Growing Popularity Of Electric Vehicle Sales Propelling Actuator Market Growth: Key Factor Driving The Growth In The Actuator Market

The Actuator Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Expected Actuator Market Size During the Forecast Period?
Over the past few years, the actuator market has experienced significant growth. An increase from $58.91 billion in 2024 to $63.93 billion in 2025 is projected, with a compound annual growth rate (CAGR) of 8.5%. This expansion during the historical period can be associated with factors such as automation in the field of manufacturing, increased industrialization, the enlargement of the energy sector, the rising demand for healthcare equipment, and the advancement in smart buildings and infrastructure.

The actuator market is predicted to witness a significant surge in growth over the upcoming years, increasing to a substantial $90.8 billion by 2029, at a compound annual growth rate of 9.2%. This projected growth during the forecast period is primarily due to factors such as the spread of renewable energy, the electrification of automobiles, the refinement of precision medicine and biotechnology, urban growth and infrastructure enhancements, an emphasis on energy efficacy, and the emergence of robotics and automation. Key trends anticipated throughout the forecast period encompass the rise of electric actuators, technological advancements in intelligent actuators, the broadening of industrial Internet of Things (IIoT) integration, surge in robotics and automation, miniaturization and the acceptance of high-precision actuators, and the use of pneumatic and hydraulic actuators in industrial applications.

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What Are the High-Growth Segments in the Actuator Market?
The actuator market covered in this report is segmented -

1) By Type: Pneumatic Actuators, Hydraulic Actuators, Electric Actuators, Mechanical Actuators
2) By Motion: Linear Actuator, Rotary Actuator
3) By End User: Automotive, Aerospace, Oil And Gas, Pharmaceutical, Power Generation, Food And Beverages, Chemicals, Mining, Other End Users

Subsegments:
1) By Pneumatic Actuators: Single-Acting Pneumatic Actuators, Double-Acting Pneumatic Actuators
2) By Hydraulic Actuators: Linear Hydraulic Actuators, Rotary Hydraulic Actuators
3) By Electric Actuators: Servo Electric Actuators, Stepper Electric Actuators
4) By Mechanical Actuators: Gear-Based Actuators, Cam-Based Actuators

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What Key Drivers Are Expected to Influence Future Actuator Market Growth?
The actuator market is experiencing substantial growth, largely driven by the rising demand for electric vehicles. Electric vehicles, which are either partially or fully powered by electricity, extensively use actuators to control the movement of components and perform various operations. For example, the Global EV Outlook 2022 report by the International Energy Agency, an independent organization based in France, revealed that electric car sales skyrocketed in 2021 and maintained its growth trajectory in 2022. In 2021, the sales figures, including fully electric and plug-in hybrid vehicles, reached a record 6.6 million. Despite supply chain issues, sales surged in 2022, with 2 million electric cars sold across the globe in the first quarter, marking a 75% increase compared to the previous year. By the close of 2021, approximately 16.5 million electric cars were on global roads, four times the count in 2018. Hence, the burgeoning demand for electric vehicles is propelling the growth of the actuator market.

Which Companies Hold the Largest Share Across Different Actuator Market Segments?
Major companies operating in the actuator market include Emerson Electric Co., ABB Ltd., Rockwell Automation Inc., Moog Inc., SMC Corporation, Curtis Wright Corporation, Eaton Corporation Plc, Honeywell International Inc., Rotork Plc, Misumi Group Inc., Cameron International Corporation, Samson AG, Parker Hannifin Corporation, Venture MFG Co., Altra Industrial Motion, Actuonix Motion Devices Inc., Aptiv PLC, AUMA Riester Gmbh & Co. KG, BorgWarner Inc., Continental AG, Denso Corporation, Festo AG & Co. K.G., Flowserve Corporation, GEA Group AG, General Electric Company, Hitachi Ltd., IAV Automotive Engineering, Johnson Controls International PLC, KITZ Corporation, Mecvel Technologies Private Limited, Nidec Corporation, Regal Rexnord Corporation, Robert Bosch GmbH

What Trends Are Driving Growth in The Actuator Market?
The focus of leading companies in the actuator market is currently on creating technologically advanced products, such as intelligent actuators that manage transmissions and thermal conditions in electric vehicles. For instance, in September 2023, the Japanese automotive parts manufacturer, Marelli, unveiled its line of versatile smart actuators. Marelli's latest smart actuators handle intricate vehicular operations, meeting the increased need for over 100 actuators in future automobiles. These actuators come with an in-built electronic module enabling autonomous control of the device and its connectivity to the car's electronic network. Their scalable, modular, and adjustable mechanical design makes them compatible with a range of vehicle electronic and transmission configurations, while the software management allows for smooth incorporation into the vehicle's systems.

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What Are the Emerging Geographies for The Actuator Market Growth?
Asia-Pacific was the largest region in the actuator market in 2024. North America was the second-largest region in the actuator market. The regions covered in the actuator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Actuator Market?
2. What is the CAGR expected in the Actuator Market?
3. What Are the Key Innovations Transforming the Actuator Industry?
4. Which Region Is Leading the Actuator Market?

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