Rising Online Sales will Contribute to Automotive Solenoid Valve Market Growth
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The global automotive solenoid valve market can be segmented based on application, function, valve design, vehicle, electric vehicle, and region. In terms of application, the solenoid valve market can be classified into engine control & cooling system, fuel & emission control, safety & security, body control & interior, and HVAC. The customer are attracted towards the standard vehicles such as high accelerating power, fuel efficiency, auto lock system, high performance vehicles. This is anticipated to propel the engine control & cooling system segment during the forecast period. Based on function, the automotive solenoid valve market can be segmented into fuel control, gas control, and motion control. Demand for fuel control in the global automotive market has been rising significantly. This is expected to propel the adaptive fuel control segment of the automotive solenoid valve market during the forecast period. In terms of design, the automotive solenoid valve market can be segmented into 2-way valve, 3-way valve, 4-way valve, and 5-way valve. The 3-way valve segment is expected to expand at a significant growth rate during the forecast period. The major reason for the expansion of the market include rise in usage of 3-way valve in automotive engines. Based on vehicle, the automotive solenoid market can be segregated into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. The passenger vehicle segment is anticipated to account for a key share of the automotive solenoid valve market, followed by light commercial vehicle and heavy commercial vehicle segments, during the forecast period. In terms of electric vehicle, the automotive solenoid valve market can be segmented into battery vehicle, hybrid electric vehicle, and plug in hybrid electric vehicle. Increase in government support for green vehicles is propelling the demand for electric vehicles. This, in turn, is augmenting the demand for automotive solenoid valve. The hybrid electric vehicle segment is anticipated to hold a prominent share of the automotive solenoid valve market during the forecast period.
In terms of region, the global automotive solenoid market can be segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is the dominant market for the automotive sector, wherein India China, and Japan are the leading contributors, due to the increase in production of vehicles in these countries. Furthermore, rise in demand for advanced technology features such as antilock braking system, start-stop system, and automatic transmission are likely to boost the automotive solenoid valve market during the forecast period. The market in Europe is also estimated to witness significant growth, wherein Italy, Germany, Spain, and the U.K. are the prominent countries in automobile manufacturing.
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Key players operating in the global automotive solenoid valve market are Continental AG, Hitachi Ltd., DENSO CORPORATION, ASCO Valve, Inc., and BorgWarner Inc.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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