Authored By: Sarah
22 Aug 2024

Automotive Torque Actuator Motors Market Size to grow by USD 3820.1 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Automotive Torque Actuator Motors Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

  • Market Research Overview: The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers in the automotive parts and equipment industry include the surge in electronic components utilization in automobiles, fueled by the rising sales of EVs, motorcycles, and passenger cars, which have significantly boosted the demand for electronic control units (ECUs) and other electrical components over the past decade. - The Automotive Torque Actuator Motors Market is experiencing significant growth, fueled by the Increased popularity and adoption of EVs. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

  • Major Findings:
    • Increased popularity and adoption of EVs
    • High spending by consumers on advanced features of vehicles
    • High costs associated with torque actuators
    • Increasing design complexity of torque actuators
  • Growth Projections

The market size is estimated to grow by USD 3820.1 million, at a CAGR of 7% during the forecast period. In the automotive industry, torque actuator motors hold significant importance due to their integral role in advanced driver-assistance systems (ADAS) and autonomous driving technologies. These motors are essential for providing torque and control in various functionalities, including steering assist systems, lane-keeping assist, and adaptive cruise control. The integration of these features in vehicles is escalating, driven by the increasing demand for autonomous and electric vehicles. Torque actuators play a pivotal role in autonomous driving systems by enabling precise control over steering and braking, thereby ensuring vehicle movements are responsive to the environment. Consequently, the global automotive torque actuator motors market is poised for substantial growth during the forecast period, as the adoption of autonomous and electric vehicles continues to expand.

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  • Regional Insights

The Automotive Torque Actuator Motors Market represents a significant growth opportunity for businesses, driven by the increasing demand for advanced driver assistance systems (ADAS) and electric vehicles (EVs). These motors play a crucial role in vehicle safety and performance, enabling features such as power steering, engine start-stop systems, and transmission control. Market growth is expected to continue, fueled by regulatory initiatives promoting emissions reduction and technological advancements in motor design and manufacturing processes.

About Technavio                                                                        

Technavio is a global market research company offering comprehensive reports and insights on various industries. Our research helps businesses make informed decisions by providing actionable data and trends. Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions. Technavio is one of the most influential market research and advisory firms in the world. We work with business and technology leaders to provide cutting-edge market research and insights to companies. 

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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