Press release
Automotive Solenoid Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Robert Bosch GmbH, Mitsubishi Electric Corporation, Johnson Electric Holdings Limited, BorgWarner Inc.,
Automotive Solenoid Market Size
The Business Research Company offers in-depth market insights through Automotive Solenoid Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The automotive solenoid market size has grown strongly in recent years. It will grow from $4.69 billion in 2023 to $5.1 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to increase in automotive production and sales, rise in demand for fuel-efficient and eco-friendly vehicles, expanding automotive aftermarket, enhanced safety and security requirements, globalization and international trade.
The automotive solenoid market size is expected to see strong growth in the next few years. It will grow to $7.1 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to electrification of vehicles, autonomous vehicle development, stringent government regulations, expansion of the connected car ecosystem, rising disposable income. Major trends in the forecast period include miniaturization and integration, energy-efficient solenoids, 3d printing and advanced materials, strategic partnerships.
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Market Segmentation:
The main functions of the automotive solenoids are fluid control, gas control, and motion control. The fluid control helps in controlling fluid pressure in vehicles. Fluid solenoid valves are used to control the fluid pressure and for changing the flow inflow in automatic automotive transmissions. They are used for various fluids like oil, fuel, and others. The protocols used in automotive solenoids are direct acting, manual reset and pilot operated. Automotive solenoids are used in passenger cars and commercial vehicles. Automotive solenoids are used in applications such as engine control and cooling system, fuel and emission control, safety and security, body control and interiors, HVAC, and other. By valve design, the types of automotive solenoids include 2-way valve, 3-way valve, 4-way valve and 5-way valve.
Major Driver - Increasing Vehicle Automation Drives Growth In The Automotive Solenoid Market
The rising automation in vehicles is expected to propel the growth of the automotive solenoid market. Autonomous vehicles are self-driven vehicles, which operate through artificial intelligence. Growing autonomous vehicles and e-mobility provide opportunities to produce innovative automotive solenoids. According to Gerber Injury Law, a law firm, the autonomous vehicles market is growing 16% each year across the world, and it is expected to reach a trillion-dollar by 2025.
Competitive Landscape:
Major companies operating in the automotive solenoid market include Robert Bosch GmbH, Mitsubishi Electric Corporation, Johnson Electric Holdings Limited, BorgWarner Inc., Hitachi Ltd., Continental AG, Mahle GmbH, ASCO Valve Inc., Norgren Inc., Danfoss A/S, Delphi Technologies plc, Denso Corporation, ZF Friedrichshafen AG, Nidec Corporation, Schaeffler AG, Rheinmetall Automotive AG, Stoneridge Inc., TLX Technologies LLC, Gideon Automotive Industries Ltd., Kendrion N.V., MZW Motor GmbH, Bicolex Enterprises Ltd., Zonhen Electric Appliances Co. Ltd., Padmini VNA Mechatronics Pvt. Ltd., Jaksa d.o.o., Global Point Magnetics Asia Co. Ltd., Endicott Coil Company Inc., Able Coil & Electronics Co. Inc., Hybrid Electronics Corp., Jewell Instruments LLC, Datatronics Inc., Plast-O-Matic Valves Inc., Magnatrol Valve Corp., Texas Industrial Remcor Inc., Electricsolenoidvalves.com, American Precision Supply Inc., Liberty Industries Inc., Infineon Technologies AG
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Top Trend - Innovative Products Spark Growth In The Automotive Solenoid Market
Product innovations are a key trend gaining popularity in the automotive solenoid market. Product innovation is the creation or introduction of a new good or launching the improved version of a previous good. For instance, in 2021, Danfoss, a provider of advanced engineering products, developed new EVT solenoid valves for CO2 systems up to 140 bars.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Solenoid Market Characteristics
3. Automotive Solenoid Market Trends And Strategies
4. Automotive Solenoid Market - Macro Economic Scenario
5. Automotive Solenoid Market Size And Growth
…..
27. Automotive Solenoid Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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