Press release
Automotive Solenoid Market is projected to exhibit a CAGR of 4.1% during 2029
Conservation and resourceful use of electricity, without affecting fuel efficiency, makes the use of solenoids inevitable in the ever-growing automotive industry. Advancements in e-mobility and automobile architecture are expected to offer opportunities for the development of innovative and intelligent solutions.Most of these solutions necessitate the utilization of automotive solenoids, which is projected to further boost market growth. The global automotive solenoid market is projected to exhibit a CAGR of 4.1% during the forecast period of 2019-2029.
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Key Takeaways of Automotive Solenoid Market
By vehicle type, the passenger cars segment is projected to hold a prominent share of the global automotive solenoid market. This can be attributed to the growing need for personal cars and private cabs, which has sparked requirement from passenger car manufacturers for automotive solenoids in emerging economies.
Owing to the growing usage of engine management systems in almost all vehicle types, the segment is anticipated to remain the most attractive application type.
By sales channel, OEMs are projected to hold majority share of the market. OEMs are looking to occupy more space in the aftermarket; for instance, by opening their own networks of non-car, brand-specific repair shops. Also, they are investing in enhancing customer experience by introducing different service offerings.
The introduction of electric motors and electronics in the automotive industry has resulted in higher requirements for safety systems. For instance, in commercial vehicles, solenoid valves are used for adjustments of electronic power steering, which come with a safety feature of auto closing the steering in case the driver forgets to turn it off.
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“The automotive industry is gradually paving its way towards an electrified and autonomous future. Vehicles manufacturers are focused on integrating advanced features that offer enhanced passenger comfort. High investments towards the modernization of cars for a diversified customer base are expected to boost automotive solenoid market growth in the foreseeable future,”says a PMR Analyst.
Competition Overview
The automotive solenoid market has become increasingly competitive, as manufacturers are launching advanced products that offer various operational benefits, at the same time complying with existing regulations in the market. Key players involved in the automotive solenoid market are Johnson Electric Holdings Limited, Flex Ltd., Denso Corporation, Mitsubishi Electric Corporation, BorgWarner Inc., Hitachi Ltd., Continental AG, and Littlefuse Inc., among others.
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Long-term Outlook of Automotive Solenoid Market
The world economy is growing somewhat erratically, and subsequently, the automotive industry is witnessing gradual growth. Further, the automotive industry has a potential role in almost all industries, and is anticipated to create significant growth opportunities on the back of increasing investments from public and private partnerships. Moreover, economy and mid-size cars are anticipated to witness significant growth over the forecast period, which can be attributed to growth in disposable income, globally. This will also increase the demand for automated systems in vehicles, which is simultaneously expected to drive the growth of the automotive solenoid market over the forecast period.
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