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Revenue from the Sales of Automotive Solenoid Market to Witness Relatively Significant Growth During 2018 - 2026

Global Automotive Solenoid Report Overview

Automotive Solenoids are adopted in automobile’s engine systems, powertrain systems, HVAC cooling & control systems, Safety and security systems, and others (Infotainment, fuel management systems etc.) In layman’s term, function of solenoids is to convert electric energy into mechanical movement.

Automotive Solenoids are employed in passenger vehicles, LCVs, HCVs, electric vehicles, and two wheeler. The primary use of solenoids in a vehicle is starter solenoid, other application of solenoids include– automated or manual transmission, air bag valves, differential locks of fuel tank, windows and doors, urea tank heater, pneumatic cabin controls, refrigeration control, speed control, gear shifting mechanism, and theft protection etcetera.

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In this report, we have considered automotive solenoid installed in vehicles and two wheelers only. Industrial solenoids have not been considered under the scope of research. In this automotive solenoid report, we have crunched separate markets for automotive solenoid for vehicle type such as passenger car, LCV, HCV electric vehicles and two wheelers. Passenger vehicles segment is projected to remain the dominant segment, both in terms of market share and CAGR growth, as it lies in the high growth – high share quadrant. With this growth and its exceptional sales volume, passenger vehicles is emerging as a lucrative segment for key suppliers in the global automotive solenoids market

Factors influencing the automotive solenoid Market Growth (Market Dynamics)

Rising demand for comfort level in vehicles coupled with rising automotive vehicles demand are projected to push the growth of the automotive solenoid market over the forecast period. Typically, a commuter spends 5.5% of its time in a vehicle, so the drivers and passengers safety and comfort is the top priority. Thus, the manufacturers and designers aims to provide a total solution in response to trends such as enhanced fuel economy engines by developing next generation fuel efficient engines and vehicles which incorporates solenoid safety valves and switches. For instance, in commercial vehicles, solenoid valves are used in electronic power steering for adjustments which comes with a safety feature of auto closing the steering in case the driver forgets to switch off the steering. Further, solenoids are also used in airbags to ensure safety of the driver or the passenger during collision. Furthermore, powered doors and windows are powered by solenoids. Hence, as the adoption of electric motors and electronics continues to advance in the automotive industry, safety systems involved in the functioning of an automobile must meet high standards of safety. This, in turn, is expected to drive the market of automotive solenoids.

In addition, rising automotive vehicle production of passenger cars, LCVs (Light Commercial Vehicles), HCVs (Heavy Commercial Vehicles), Electric Vehicles and two wheelers, across the globe, owing to rising cargo and passenger density is the other factors expected to drive the automotive solenoid market during the forecast period.

Key developments in the automotive solenoid market

In the automotive solenoid market, manufacturers, such as Johnson Electric Holdings Limited, Flex Ltd., DENSO CORPORATION, Robert Bosch GmbH, Mitsubishi Electric Corporation, BorgWarner Inc., TLX Technologies, Hitachi, Ltd., G.W. Lisk Company, Continental AG, Littlefuse, Inc., Bitron Industrie S.p.A, among others, are some of the prominent players. These manufacturers are keenly focused on joint ventures with small scale players to create a strong customer base across the globe to gain higher market share in the automotive solenoid business. Furthermore, most of the companies are introducing innovative products to sustain in the automotive solenoid market as this strategy helps companies to grow their business in the automotive solenoid segment in the global market. By introducing new categories of automotive solenoids, businesses can target previously untapped customer markets and gain modest traction in the automotive solenoid market.

