The VVT Actuator Market is expected to be worth US$ 2,134.3 million in 2022 and US$ 3,630 Million by 2032. Demand for VVT actuators is expected to grow steadily at a CAGR of 5.5 percent over the forecast period.
VVT Actuators enable mechanisms such as advancing or delaying valve timing, changing or overlapping valves, and even lifting valves in some applications.
VVT actuators regulate valve timing by carefully adjusting the opening and closing timing of the intake and exhaust valves in accordance with driving conditions. This significantly improves fuel efficiency and reduces emissions. These actuators typically use hydraulics and oil pressure to change the position of a phaser mechanism.
Numerous Japanese and European engine manufacturers, including Honda, Nissan, Toyota, Audi, BMW, Mercedes, and Volkswagen, have adopted the technology. But over the past few years, a lot of regional producers have also added VVT actuators to their engines. Over the forecast period, the market for VVT actuators is anticipated to grow moderately.
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VVT Actuators Market: Drivers & Restraints
The major factors boosting the growth of VVT Actuators market is rising automation across automobile industry. With rising disposable income, the global automobile market is expected to continuously increase over the forecast period. A large chunk of this demand is anticipated to come from the developing nations of Asia pacific and Latin America.
This coupled with increasing focus on improving fuel efficiency and incorporating automation for better control, together will drive the market for VVT Actuators. Also, as local and regional car manufacturers also increasingly incorporate VVT actuators, demand is on the go.
Furthermore, it is anticipated that many countries will mandate the incorporation of VVT actuator in passenger automotive vehicles, on the backdrop of increasing fuel efficiency, which will significantly fuel the global market for VVT actuators.
Further, with the advent of driverless cars demand for VVT Actuators become unavoidable and the factor is expected to fuel the global VVT Actuators market over the end years of forecast period. However, high cost of VVT Actuators, still keeps the technology tapered with high end vehicles.
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VVT Actuators Market: Regional Outlook
Geographically, VVT Actuators market has been categorized into seven key regions including North America, Western Europe, Eastern Europe, APEJ, Japan, Latin America, and the Middle East & Africa.North America anticipated to be the global leader in terms of demand for VVT Actuators. The region has endorsed some of the most advanced technologies in vehicle automation, and caters wide-scale technological adoption rate.
Further with the advent of companies into driverless vehicles, demand in the regions VVT actuators market is anticipated to shoot up over the end of forecast period. Western Europe being home to some of the most prominent global car manufacturers also caters huge demand for VVT Actuators, as many passenger cars and buses in the regions comes equipped with this technology, amid saving significantly on fuel efficiency.
With increasing demand for cars in Asia Pacific Exc. Japan (APEJ) region, amid rising disposable income, demand for cars with high end features such as VVT Actuators is also on the rise. A large chunk of demand for VVT actuators is expected to come particularly from China and India based automobile manufacturers, as they shift towards global standards.
Latin America, on similar lines as APEJ is expected to boost its demand for automotive vehicles over the forecast period, fuelling more demand for VVT Actuators in the region. Eastern Europe also attracts high demand for VVT Actuators not only from automotive segments, but also from Marine and Aerospace segment.
The Middle East and Africa, VVT Actuators market is also expected to witness gradual growth over the forecast period, as global car manufacturers are expected to gradually set up their manufacturing bases in the region, over the last years of the forecast period.
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VVT Actuators Market: Key Players
Some of the players identified in Global VVT Actuators market are:-
• Mitsubishi Electric Corporation
• Camcraft, Inc.
• Metal Seal Precision, Ltd.
• Mikuni American Corporation
• Zhejiang DiMa Vehicle Industry Company
• Autorun
• GOGO Automatic Company Ltd
• Delphi Automotive LLP
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