Automotive Solenoid Market
Global Market Study on Automotive Solenoids: Vehicle Downsizing Trend to Create Substantial Demand for Automotive Solenoids
Automotive Solenoids Market Segmented By Engine Management System, Powertrain System, Safety and Security System, HVAC Control and Cooling System Application type for Passenger Cars, LCV, HCV, Two Wheelers
In automotive, solenoid serves as a point of contact for power to reach the starter from the battery. Automotive solenoids serve a broad range of purposes, including automatic transmission. As a result of a surge in vehicle sales, the demand for solenoids from manufacturers is increasing.
Modernization of automobiles has boosted the trend of engine downsizing, which is expected to gain further traction in the years ahead. An important result of this trend is the growing usage of solenoids in automotive transmission.
The need for automatic transmission is rising around the world, which, in turn, creates demand for solenoids in the automotive industry, thereby projected to boost the growth of the global automotive solenoid market.
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- Johnson Electric Holdings Limited
- Flex Ltd.
- DENSO CORPORATION
- Robert Bosch GmbH
- Mitsubishi Electric Corporation
- BorgWarner Inc.
- TLX Technologies
- Hitachi, Ltd.
- G. W. Lisk Company
- Continental AG
- Littlefuse, Inc.
- Bitron Industrie S. p. A
Autonomous Vehicles to Fuel Demand for Automotive Parts & Components
Autonomous vehicles have the ability to navigate and sense the environment around without an onboard human being. Autonomous vehicles combine a variety of technologies and techniques, which simultaneously is expected to fuel the demand for electric and electronic components.
Autonomous vehicle technology and electrified powertrains are anticipated to generate significant interest in consumers, and are estimated to possess long-term value potential. Many systems in an autonomous vehicle demand a proportional feedback control, which is offered by autonomous self-regulating proportional solenoids.
Further, solenoids are an essential part of autonomous steering. The solenoid in the steering is activated once the car starts working in the autonomous mode. This factor is highly likely to drive the growth of the automotive solenoid market over the years to come.
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Automotive Solenoid Market: Structure Analysis
Quality, innovative product offerings, flexibility, and aftersales support are anticipated to play a significant role in promoting the sales of automotive solenoids. Moreover, manufacturers are also emphasizing on expanding their geographical reach and manufacturing capabilities through research and development in order to ensure a prominent position in the competitive automotive solenoid market.
- Major players operating in the global automotive solenoid market include Johnson Electric Holdings Limited, Flex Ltd., Denso Corporation, Mitsubishi Electric Corporation, BorgWarner Inc., Hitachi Ltd., Continental AG, and Littlefuse Inc., among others.
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Analysts’ Viewpoint on Automotive Solenoid Market
A detailed view of the automotive solenoid market space has led our analysts to conclude that, manifestation in infrastructure and rising customer preferences have increased the demand for vehicles and also the need for solenoids for automobiles. In the coming years, markets in emerging countries will create opportunities for numerous foreign players to penetrate into. This could present significant opportunities for local firms to form joint ventures or even be acquired by larger players that are looking to gain a strong foothold in such domestic automotive solenoid markets.
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Key Segments of Automotive Solenoid Market
PMR’s study on the automotive solenoid market is divided into four significant segments - vehicle type, application, sales channel, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.
Key Questions Answered in Report
- How much is the automotive solenoid market worth?
The automotive solenoid market is expected to be worth US$ 14.3 Bn in the year 2021.
- What will be the sales forecast for the automotive solenoid market?
The automotive solenoid market will witness a CAGR of 4.6% between 2021 and 2031.
- What was the last 5 year market CAGR?
The automotive solenoid market witnessed a CAGR of 3.6% between 2015 and 2020.
- What are the key trends of the automotive solenoid market?
The current trend is that of an excessive demand for electric vehicles in the developing countries. As such, demand for 5-way, 4-way, 3-way, and 2-way valves is soaring, thereby boosting the automotive solenoid market.
- What is driving demand for automotive solenoid?
Quest for advanced automotive systems is driving the demand for automotive solenoid.
- What is the market share of top 5 players?
The top 5 players in the automotive solenoid market include Mitsubishi Electric Corporation, Delphi Automotive PLC, BorgWarner Inc., and Robert Bosch GmbH, which hold over 70% of the market share.
- What are the top 5 countries driving demand?
The top 5 countries driving the demand for automotive solenoid include the US, Japan, Germany, UK, and South Korea.
- What is the North America’s market Outlook?
North America will continue to carry the baton of the highest growth in the automotive solenoid market.
- At what percentage automotive solenoid market is going to register growth in Europe?
Europe will register growth rate of 2% between 2021 and 2031.
- What are the key market statistics in Korea and Japan?
Japan and South Korea will continue to hold the hopes high for the Asia-Pacific.