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Procurement Market Intelligence Report

Actuators
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Actuators?

What is the average price of Actuators?

This procurement report includes pricing information to help you purchase Actuators. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.

Has the price of Actuators been rising or falling?

Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.

I’m not ready to purchase Actuators yet. Will I pay more if I wait too long?

We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.

What other costs are associated with purchasing Actuators?

Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Actuators with a reduced risk of unexpected costs.

See how we display average pricing information, trends and market data.

Find the vendor to meet your needs

Where can I purchase ?

The actuator manufacturing market has a low level of concentration, with the top four suppliers accounting for about 20.0% of total market revenue. The low level of concentration among actuator manufacturers reflects the market's fragmented nature. Overall, there are about 890 actuator suppliers in the United States, most of which... Subscribe to learn more.

Questions to ask potential suppliers

How can I gain leverage during negotiations?

Experience and Expertise

How long have you provided these products to your longest-tenured client?

What qualifications does your staff have and what measures do you take to keep those qualifications up to date?

What industry do you most commonly supply this product for?

To what extent will ordering multiple products from your firm allow me to save on costs?

What is your repeat business rate for businesses in my industry and how does that compare to your overall rates?

Supply Chain Risk

Over the past three years, what percentage of your revenue has been dedicated to raw input materials? How has that changed?

Has the availability of raw materials tightened due to the coronavirus outbreak?

Over the past three years, what percentage of your revenue has been dedicated to labor?

How have fluctuations in input prices affected the prices of your products during the past three years?

How do you mitigate sudden price increases in raw materials?

When input prices rise, how much of the cost is absorbed by you and how much is passed onto buyers?

How, if at all, has your supply chain been affected by import tariffs levied in 2018?

Regulation

How do you manage regulatory change? Do you have regulation advisers or methods to track regulation?

How have changing regulations influenced your pricing now and how will the changes affect prices over the life our proposed agreement?

What ongoing training procedures do you provide for your staff?

Have you ever been found to be noncompliant with regulatory frameworks?

Amid widespread health concerns during the COVID-19 pandemic, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?

Experience & Expertise

What other companies within my industry do you serve? How long have you been a supplier for them?

What are some similar clients you have serviced, along with dates and service periods?

How do you keep up with changes and advancements in the products of the companies and industries you supply?

Could you provide key personnel backgrounds and experience?

Shipping

Could you provide the locations of your domestic and international distribution facilities?

What are your shipping rates to my facilities?

Do shipping rates vary if I need products shipped to more than one location?

Do you allow clients to use their own shipping, transportation or delivery method?

How do you ensure timely and accurate shipping?

Have you faced considerable disruptions in your shipping and delivery times due to the pandemic? How have your customers been affected?

Customization

Is your company capable of producing and delivering this product as is, with little to no adjustments in terms of your equipment and operations? If not, what additions or modifications to your equipment, staff or operations are necessary in order match our needs?

Will you help design and build customized units if needed?

How will these additions or modifications affect cost?

Product Lines

Do you offer any complementary products or services with the purchase of this unit? If so, what are they?

What type of discounts do you offer for specific unit types?

Do you offer discounts for bulk orders?

Do you maintain an inventory of replacement parts and components?

Quality Control

How often do you experience defects with your products? To what degree are in-process inspections and process controls carried out?

What is your acceptable margin of error for the products I am seeking to purchase?

How many recalls have you had? Were they voluntary or mandated? What problems created the need for the recalls? How have you handled these recalls?

What is the typical inspection process that your product undergoes? What internal testing procedures do you use to ensure product quality?

Financial Health

What is your company's sales history for the past five years?

Has your company ever been at risk of bankruptcy?

How much of your revenue comes from your five largest customers? What impact on your profitability would there be if you lost a big customer?

How does your company stay profitable during economic downturns? How has the pandemic impacted your financial situation?

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Key elements for every RFP

What should my RFP include?

Project Budget

Buyers should explicitly state the amount for the award.

Buyers should explain the schedule with which payments will be made.

For assistance in ascertaining a reasonable price and price range for actuators, buyers can consult the Benchmark Price section of this report.

Selection Criteria

Buyers should look for suppliers that have been in business for a long time and have direct experience providing the kind of actuators they are seeking.

Buyers should ask for a list of references from current and former customers.

Buyers should give preference to local suppliers because it will cut down on costs related to transportation, and using a local supplier will simplify communication.

For a detailed list of key selection criteria, buyers should reference the Buying-Decision Scorecard section of this report.

Project Schedule

Buyers should communicate to prospective suppliers when award information results will be provided.

Buyers need to provide due dates for any ongoing maintenance work.

Buyers should provide general expectations with regards to response time and customer service.

Buyers should list the expected start and finish dates once a prospective supplier is chosen.

Evaluate major factors to mitigate risk

How risky is the supply chain?

The actuators market has a medium level of supply chain risk. Major inputs into actuators include various metals such as steel, aluminum, bronze, brass and copper. The price and available supply of these metals are subject to a significant degree of volatility due to global economic events. For instance, steel... Subscribe to learn more.

HIGH

MEDIUM

LOW