Press release
Automotive Solenoid Market to Witness Exponential Growth by 2025
In the current scenario, due to rapid modernization and increasing demand for automobile from domestic and commercial sectors, the automotive solenoid market is expected to witness considerable growth during the forecast period. More precisely, the automotive solenoid market is expected to grow significantly because of increasing demand for mid-range vehicles, luxurious personal vehicles and also for improving the ride quality in the commercial vehicles. Automotive solenoids will be in demand as they do an amazing job of providing enhanced safety benefits and constant and smooth ride quality.
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Automotive Solenoid Market: Market Dynamics
The main factors driving the growth of the automotive solenoid market is increasing number of automobiles in use, high disposable income leading to improved sales of automobiles on a yearly basis and the need to adopt advanced technology for improving efficiency. Yet another factor promoting the growth of the automotive solenoid market is increasing focus on automobile security and passengers’ safety. The low to average replacement cost of automotive solenoids is another driving factor responsible for the growth of the automotive solenoid market. Moreover, it is an integral component of any type of automobile and hence, a general growth in automobile production is anticipated to contribute to the growth of the automotive solenoid market from the global perspective.
The repairing and maintenance of automotive solenoids requires skilled technicians, which can prove to be a restraint for the global automotive solenoid market. However, the trend of using better technology and equipment to get better results will increase the demand for automotive solenoid market during the forecast period.
Automotive Solenoid Market: Segmentation
Automotive solenoid market can be segmented on the basis of sales channel, vehicle type, application and valve design.
On the basis of sales channel, the automotive solenoid market can be segmented into:
Original Equipment Manufacturers (OEM)
Aftermarket
On the basis of vehicle type, the automotive solenoid market can be segmented into:
Passenger Cars
Light commercial vehicle
Heavy commercial vehicle
On the basis of application type, the automotive solenoid market can be segmented into:
Engine control & cooling system
Fuel & Emission Control
Safety & Security
Body Control & Interiors
HVAC
Other applications (Starter switch, Fuel Cap lock etc.)
On the basis of valve type, the automotive solenoid market can be segmented into:
2-way valve
3-way valve
4-way valve
5-way valve
Automotive Solenoid Market: Regional Overview
Among all regions, the Asia Pacific is expected to spearhead growth of the said market throughout the forecast period. Asia Pacific will be followed by Europe and North America. Europe holds a prominent share of the global automotive solenoid market owing to the large number of automotive manufacturers present in the region. Europe and North America are projected to be the main consumers owing to the extensive applications of automotive solenoids in the automotive industry.
The Middle East & Africa and Latin America are expected to fuel the growth of the automotive solenoid market owing to increase in urbanization and economic growth. These factors are expected to increase demand for automobiles, which in turn, is expected to fuel the growth of the automotive solenoid market during the upcoming years.
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Automotive Solenoid Market: Market Players
Examples of some of the market participants identified across the value chain of the global automotive solenoid market includes:
Mitsubishi Electric Corporation
Continental AG
Johnson Electric Holding
Delphi Automotive LLP
Denso Corporation
MVD Auto Components Pvt. Ltd.
Husco International
Nidec Corporation
WAI Global
Xiamen CST Automotive Company, Ltd.
Omron Corporation
W. Lisk Company
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