Asia-Pacific Electric Vehicle Actuator Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Type, Application, and Vehicle Type

The APAC electric vehicle actuator market is expected to grow from US$ 303.22 million in 2020 to US$ 629.78 million by 2028; it is estimated to grow at a CAGR of 9.1% from 2021 to 2028. The surging investments to acquire intra-vehicle connectivity data are expected to accelerate the APAC electric vehicle actuator market. With the advent of industry 4.0 and Internet of things (IoT), these technologies becoming progressively mainstream across the automotive sector. The escalating adoption of EVs is fueling the adoption and integration of IoT. However, the data integration issues for collaborative and connected vehicle applications are creating a challenge for the companies present in the APAC market. Further, the APAC market is highly competitive with the presence of leading players, which account for a significant market stake. These market players are further supporting the integration of IoT in EVs. Hence, IoT integration is becoming increasingly prominent across internal networks and intra-vehicle connectivity, to share data precisely among actuators, electronic control units (ECUs), and sensors. The lack of EV data sources and charging station networks across the developing countries in APAC region represents a barrier to the market's growth. Therefore, the stakeholders across APAC are boosting their investments for the adoption and development of vehicular technologies and infrastructure and are making considerable efforts to develop advanced actuation systems for intra-vehicle connectivity, which will drive the APAC electric vehicle actuator market.



APAC, especially India, is highly affected due to the COVID-19 outbreak. The containment measures taken by the governments in this region have negatively affected automotive and electronics sectors. China is the leading manufacturing country in this region and is among the worst-hit countries, along with India, which has ultimately impacted the production of automotive and electronics equipment. Further, due the interruption in supply chain and logistics, the procurement rate of various automotive and electronics equipment, including hardware components of electric vehicle actuators has been quite affected. India, South Korea, Japan, Vietnam, and other countries in the region have witnessed a sharp decline in the production of automotive and electric vehicle. In addition to this, APAC is also a global manufacturing hub with countries such as China, Japan, South Korea, and India leading the global manufacturing industry growth. The ongoing COVID-19 pandemic is anticipated to cause huge disruptions in the growth of various industries in the region. For instance, China is the global hub of manufacturing and largest raw material supplier for various industries, and it is one of the worst affected COVID-19 countries. Hence, the ongoing disruptions in supply of raw materials & components, as well as the demand from China and other Asian countries is expected to impact the growth of the electric vehicle actuator market in coming quarters.

The hybrid electric vehicle (HEV) segment led the APAC electric vehicle actuator market based on vehicle type in 2020. A hybrid electric vehicle (HEV) is a complex system that integrates electronic, chemical, mechanical, and thermodynamic technologies. When an HEV is in movement, control and data are transformed by various ?ows. Moreover, in HEVs, a hybrid drive motor is positioned between the engine and the automatic transmission, engaging in power transmission. In other words, the motor's power and the power of the driving engine produce combined power transmitted to the wheels through the transmission. In parallel hybrids, the electric engine and ICE are both associated with mechanical transmission. At the same time, they can transmit power to drive the wheels, as a rule through a routine transmission. Advantages of hybrid electric vehicles such as less usage of fuel, environment-friendliness, regenerate braking system, and high resale value etc. are expected to increase their demand in coming years, which will also escalate the demand for electric vehicle actuators, thereby driving the APAC electric vehicle actuator market.

The overall APAC electric vehicle actuator market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the APAC electric vehicle actuator market. The process also serves the purpose of obtaining overview and forecast for the APAC electric vehicle actuator market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the APAC electric vehicle actuator market. BorgWarner Inc.; Continental AG; HELLA GmbH and Co. KGaA; Hitachi, Ltd.; Johnson Electric Holdings Limited; Mahle GmbH; Mitsubishi Electric Corporation; Nidec Corporation; Robert Bosch GmbH; and Stoneridge, Inc. are among the key players operating in the APAC electric vehicle actuator market.

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