TechSci Research's report "Automotive Solenoid Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028" predicts significant growth in the global automotive solenoid market for the next five years. The primary driver for this growth is the increasing use of automotive solenoids in the automatic transmission of cars. When a gear shift occurs, the solenoid directs transmission fluid to activate the correct gear. Additionally, solenoids are used as starter solenoids and receive small and large currents from the ignition relay and automobile battery, respectively. The demand for autonomous vehicles, which require autonomous self-regulating proportional solenoids for proportional feedback control, is contributing to the growth of the market. However, the initial high investment and capital requirements for product maintenance may impede market growth. Rising disposable income, increasing government initiatives to promote autonomous vehicles, and the demand for fuel-efficient vehicles are driving the global market for automotive solenoids. Automotive solenoids offer advantages such as fast response time, low power consumption, and high compatibility with extreme temperatures.
However, initial high investment and huge capital requirements for product maintenance may create hindrance in the global automotive solenoid market growth.
The global automotive solenoid market will be segmented by vehicle type, equipment type, type, material, propulsion, region, and company. The market will be further divided into different applications such as engine control & cooling system, fuel & emission control, body controls & interiors, HVAC system, safety & security, among others. Solenoid applications in automotive passenger vehicle and commercial vehicles will lead to body controls & interiors holding major market share for the forecast period. The market will be majorly fragmented into fluid control, gas control, and motion control based on function, with the motion control segment predicted to dominate the global automotive solenoid market. The increasing prevalence of body control applications in vehicles will aid in this growth. The market will be categorized into passenger car, light commercial vehicle, and medium and heavy commercial vehicle based on vehicle type, with passenger cars anticipated to hold the lion's share for the upcoming five years due to the increased demand by consumers for convenience and easy commuting to long distances. Based on valve design, the market will be divided into 2-way solenoid valve, 3-way solenoid valve, 4-way solenoid valve, and 5-way solenoid valves. The 3-way solenoid valve segment is expected to grow for the forecast period as it finds diverse application in autonomous vehicles.
Robert Bosch GmbH, Schaeffler AG, Continental AG, Delphi Automotive PLC, Denso Corporation, Wabco Holdings Inc, Mitsubishi Electric Corporation, Hitachi, Ltd., Nidec Corporation, Johnson Electric Group are the leading players operating in global automotive solenoid market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several automotive solenoid manufacturers are coming up with their technologically advanced offerings.
“Rising demand for electric vehicles due to consumer preference shift towards green energy fuels is surging the demand for electric vehicles. Electric vehicles contribute minimal greenhouse emissions into the environment and have lower operational and maintenance costs than the conventional energy vehicles. Government provides subsidies for purchasing electric vehicles which is further fueling the demand for electric vehicles at the global level. Electric vehicles employ automotive solenoid and growing demand for electric vehicles is propeling the global automotive solenoid market until 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Automotive Solenoid Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028, Segmented By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium and Heavy Commercial Vehicle), By Valve Design (2-Way Solenoid Valve, 3-Way Solenoid Valve, 4-Way Solenoid Valve, 5-Way Solenoid Valves), By Application (Engine Control & Cooling System, Fuel & Emission Control, Body Controls & Interiors, HVAC System, Safety & Security, Others), By Function (Fluid Control, Gas Control, Motion Control), By Propulsion (ICE, BEV, PHEV, FCEV) By Region” has evaluated the future growth potential of global automotive solenoid market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global automotive solenoid market.
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