Off-Highway Actuators Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Off-highway Actuators Market is poised to register a CAGR of over 6.00% over the forecast period (2020-2025).

Key Highlights

• Off-highway vehicle actuator growth is dependent on the growth rate of agricultural and construction machinery industries. Rising agriculture mechanization trends in developing countries and spike in residential and commercial construction projects globally are driving the off-highway actuators markets.
• At the global level, the off-highway machinery is anticipated to grow significantly over the next decade owing to the growing demand for construction machinery from developed regions such as Europe. The recovery of Europe’s construction industry improved business in the mining and quarrying sectors, and a favorable economic environment with low-interest rates further stimulated investments into off-highway machinery which further boosts the actuators market.
• As the demand for electrification of off-highway vehicles is growing, manufacturers have started offering off-highway vehicles with more advanced actuators such as electric actuators and electrohydraulic actuators to improve the vehicle efficiency.

Key Market Trends

Electric Actuators Are Likely to Lead the Off-Highway Actuator Market

An electric actuator is a device, which converts applied electrical energy into mechanical torque. Electric actuators are increasingly being used to position loads on new off-highway vehicles and machinery including sprayer booms, snow blowers, and turf, garden, and agricultural equipment.

Electric actuator systems consist of a motor, gearbox, lead or ball screw, and clutch. An off-road vehicle's battery is usually enough to power the actuator, and along with a switch, fuse, and a few wires, the basic system is ready to run. Compare this to a hydraulic system that has many more components needed to position similar loads. Actuators are replacing hydraulic cylinders in equipment that needs more compact, rugged, and cleaner positioning components, such as in lawn-care equipment for expensive golf greens where hydraulic leaks cannot be tolerated.

The level of electrification of off-highway machinery is growing such as mild hybridization or full electrification. Among the many prototypes developed, some hybrid off-highway vehicles have been introduced into the market and they have shown significant gains in performance and considerable reductions in operating costs. As the electrification of off-highway vehicles is growing the demand for off-highway electric actuators is anticipated to grow significantly over the forecast period.

Asia-Pacific is Expected to Lead the Off-Highway Actuators Market

The off-highway actuators market is anticipated to lead by Asia-Pacific followed by Europe and North America respectively. The demand for off-highway machinery is majorly from china as china is the second-largest country in the world in terms of economy, has been consistently investing since 2011 in improving its infrastructure, with growing types of machinery and development in technologies.

The government of China has been rapidly approving big infrastructure projects, as the investment in infrastructure will directly boost the country’s economy. For instance:

• The National Development and Reform Commission (NDRC) has approved 16 projects, worth a minimum of CNY 1.1 trillion (USD 163.2 billion) in total.
• In between December 2017 and January 2018, the NDRC approved just seven projects, worth a total of CNY 105.79 billion (USD 15.69 billion).

Moreover, the housing authorities of Hong Kong have launched a number of measures to push-start the construction of low-cost housing.

• The authorities projected a capital expenditure of HKD 23,923 million in the construction sector for affordable apartments in its 2018-19 budget. The budget was 7% higher than the budget allotted for the financial year 2017.

Thus, owing to the above-mentioned developments, the demand for off-highway actuators is expected to increase in the region.

Competitive Landscape

The off-highway actuator market is captured by key players such as Thomson Linear Motion Systems, SKF Motion Technologies, BorgWarner Inc., Power Jack Motion, Ognibene Power and among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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