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 PMR’s Automotive Solenoid Market Report
- Which region is anticipated to hold a prominent market share over the forecast period?
- What will be the key driving factors propelling the demand for automotive solenoid during the forecast period?
- How will current trends impact the automotive solenoid market?
- Who are significant market participants in the automotive solenoid market?
- What are the crucial strategies of prominent players in the automotive solenoid market to upscale their positions in this landscape?