Market Trends of France Automotive Pneumatic Actuators Industry
Passenger Car Witnessing Major Growth
The rising income levels, increased demand for luxury vehicles, shorter car ownership periods, brisk import-export activity, and a growing consumer preference for small and compact vehicles are expected to contribute to the market's expansion.
The major presence of automotive manufacturers across the country is likely to witness an increase in passenger car sales in the coming years. According to Plateforme de la Filiere Automobile (PFA), new passenger car sales in France of 152,710 units in 2022 increased by 14.0% over the previous year. With the increase in new and used passenger car sales and the future anticipation of greater adoption of electric vehicles across the country, there will exist surging demand for automotive pneumatic actuators with higher durability and greater heat dissipation capability in the coming years.
Coupled with that, the government鈥檚 strict safety regulations related to vehicle parts and components to phase out low-quality imported products also aid the demand for pneumatic actuators during the forecast period. Moreover, companies such as BYD are either launching or showcasing their product, which will positively impact the target market as the sales of vehicles may lead to the demand for pneumatic actuators in the market. For instance,
In June 2023, BYD, the world's leading manufacturer of new energy vehicles (NEVs), will launch five models in France with the appointment of several key dealers in strategic regions of the country. At the heart of this launch plan is a strategic ambition to partner with dealer groups that will provide the experience, expertise, and prime locations to sell pioneering new energy vehicles.
With the development mentioned above across the country, the demand for pneumatic actuators is likely to grow in the coming years.
Battery Electric Vehicles Are Dominating the Market
The demand for electric vehicles has increased significantly. However, the automotive industry is now recovering from the losses and paving the way to introduce quality products to cater to the rising demand from consumers across the country.
The automotive industry witnessed significant growth in terms of the production of battery electric vehicles in 2022, which is likely to witness significant growth for electric vehicles during the forecast period.
The high number of plug-in hybrids and the growing demand for battery electric vehicles and their usage in the country significantly boosted the demand for pneumatic actuators. It increased the market opportunities for the industry.
Growing electric vehicle charging infrastructure across the country is likely to witness significant demand for electric vehicles across the region. For instance,
In April 2022, the French government invested Euro 2.5 billion to support the production of nearly two million electric and hybrid vehicles and to deploy power charging stations across the country.
Rising carbon emissions and climate change have come up as a potential challenge for governing bodies of major developed and developing countries. The transportation sector makes a major contribution to greenhouse effects, accounting for around 24% of global CO2 emissions; nonetheless, the same issue has been faced by France as well.
In concern to minimize the carbon emissions from the transportation sector, technologies of low-carbon emission or zero-carbon emission are required to be deployed at a vast scale. This is anticipated to boost the market during the forecast period.
Owing to the factors mentioned above, the demand for pneumatic actuators is expected to grow in the forecast period.