In June 2018, KYB Corporation collaborated with an automotive component manufacturing company and created a new company called KYB Manufacturing do Brasil Fabricante de Autopecas S.A. in Brazil with an aim to strengthen its automotive solenoid business in the Latin America region
In June 2018, ZF Friedrichshafen AG started a joint venture with e.GO Moove GmbH for the manufacturing of autonomous and electric people movers. This is expected to ramp up the installation of automotive solenoid in new vehicles
In 2017, Magneti Marelli S.p.A. announced that in 2019 the company will establish an automotive solenoid manufacturing plant in Morocco. For this, the company has also signed a deal with the Moroccan State worth US$ 41.8 Mn. The strategic aim of this business deal is to cater to the demand of North African clients. Furthermore, the company has also announced that it will manufacture 6 Mn units annually after the establishment of this plant.
In 2017, thyssenkrupp AG announced to open a new production facility for springs and stabilizers by making an investment of US$ 36 Mn. The aim of this development is to cater to the demand for automotive components from Hungary, Europe

Automotive Solenoid Market Structure

Automotive solenoid market is a moderately fragmented market owing to the presence of several Tier 2 & 3 players in the automotive solenoid market. The leading players have medium to good presence across the globe. Tier-1 players are projected to account for more than 40% share in the global market and are also projected to generate more than US$ 500 Mn value in the automotive solenoid market. Some of players hold more than 50% of overseas business in automotive solenoid market across the globe. Interestingly, KYB Corporation has ~4.1% net margin and ~5.4% operating margin across the globe. That is also projected to positively impact global automotive solenoid market during the forecast period.

automotive solenoid market

A brief intro of research methodology for the Global Automotive solenoid Market

Our research methodology for automotive solenoid market is based on six basis points:

Defining Research Problem and Objective
During this step, we did deep dive research analysis on the applications of automotive solenoid. Then, our team defined the automotive solenoid in terms of installation location, application and benefits. During the next step, we made a research objectives so that we were contrastable in crunching the automotive solenoid market. During the course of the research, our team found out that the solenoids have low replacement rate and thus the aftermarket segment occupies less share in the global automotive solenoid market. Hence, the global automotive solenoid market has segmented on the basis of sales channel (OEM & Aftermarket) and Application (Engine Management System, Powertrain System, Safety & Security System, HVAC Control & Cooling System and Others).
Collecting, Analyzing and Interpretation Information
During this step, our team collected data pertaining to automotive vehicle production per region and per country from various sources, such as IMF, OICA, UN Data, IEEMA, TEEAM, DOE, PPIB, PEC, BEMMA, PUCSL and others government websites.
We also conducted primary interviews with automotive shock absorber manufacturers, suppliers and experts who have vast experience in the automotive solenoid market. Then interpreted the data collected from various sources and made a perfect frame model for automotive vehicle production and vehicle fleet.
Selecting Methods of Data Collection
In this step, our team selected the useful data with the help of sorting tools, such as Excel, etc. Moreover, the combined data collected from secondary and primary resources was sorted and arranged as per the requirement in the global market. During this step, we also multiplied data with the penetration rate for automotive solenoid in regional as well as the global market.
Deciding the Type of Data
During this step, our team regrouped the useful data for automotive solenoid. For instance, value share for BPS analysis, final year production of automotive solenoid and initial year production of automotive solenoid for year-over-year growth were collected. We also used this data to show the incremental $ opportunity charts for the global automotive solenoid market.
Developing The Final Research Plan
During this step, valuable insights collected by our team during the course of study were collated into a market research report. The automotive solenoid market covers diverse sections, such as the Executive summary, Analysis and Forecast, Supply Demand Scenario, Competition Assessment and Research Methodology & Assumptions.

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Key players dominating the automotive solenoid market

Some of the key players involved in the manufacturing of automotive solenoid and included in this study are Johnson Electric Holdings Limited, Flex Ltd., DENSO CORPORATION, Robert Bosch GmbH, Mitsubishi Electric Corporation, BorgWarner Inc., TLX Technologies, Hitachi, Ltd., G.W. Lisk Company, Continental AG, Littlefuse, Inc., Bitron Industrie S.p.A, among others

ABOUT US:
Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance. To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.

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