Automotive Solenoid Market Future Aspect Analysis and Current Trends by 2023-2032

The global automotive solenoid market was valued at $4.6 billion in 2021, and is projected to reach $7.6 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.

Automotive solenoids are valves with electromechanical control. They regulate the fluid (gas or liquid) flow rate in many automobile systems. They need electric current to operate. When electricity passes through a solenoid coil, an electromagnetic suction valve is created (or a spring's gravitational pull is overcome). Automotive solenoids are frequently used to change the flow of oil, water, gas and other fluids.

During the forecast period, growth in the automotive solenoid market is anticipated to be fueled by factors like the automotive industry's promising growth rate, rising adoption of electric cars, and rising need for automated systems. Efforts by the government and well-known automakers are also anticipated to positively affect the automotive solenoid industry.

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However, it is anticipated that throughout the anticipated period, decreased sales of passenger cars powered by diesel along with fluctuations in the price of raw materials would limit the potential for expansion of the automotive solenoid market. The idea of autonomous vehicles and an increase in manufacturing process automation are anticipated to complement the automotive solenoid market, improving opportunities for market growth over the course of the projected period.

On the basis of vehicle type, application, type, and geography, the automotive solenoid market is divided into subgroups. The market is divided into passenger vehicles, light commercial vehicles (LCV), heavy commercial vehicles (HCV), and electric vehicles based on the kind of vehicle. The market is divided into categories for engine control, fuel and emission management, HVAC, and other applications. The market is segmented into many types, including 2 Way Valve, 3 Way Valve, 4 Way Valve, and others. Four geographic regions-North America, Europe, Asia-Pacific, and LAMEA-are used to analyse the market.

Market Segmentation:

By type:

· Linear solenoid

· Rotary solenoid

By application:

· Transmission control valve

· Engine management system

· Power steering system

· Antilock braking system (ABS)

· Others (fuel system, HVAC system, etc.)

By vehicle type:

· Passenger vehicles

· Commercial vehicles

By region:

· North America

· Europe

· Asia Pacific

· Latin America

· Middle East and Africa

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Competitive Landscape:

The global automotive solenoid market is highly competitive with the presence of several established and emerging players.

Some of the key players in the market include:

Robert Bosch GmbH

Hitachi Ltd.

Mitsubishi Electric Corporation

Denso Corporation

Delphi Technologies

Johnson Electric Holdings Limited

BorgWarner Inc.

Continental AG

Valeo SA

Mahle GmbH

These companies are focusing on strategic partnerships, collaborations, and mergers and acquisitions to expand their market presence and increase their customer base. They are also investing heavily in R&D activities to develop innovative and advanced automotive solenoids to meet the increasing demand for electric vehicles and ADAS.

The market is also witnessing the entry of several new players, which is expected to increase the competition further. The increasing focus on reducing greenhouse gas emissions and improving fuel efficiency is expected to drive the demand for automotive solenoids, creating growth opportunities for both established and emerging players.

In conclusion, the global automotive solenoid market is highly competitive with the presence of several established and emerging players. The market is expected to witness significant growth in the coming years, driven by the increasing demand for electric vehicles, ADAS, and stringent regulations aimed at reducing greenhouse gas emissions and improving fuel efficiency. The key players in the market are focusing on strategic partnerships, collaborations, and mergers and acquisitions to expand their market presence and increase their customer base.

Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter's five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support

Objectives of the Study:
• To provide with an exhaustive analysis on the Automotive Solenoid Market by Product, By Application, By End User and by Region.
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions- North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
• To record and evaluate competitive landscape mapping- product launches, technological advancements, mergers and expansions

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