Market Size of South Korea Automotive Electric Actuators Industry
| 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 |
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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 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 Size Summary
The South Korea Automotive Electric Actuators Market is experiencing significant growth, driven by the increasing automation and digitalization in the automotive sector. The demand for fuel efficiency and enhanced comfort, particularly in passenger vehicles, is propelling the market forward. The popularity of mini electric linear actuators is on the rise due to their superior energy conversion rates and compact size, making them ideal for high-end vehicle applications such as adaptive headlights. Despite a slowdown in vehicle sales in 2019, original equipment manufacturers (OEMs) continue to focus on electric actuators to enhance passenger safety and comfort. The market is evolving from mechanical applications to fully integrated automotive solutions, with electric actuators playing a crucial role in maximizing engine management efficiency and reducing CO2 emissions.
The market is further bolstered by the increasing sales of SUVs and premium vehicles in South Korea, which are driving demand for advanced electric actuator products. Technological advancements and stringent vehicle safety regulations are encouraging automakers to install more sophisticated safety systems, thereby boosting the demand for electric actuators. These actuators, known for their lower heat and noise emissions, improved design, and flexible installation options, are becoming standard in luxury vehicles. The fragmented market sees competition among international and regional players, with companies engaging in partnerships and joint ventures to innovate and launch new products. The focus on enhancing passenger comfort and experience is prompting OEMs to invest heavily in research and development, ensuring a competitive edge in the growing actuators industry.
South Korea Automotive Electric Actuators Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porters Five Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Vehicle Type
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2.1.1 Passenger Car
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2.1.2 Commercial Vehicle
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2.2 Application Type
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2.2.1 Throttle Actuator
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2.2.2 Seat Adjustment Actuator
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2.2.3 Brake Actuator
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2.2.4 Closure Actuator
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2.2.5 Others
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South Korea Automotive Electric Actuators Market Size 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.
