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Evolving Market Trends In The Automotive Solenoid Industry: Innovative Products Spark Growth In The Automotive Solenoid Market
Automotive Solenoid Market
What Is the Expected Automotive Solenoid Market Size During the Forecast Period?
The automobile solenoid market has seen a robust expansion in recent times. The market size will increase from $5.02 billion in 2024 to $5.42 billion in 2025, with a compound annual growth rate (CAGR) of 8.1%. Factors contributing to this growth during the past period include a surge in auto manufacturing and sales, increased demand for vehicles with better fuel economy and low environmental impact, growth of the vehicle parts aftermarket, heightened safety and security needs, as well as the effects of globalization and international commerce.
The market for automotive solenoids is predicted to experience robust growth in the coming years as it is expected to reach a value of $7.52 billion in 2029 with a compound annual growth rate (CAGR) of 8.5%. The expansion is due to factors such as the electrification trend in vehicles, advancements in autonomous vehicles, stricter government regulations, the broadening of the connected car ecosystem, and increasing disposable income. Within this growth period, the significant market trends include the miniaturization and integration of systems, energy-efficient solenoids, advancements in 3D printing and materials, and strategic alliances.
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What Are the High-Growth Segments in the Automotive Solenoid Market?
The automotive solenoid market covered in this report is segmented -
1) By Function: Fluid Control, Gas Control, Motion Control
2) By Protocol: Direct Acting, Manual Reset, Pilot Operated
3) By Valve Design: 2-Way Valve, 3-Way Valve, 4-Way Valve, 5-Way Valve
4) By Vehicle Type: Passenger Cars, Commercial Vehicles
5) By Application: Engine Control and Cooling System, Fuel and Emission Control, Safety and Security, Body Control and Interiors, HVAC, Other Applications
Subsegments:
1) By Fluid Control: Fuel Injection Solenoids, Transmission Control Solenoids, Brake System Solenoids
2) By Gas Control: EGR (Exhaust Gas Recirculation) Solenoids, Air Intake Control Solenoids, Turbocharger Wastegate Solenoids
3) By Motion Control: Door Lock Solenoids, Window Lift Solenoids, Seat Adjustment Solenoids
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What Key Drivers Are Expected to Influence Future Automotive Solenoid Market Growth?
The increase in vehicle automation is predicted to drive the expansion of the automotive solenoid market. Autonomous vehicles function using artificial intelligence and require no direct human control. The escalating number of these vehicles and the development of e-mobility creates chances for the production of innovative automotive solenoids. As per Gerber Injury Law, a legal practice, the global market for autonomous vehicles is increasing at a rate of 16% annually and is forecasted to hit a trillion dollars by 2025.
Which Companies Hold the Largest Share Across Different Automotive Solenoid Market Segments?
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
What Trends Are Driving Growth in The Automotive Solenoid Market?
The emergence of product innovations is a vital trend that is becoming increasingly popular in the automotive solenoid market. This refers to the development and launch of new or enhanced products. For example, Bürkert Fluid Control Systems, a Germany-based firm specializing in the production of fluid measuring, control and regulatory systems, introduced specialized solenoid valves specifically for hydrogen fuel cell applications in February 2024. These valves consist of a 316 stainless steel body to prevent hydrogen embrittlement, thereby ensuring long-lasting durability and safety in hydrogen applications.
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What Are the Emerging Geographies for The Automotive Solenoid Market Growth?
Asia-Pacific was the largest region in the automotive solenoid market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive solenoid market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Solenoid Market?
2. What is the CAGR expected in the Automotive Solenoid Market?
3. What Are the Key Innovations Transforming the Automotive Solenoid Industry?
4. Which Region Is Leading the Automotive Solenoid Market?
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