Luton, Bedfordshire, United Kingdom, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Automotive Solenoid Market.
The global Automotive Solenoids Market is expected to grow at a 7.35% CAGR from 2022 to 2029. It is expected to reach above USD 7.54 billion by 2029 from USD 4.04 billion in 2020.
Automotive Solenoid Market Overview
A solenoid coil is a common electrical component that generates an electromagnetic field by tightly wrapping a wire around a core, which is usually made of metal.
The solenoid in an automobile is a point of contact for power to reach the starter from the battery. Automotive solenoids are used for a variety of functions, including automatic transmission. Manufacturers' demand for solenoids is increasing as a result of a surge in vehicle sales.
Autonomous vehicles can navigate and sense their surroundings without the assistance of a human. Autonomous vehicles combine a variety of technologies and techniques, which is expected to fuel demand for electric and electronic components at the same time.
Autonomous vehicle technology and electrified powertrains are expected to generate significant consumer interest and to have long-term value potential. Many systems in an autonomous vehicle necessitate proportional feedback control, which autonomous self-regulating proportional solenoids provide.
Furthermore, solenoids are an important component of autonomous steering. When the car enters autonomous mode, the steering solenoid is activated. This factor is very likely to drive the growth of the automotive solenoid market in the coming years.
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Market Dynamics
Drivers: Autonomous vehicle technology and electrified powertrains are rapidly evolving.
Restraints: Failures in technology may stifle growth.
Opportunities: Technological Innovations and Advancements
| Report Attributes | Details |
| Automotive Solenoid Market Size (2020) | US$ 4.04 billion |
| Projected Market Value (2029) | US$ 7.54 billion |
| Global Market Growth Rate (2022-2029) | 7.35% CAGR |
| Market Share of Automotive Solenoid Market | 35% Europe |
| Key Companies Profiled | Robert Bosch GmbH, Hitachi Ltd., Mitsubishi Electric Corporation, MAHLE Group, Johnson Electric, BorgWarner, Flex Ltd., Denso Corporation, BorgWarner Inc., TLX Technologies are key players in the automotive solenoid market. To gain traction in the automotive solenoid market, these players develop new products, implement growth plans, and engage in collaborations, partnerships, and mergers and acquisitions. |
Automotive Solenoid Market Segmentation Insights
By Vehicle Type:
- Passenger vehicle
- Light commercial vehicle
- Heavy commercial vehicle
The automotive solenoid market is dominated by the passenger vehicle sector, which has resulted in significant adoption in luxury and high-end vehicles. The rise in the number of electronic components used in automobiles, as well as the rise in demand for automotive safety systems, were key drivers for the Automotive Solenoid segment.
By Electric Vehicle Type:
- Battery Electric Vehicles (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Fuel Cell Electric Vehicle (FCEV)
Because it does not require a gasoline engine, which requires fuel and routine maintenance, the BEV has the largest Automotive Solenoid market share. Battery prices for EVs are falling due to technological advancements, which are expected to result in lower overall BEV prices.
By Application:
- Engine control & cooling system
- Fuel & Emission Control
- Safety and Security
- Body Control & Interiors
- HVAC
- Other
The automotive solenoid market is expected to be led by body control and interior applications. Unlike some applications, which may or may not be used in electric vehicles, this application is used in all passenger and commercial vehicles (CV).
By Function:
- Fluid Control
- Gas Control
- Motion Control
The fluid control segment is expected to have the highest Automotive Solenoid market share during the forecast period,. Fluid control solenoids play an important role in controlling the flow of fluids or actuating pumps to generate pressure for use in various applications such as braking and steering. Furthermore, the increased adoption of electric vehicles is expected to benefit the motion control segment.
By Valve Design:
- 2-way valve
- 3-way valve
- 4-way valve
- 5-way valve
The use of these valves depends on the fuel supply and engine design of the vehicles.
By Sales Channel
- OEMs
- Aftersales
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Regional Insights
European automakers dominate the global automotive landscape, accounting for nearly half of R&D spending led by companies like BMW, Continental, and Daimler. The region is one of the most important markets for passenger cars, particularly premium vehicles.
In terms of value, the Asia Pacific market is also the leading automotive solenoid market. This is because major Automotive Solenoid manufacturers are concentrated in the Asia Pacific region, specifically in Korea, Japan, China, and India.
In North America, major OEMs such as Ford and General Motors have increased their investments in vehicle production. Furthermore, the US is home to leading aftermarket suppliers such as Borgwarner and Curtiss Wright for automotive solenoid valves.
The increased demand for premium vehicles has heightened the need for lower emissions, automated applications, and luxurious features, which can be achieved with the assistance of components such as solenoids and actuators.
Competitive landscape
Major players in the Automotive Solenoid Market identified are Mitsubishi Electric Corporation, Nidec Corporation, MVD Auto Components Pvt.Ltd., Stoneridge Inc., Aptiv PLC, Bitron Industrie S.p.A, BorgWarner Inc., Continental AG, Cumsa Corporation-Lockcarft, Global Point Magnetics Asia Co. Ltd., Denso Corporation, GKN PLC, Hitachi Ltd., Husco International Inc., Robert Bosch GmbH, Johnson Electric Holdings Ltd., Parker Hannifin Corporation, Schaeffler AG, Kendrion NV, Magnet - Schultz GmbH & Co. Kg, Rotex Automation Limited, Padmini Vna Mechatronics Pvt Ltd, Pneumadyne Inc., TLX Technologies LLC., WABCO Holdings Inc. and other major players.
Industry News
July 31, 2020: BluE Nexus and Toyota to Strengthen Sales Structure of Electrified Systems to Prepare for Accelerated Adoption of Electrified Vehicles. Toyota to make new investment in BluE Nexus
September 21, 2021:Kendrion N.V., a leading developer, manufacturer, and marketeer of high quality electromagnetic systems and components for industrial and automotive applications, has acquired 3T, a Netherlands-based software and electronics development company.
July 5, 2022 Stoneridge Inc, a global designer and manufacturer of highly engineered electrical and electronic vehicle systems, today announced that Salvatore (Sal) Orsini has been named chief procurement officer effective July 5, 2022. In this new role, Orsini will have responsibility for all aspects of the company’s global
December 6, 2022 BorgWarner, a global leader in delivering innovative and sustainable mobility solutions for the vehicle market, announced its intention to execute a tax-free spin-off of its Fuel Systems and Aftermarket segments into a separate, publicly traded company (NewCo).
FAQS
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