London, UK, April 13, 2022 (GLOBE NEWSWIRE) -- The Automotive Solenoid Market Size is expected to record a valuation of USD 7.33 Billion by 2028, Registering to Accelerate at a 7.9% CAGR, According to the most recent study by Brandessence Market Research.
The Global Automotive Solenoid Market size was Valued at USD 4.31 Billion in 2021.
The increasing demand for electricity conservation has been used in a way that doesn’t impact fuel efficiency; this makes the solenoids a lot more important in the automobile industry. This results in the growth of the global automotive solenoids market. The automotive solenoids are employed for a broad range of applications like automatic transmission and for the starting of a car. The solenoid in automobiles has been a major piece of the starter and its functions which is a sort of the contact for the power of reaching the starter from this respective battery. With the generation of the vehicles seeing an expansion at the rate of endurance, it is in the favor of the manufacturers’ solenoids. One more factor which is going to probably pick the force up is the utilization of the solenoid in the programmed transmission of automobiles. The solenoid refers to mainly a coil that is enfolded around the helix which is resolutely packed. When this is explained in the physical science terms, it’s again a coil, the length of which is more than the diameter as well as the coil which is enveloped around the core which is metallic and it produces a magnetic field which is smooth at a time when this electric current is moving through this solenoid.
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Automotive Solenoid Market: Key Drivers
On the other hand, the difficult times during the covid-19 pandemic has also opened new arrays of opportunities for innovation. With electric vehicles, automotive solenoid technology is increasingly used for applications like transmission control, trunk release, door locks, dual clutch, evaporative emission control, engine fuel shut off valve, fuel ignition coils, air suspension systems, and many more. The growing demand for feature laden EVs popularized by brands like Tesla, and increased investment in high-end EVs remain a promising feature. As EVs help consumers save tremendously on fuel costs, agencies like the IEA also report that consumers are willing to pay more for EVs in the future.
Automotive Solenoid Market: Segment Analysis
As expected, BEVs or Battery-Operated Electric Vehicles are expected to account for largest growth in the automotive solenoid market. The growing demand for this technology in key regions like North America, and Asia Pacific remains the most notable trend. Furthermore, the PHEV and FCEV are expected to account for second and third largest revenue share in the global automotive solenoid market. Despite major lead of BEVs in the global market, thanks to the superior range, and decreasing costs offered by PHEVs, the segment is expected to grow at the fastest pace during the forecast period.
On the basis of end-systems, the fluid control systems are expected to account for largest revenue share in the global automotive solenoid market. The automotive solenoid systems play a major role in regulating the fuel flow, and building pressure to drive steering, and braking controls. The growing demand for fuel-efficiency and increased demand for automation remain key drivers of growth in this segment.
By Vehicle Type:
- Passenger vehicle
- Light commercial vehicle
- Heavy commercial vehicle
By Electric Vehicle Type:
- BEV
- HEV
- PHEV
- FCEV
By Application:
- Engine control & cooling system
- Fuel & Emission Control
- Safety and Security
- Body Control & Interiors
- HVAC
- Other
By Function:
- Fluid Control
- Gas Control
- Motion Control
By Valve Design:
- 2-way valve
- 3-way valve
- 4-way valve
- 5-way valve
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Automotive Solenoid Market: Covid-19 Impact
As covid-19 pandemic hit, the sales of global vehicle manufacturers dropped notably. In many key regions, the sales of passenger vehicles remained lower than in previous crisis like the 2009 financial crisis. This largely took place as various governments around the world announced new measures like lockdowns, and social distancing. The major halts in both production, and fallen demean for various goods and services. During this period, only EV makers remained untouched by the pandemic, which witnessed a positive demand despite shutdowns. Hence, the EV manufacturing remains the brightest forecast for players in the automotive solenoid market, as consumers remain uncertain about the future of conventional fuel-driven vehicles.
Automotive Solenoid Market: Competitive Analysis
- BorgWarner Inc
- Mahle Gmbh
- Nidec Corporation
- Johnson Electric Holdings Limited
- Schaeffler Ag
- Rheinmetall Automotive
- Hitachi Astemo
- Continental Ag
- Denso Corporation
- Zf Friedrichshafen Ag
- Robert Bosch GmbH
- Mitsubishi Electric Corporation
- Johnson Electric Holding
- And More
Automotive Solenoid Market: Regional Analysis
As far as the region is concerned, this global automotive solenoid market has been the segment of Latin America, Asia Pacific, Europe, North America, and the Middle East & Africa. The regions of the Asia Pacific have been expected to dominate the global automotive solenoid market in the period of forecast. The region has consisted of a few of the developing countries including South Korea, India, and China. All the growth is owing to the rise in the demand for automation systems.
Region Covered in Automotive Solenoid Market Report:
North America
- U.S.
- Canada
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Sweden
- Netherland
- Turkey
- Switzerland
- Belgium
- Rest of Europe
Asia-Pacific
- South Korea
- Japan
- China
- India
- Australia
- Philippines
- Singapore
- Malaysia
- Thailand
- Indonesia
- Rest Of APAC
Latin America
- Mexico
- Colombia
- Brazil
- Argentina
- Peru
- Rest of Latin America
Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest Of MEA
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