Middle East & Africa Electric Vehicle Actuator Market
No. of Pages: 110 | Report Code: TIPRE00022155 | Category: Automotive and Transportation
No. of Pages: 110 | Report Code: TIPRE00022155 | Category: Automotive and Transportation
The governments of several countries in the MEA have realized the importance of the automotive industry. They are taking initiatives to support and enhance the growth of the automotive manufacturing industry in the region. For instance, South Africa's Government launched the South African Automotive Masterplan (SAAM) to broaden and deepen the local value chains. Moreover, the automotive manufacturers in South Africa are focusing on strengthening their position in the country. For instance, in 2018, Mahindra SA opened its vehicle assembly facility in Durban, South Africa. In January 2020, Toyota announced that it would invest ~US$ 266.21 million (R4bn) in its parts distribution and manufacturing projects in South Africa. Therefore, the government initiatives for the development of the automotive sector and the increasing focus of the companies toward strengthening their presence in the region are expected to support the growth of the region's automotive actuator market. Further, the UAE is the most influenced country in EV business and accounts for the highest number of EVs in the Middle East region. The rising number of EVs in the country is aiming at rolling out a higher number of EV transmission across the country. The partnership strategy with Green Parking helped Dubai Electricity Water Authority (DEWA) to install 100 EV charging infrastructures across the UAE owing to the increasing number of EVs in the region. The Sub-Saharan African (SSA) countries in the region are adopting alternative energy sources for transport to deal with the mounting load of subsidies and fuel dependencies. The adoption of electric vehicles (EVs) boosts the integration of actuators to provide a potential solution to the problems mentioned above.
In case of COVID-19, MEA is highly affected especially South Africa. The electric vehicle actuator market in the MEA is majorly affected by the disruption in the supply chain. Owing to the various containment measure initiated by the government, such as travel restrictions, factory shutdown, and lockdowns, the supply, and distribution of electronics equipment had been hampered. The demand for electric vehicle actuator has weakened over the past couple of months, which has impacted the revenue streams of electric vehicle actuator players operating in this region. The global COVID-19 pandemic would have significant effects on global economies, but the region is anticipated to be especially impacted as there is already pressure on economy of various oil-based countries due to falling oil prices. In addition to this, the factory lockdowns, business shutdowns and travel bans are further aggravating the economic problems of the countries in the MEA. Hence, the estimated decline in MEA’s economic condition and impact of COVID-19 on growth of various industries in the region is expected to negatively impact the growth of electric vehicle actuator market in 2020 and 2021.
Strategic insights for the Middle East & Africa Electric Vehicle Actuator provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 16.53 Million |
| Market Size by 2028 | US$ 29.47 Million |
| Global CAGR (2021 - 2028) | 7.0 % |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
The geographic scope of the Middle East & Africa Electric Vehicle Actuator refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The MEA electric vehicle actuator market is expected to grow from US$ 16.53 million in 2020 to US$ 29.47 million by 2028; it is estimated to grow at a CAGR of 7.0 % from 2021 to 2028. Mounting requirement of fuel-efficient vehicles is expected to accelerate the MEA electric vehicle actuator market. Increasing requirement for electronically advanced systems in vehicles, owing to the strict guideline announced by the governments across the MEA region to fuel the efficiency, is one of the major drivers for the MEA market growth. Moreover, the rising production of vehicles and growing preference for smooth driving experience and high comfort is boosting the demand for different types of actuators. Currently, most light-duty vehicles are well equipped with mechanical or electric actuators. The diesel engines consume 10–20% less fuel as they have more efficient engine operations, whereas hybrid vehicles powered with gasoline have lower fuel consumption. The hybrid vehicle engine operates to its peak efficiency as well as accommodates an amount of energy from regenerative braking, which is triggered with the help of actuators. The electric vehicles (EV) have the lowest energy consumption as they operate through battery that uses intrinsically higher efficiency of electric motors compared to internal combustion engines. The selling of EVs offers the original equipment manufacturers (OEMs) the opportunity to meet their targets with extra credits and make compliance easier by reducing the limit’s stringency up to 5%. Therefore, growing implementation of standards by governments across the MEA region and mounting requirement of fuel-efficient vehicles are expected drive the growth of the MEA electric vehicle actuator market.
In terms of type, the hydraulic actuator segment accounted for the largest share of the MEA electric vehicle actuator market in 2020. In terms of application, the hood segment held a larger market share of the MEA electric vehicle actuator market in 2020. Further, the hybrid electric vehicle (HEV) segment held a larger share of the MEA electric vehicle actuator market based on vehicle type in 2020.
A few major primary and secondary sources referred to for preparing this report on the MEA electric vehicle actuator market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Continental AG; HELLA GmbH and Co. KGaA; Hitachi, Ltd.; Johnson Electric Holdings Limited; Mahle GmbH; Mitsubishi Electric Corporation; Nidec Corporation; and Robert Bosch GmbH.
The Middle East & Africa Electric Vehicle Actuator Market is valued at US$ 16.53 Million in 2020, it is projected to reach US$ 29.47 Million by 2028.
As per our report Middle East & Africa Electric Vehicle Actuator Market, the market size is valued at US$ 16.53 Million in 2020, projecting it to reach US$ 29.47 Million by 2028. This translates to a CAGR of approximately 7.0 % during the forecast period.
The Middle East & Africa Electric Vehicle Actuator Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East & Africa Electric Vehicle Actuator Market report:
The Middle East & Africa Electric Vehicle Actuator Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East & Africa Electric Vehicle Actuator Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East & Africa Electric Vehicle Actuator Market value chain can benefit from the information contained in a comprehensive market report.
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