Global Automotive Solenoid Market Industry Trends, Estimation & Forecast, 2018 - 2025

The production of Automotive solenoids increasing with the increasing demand for automation. Laws for fuel-efficient vehicles are being brought into action by different countries. This may drive the growth of the Automotive Solenoid Market. Earlier machines had big engines. But as the size of engines is decreasing (a concept popularly known as ‘Engine Downsizing Trend’), the demand for Automotive Solenoids is increasing. The fuel and emission control application market in the Automotive Solenoid Market is expected to grow at a significantly high pace.

As the production of vehicles is increasing at a steady rate, so is the demand for the solenoid. According to OICA, 94,976,569 cars were produced in 2016, a 4.6% rise from the 2015 figures of 90,780,583 cars. Therefore, the automotive solenoid market is likely to gain traction in the coming years owing to the increasing demand for cars.

“Global Automotive Solenoid market is valued at USD4.15 billion in 2018 and it is expected to reach more than USD 8.1 billion by 2025, likely to grow at a CAGR of 8.85%% during the forecast period”
 
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by application type, the body control and interiors is estimated to account for the largest share in the global automotive solenoid market. This application is used in all passenger and commercial vehicles (CV) as well as electric vehicles, unlike some applications that may or may not be used in electric vehicles. For example, engine control valves are not used in a battery electric vehicle (BEV) for the engine control application.

On the basis of vehicle type, the Passenger car segment is a promising market due to the increase in high global production. Passenger cars are expected to grow with the highest CAGR with 9.3%, in the global automotive solenoid market. This can be attributed to the growing need for personal cars and private cabs in the emerging economies, which has triggered the demand for automotive solenoids from passenger car manufacturers. The demand is expected to increase in developing and developed countries such as China, Japan, Germany, and the U.S., where major car manufacturers are located.
Asia-Pacific is estimated to hold the largest market share, in terms of value, of the global automotive solenoid market in 2017. The region comprises some of the fastest developing economies in the world such as China, India, and South Korea. There has been a significant increase in vehicle production volumes over the years, with OEMs catering not only to domestic demand but to overseas demand as well.

The major players profiled in the report are Robert Bosch GmbH (Germany), Hitachi Ltd. (Japan), Mitsubishi Electric Corporation (Japan), Continental AG (Germany), Johnson Electric Holding (China), BorgWarner (U.S.), and Delphi Automotive PLC (U.K.).

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