Saudi Arabia Automotive Actuators Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Historical Data Period||2018 - 2021|
*Disclaimer: Major Players sorted in no particular order
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Saudi Arabia Automotive Actuators Market Analysis
Saudi Arabia automotive actuators market is valued at USD 252.11 million in the current year, and it is expected to reach the value of USD 338.02 million in the forecast years, registering a CAGR of 6% during the forecast period.
Saudi Arabia includes a growing automotive market due to an increasing population and improving economic conditions, which leads to a higher demand for vehicles equipped with advanced actuators. In the automotive industry, a diverse range of actuators is utilized, spanning pneumatic, hydraulic, electric, magnetic, thermal, and mechanical variants, each offering distinct capabilities, such as the required force level, response time, and durability.
Currently, the market for automotive actuators is primarily driven by rising automation and digitalization. Increased demand for fuel efficiency and comfort, especially in passenger vehicles, is driving the growth of the automotive actuators market.
Saudi Arabia Automotive Actuators Market Trends
Rising Demand for Fuel-efficient Vehicles will help the Actuators Market Grow
The actuators market evolved from working mechanic applications to fully automotive. Factors such as increasing fuel efficiency rules in Saudi Arabia are resulting in consumer awareness to use automobiles, which give a higher performance for the same fuel efficiency.
The engine actuator products maximize the potential of modern engine management, offering consistency and improved performance, thus reducing CO2 emissions from vehicles of all classes. As a result, automotive actuators are likely to experience a higher deployment in various automotive applications.
The increasing demand for fuel-efficient vehicles, along with the rising demand for advanced actuator products, among buyers is compelling the major manufacturers to invest in R&D activities. The sales of luxury cars in Saudi Arabia went up, with a positive impact on the automotive actuators market.
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Electric Actuators are Driving the Growth of the Market
Numerous technological advancements in the automotive industry significantly influenced the field of automotive actuators. As a result, these actuators are experiencing evolving challenges and advancements. Issues include enhancing the efficiency of various functional components within vehicles, including throttle actuators, brake actuators, closure actuators (such as those for windows, doors, and sunroofs), and various other application types. These factors are propelling research and development efforts within the market.
A majority of modern vehicles come equipped with electric actuators, which offer several advantages. These actuators generate less heat, produce lower noise levels, and provide versatile installation possibilities. Furthermore, they operate on batteries, allowing them to deliver higher torque while remaining compact and lightweight, making them a preferable choice compared to traditional actuators. Additionally, advanced electrical circuitry and well-crafted software contribute to the ease of operation of these actuators. Electric actuators find extensive applications in functions such as window lifts, power tailgate mechanisms, seat adjustments, and sunroof operations.
There is also a growing demand for features offering better comfort to passengers, which became a necessary factor for top manufacturers to differentiate each other in the growing actuators industry. As a result, OEMs invest heavily in efforts to enhance the driving and passenger experience by providing the best actuators to their customers.
Saudi Arabia Automotive Actuators Industry Overview
Robert Bosch GmbH, Continental, and Denso are the leading market players in the Saudi Arabia automotive actuators market owing to their wide connectivity network across various cities in Saudi Arabia. This company operates its key segment both online and offline to address consumers' attention and offer them discounts with their dealer and distributor network. For instance,
- In August 2023, Neweast General Trading entered into a leasing agreement with Jebel Ali Free Zone (Jafza) to create the largest spare parts center in the Middle East and Africa. With an investment of around USD 136.2 million, the company intends to convert a 165,000 sq m area within the free zone into a massive distribution hub for spare parts.
Saudi Arabia Automotive Actuators Market Leaders
Robert Bosch GmbH
*Disclaimer: Major Players sorted in no particular order
Saudi Arabia Automotive Actuators Market News
- July 2023: Saudi Arabia entered into agreements with two companies, Rigel and Clevon, to foster investment in the automotive manufacturing sector and further the development of autonomous vehicle technology.
- April 2023: The Saudi Ministry of Industry and Mineral Resources disclosed that the distribution of the new factories comprises 33 dedicated to producing parts, accessories, and engines, 21 for manufacturing vehicles and related structures, including processing facilities, and 106 geared towards the production of trailers, semi-trailers, and trucks.
- August 2022: Samvardhana Motherson International Limited (SAMIL) made an announcement stating that it entered into a Memorandum of Understanding (MoU) with the Ministry of Investment in the Kingdom of Saudi Arabia. SAMIL intends to make a substantial investment of USD 400 million. This MoU underscores the commitment of Motherson to collaborate with MISA in advancing the automotive parts industry within the Kingdom of Saudi Arabia.
- January 2022: Fahad Al Duhaish, the President of The Saudi National Automotive Manufacturing Co., known as SNAM, officially announced the ceremony for the inaugural car assembly facility in Jubail Industrial City. Al-Duhaish informed Al Arabiya that the assembly plant, in conjunction with the testing area, will cover an extensive area of 120,000 sq m. The plant's production capacity is projected to reach 30,000 cars on an annual basis.
Saudi Arabia Automotive Actuators Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Increasing Demand for ADAS Integration
4.2 Market Restraints
4.2.1 High Upfront Cost
4.3 Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Vehicle Type
5.1.1 Passenger Cars
5.1.2 Commercial Vehicles
5.2 Actuator Type
5.2.1 Electrical Actuators
5.2.2 Hydraulic Actuators
5.2.3 Pneumatic Actuators
5.3 Application Type
5.3.1 Throttle Actuators
5.3.2 Seat Adjustment Actuators
5.3.3 Brake Actuators
5.3.4 Closure Actuators
5.3.5 Other Application Types
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Denso Corporation
6.2.2 Mitsubishi Electric Corporation
6.2.3 Nidec Corporation
6.2.4 Hitachi Ltd
6.2.5 Continental AG
6.2.6 Robert Bosch GmbH
6.2.7 Denso Corporation
6.2.8 BorgWarner Inc.
6.2.9 Aptiv PLC
6.2.10 Renesas Electronics
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Saudi Arabia Automotive Actuators Market Research FAQs
What is the study period of this market?
The Saudi Arabia Automotive Actuators Market is studied from 2018 - 2028.
What is the growth rate of Saudi Arabia Automotive Actuators Market?
The Saudi Arabia Automotive Actuators Market is growing at a CAGR of 6% over the next 5 years.
What is Saudi Arabia Automotive Actuators Market size in 2018?
The Saudi Arabia Automotive Actuators Market is valued at 252 Million USD in 2018.
What is Saudi Arabia Automotive Actuators Market size in 2028?
The Saudi Arabia Automotive Actuators Market is valued at 338 Million USD in 2028.
Who are the key players in Saudi Arabia Automotive Actuators Market?
Robert Bosch GmbH , Denso Corporation , Mitsubishi Electric , Aptiv PLC , Nidec Corporation are the major companies operating in Saudi Arabia Automotive Actuators Market.
Saudi Arabia Automotive Actuators Industry Report
Statistics for the 2023 Saudi Arabia Automotive Actuators market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Saudi Arabia Automotive Actuators analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.