Read detail market study @ https://www.coherentmarketinsights.com/ongoing-insight/global-engine-actuators-market-1819
Increasing demand for fuel-efficient vehicles is one of the major factors driving growth of the market
Increasing demand for fuel-efficient vehicles is one of the major factors driving growth of the market. This is attributed to factors such as increasing dearth of conventional fuels, regulations concerning exhaust gas emissions, increasing need for safety features, and growing trend of electric vehicles. For instance, the European Union has set its own emissions standards such as EU Regulation No 443/2009 that has set an average CO2 emissions target of 130 grams/kilometer for new passenger cars. These factors led to the replacement of mechanical linkages with electrical or electronic components and demand for actuators for use in engines to enhance engine performance and fuel efficiency increased, thereby fueling growth of the engine actuators market.
Moreover, stringent government regulations for fuel-efficient vehicles is another factor driving growth of the global engine actuators market. In 1975, the U.S. government had passed Corporate Average Fuel Economy (CAFE) standards, which had separate standards for ‘passenger cars’ and ‘light trucks’ although majority of the ‘light trucks’ were being used as passenger vehicles. For instance, the fuel economy target for the 2012 Honda Fit with a footprint of 40 sq. ft. (3.7 m2) was 36 miles per US gallon (6.5 l/100 km), equivalent to a published fuel economy of 27 miles per US gallon (8.7 l/100 km) and a Ford F-150 with its footprint of 65–75 sq. ft. (6.0–7.0 m2) had a fuel economy target of 22 miles per US gallon (11 l/100 km).
Global Engine Actuators Market: Segment Trends
On the basis of vehicle types, passenger vehicles segment is the fastest growing segment, owing to increasing sales of these vehicles worldwide. According to International Organization of Motor Vehicle Manufacturers, in 2016, around 70 million units of passenger cars were sold worldwide. The number of passenger cars per thousand inhabitants over the past few years have reached up to 182 per thousand inhabitants in 2015 from 178 in 2014, which is a major factor fuelling growth of passenger cars segment. Therefore, increasing sales of passenger vehicles will increase the demand for engine actuators in the vehicles, thereby driving growth of the market.
Global Engine Actuators Market: Regional Insights
Asia Pacific is expected to witness significant growth in the market over the forecast period. The emerging economies such as India and China are the growth engines of the market in this region. Increasing sales of both passenger and commercial vehicles is one of the major factors driving growth of the global engine actuators market in these economies. For instance, according to the Organisation Internationale des Constructeurs d’Automobiles (OICA), the total number of passenger cars sold in India was 2.9 million units in 2016 and it increased up to 3.2 million units in 2017.
Download PDF Brochure @ https://www.coherentmarketinsights.com/insight/request-pdf/1819
The total number of commercial vehicles sold in India was 702,640 units in 2016 and it increased up to 789,838 units in 2017. Moreover, establishment of production facilities in these regions by the major automobile industry participants including General Motors, Daimler, and Volkswagen are expected to fuel engine actuators market growth. For instance, in March 2017, Volkswagen, German automaker started the production facilities of SUV Tiguan in India at the Aurangabad plant. Original Equipment Manufacturers (OEMs) are increasing production capacity in the emerging economies such as India and China to meet growing demand for vehicles in the region, which will fuel growth of the market in this region.
Global Engine Actuators Market: Competitive Landscape
Major players operating in the global engine actuators market include Hitachi Automotive System, Aptiv PLC, Continental Automotive GmbH, Eaton Corporation, Aisin Seiki Co., Ltd. Arkwin Industries Inc., Johnson Electric Holdings Limited, Moving Magnet Technologies S.A., Delphi Automotive LLP., and Woodward, Inc.