuator
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5.2.3 Brake Actuator
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5.2.4 Closure Actuator
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5.2.5 Others
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6. COMPETITIVE LANDSCAPE
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6.1 Vendor Market Share
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6.2 Company Profiles
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6.2.1 Denso Corporation
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6.2.2 Mitsubishi Electric Corporation
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6.2.3 Nidec Corporation
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6.2.4 Hitachi Ltd
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6.2.5 Continental AG
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6.2.6 Robert Bosch GmbH
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6.2.7 Denso Corporation
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6.2.8 BorgWarner Inc
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6.2.9 Aptiv Plc
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
South Korea Automotive Electric Actuators Industry Segmentation
The South Korea Automotive Electric Actuators are fragmented with various international and regional players such as Robert Bosch GmbH, Continental and Denso. Although to have the edge over its competitors, the companies are making joint-ventures, partnerships to launch newer products.
In 2019, Progressive Automations introduced a wide range of electric linear actuators models. The electric linear actuators have unique capabilities for possible versatile applications. The linear actuator manufacturer offers 12V models covered with an 18-month warranty. Besides, consumers have an opportunity to customize the chosen model for specific demands, including voltage, force, stroke length, dimensions, and feedback control.
| Vehicle Type | |
| Passenger Car | |
| Commercial Vehicle |
| Application Type | |
| Throttle Actuator | |
| Seat Adjustment Actuator | |
| Brake Actuator | |
| Closure Actuator | |
| Others |
South Korea Automotive Electric Actuators Market Research FAQs
What is the current South Korea Automotive Electric Actuators Market size?
The South Korea Automotive Electric Actuators Market is projected to register a CAGR of 8.30% during the forecast period (2024-2029)
What years does this South Korea Automotive Electric Actuators Market cover?
The report covers the South Korea Automotive Electric Actuators Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South Korea Automotive Electric Actuators Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
South Korea Automotive Electric Actuators Industry Report
Statistics for the 2024 South Korea Automotive Electric Actuators market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Korea Automotive Electric Actuators analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
