Electrifying the Automotive World: Exploring the Cutting-Edge Innovations in the Automotive Solenoid Market

By 2023, the automotive solenoid market will produce US$10.44 billion in sales, predicts Persistence Market Research. The use of automotive soldenoids has significantly increased recently, and this growing trend is anticipated to continue over the coming years. Global demand for electric vehicles has expanded as a result of consumer demand, consumer behaviour, and the use of smart automation in automotive solenoids. By 2033, the global market for automotive solenoids is anticipated to have grown at a CAGR of 4.2%, reaching US$ 14.83 billion.

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.

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The automotive solenoid market refers to the market for solenoid valves and actuators used in the automotive industry. These devices are used in various automotive systems such as transmission, power steering, and emissions control. The market is driven by the increasing demand for fuel-efficient and emission-compliant vehicles, as well as the growing adoption of electric and hybrid vehicles. Key players in the market include Bosch, Delphi, Denso, and Continental AG. The market is expected to grow in the coming years, with increasing regulations and technological advancements in the automotive industry.

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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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.

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.

Key Segments Covered in Automotive Solenoid Industry Research

By Vehicle

Passenger Cars
Compact
Mid-size
Luxury
SUVs
Light Commercial Vehicles
LCV-Economy
LCV-Premium
Heavy Commercial vehicles
HCV-Economy
HCV-Premium
Electric Vehicles
BEVs
HEVs
PHEVs
Two Wheelers
Electric
Conventional

By Application

Engine Management Systems
Powertrain Systems
Safety & Security Systems
HVAC Control & Cooling Systems
Others

By Sales Channel

OEMs
Aftersales

By Region

North America
Latin America
East Asia
South Asia & Pacific
Western Europe
Eastern Europe
Central Asia
Russia and Belarus
Balkan and Baltics Countries
Middle East & Africa

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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductors and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients' business needs.

This release was published on openPR.