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Automotive Solenoid Market

Global Market Study on Automotive Solenoids: Vehicle Downsizing Trend to Create Substantial Demand for Automotive Solenoids

Global Automotive Solenoid Market by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Electric Vehicles, Two Wheelers)

Automotive Solenoid Market Snapshot

[295 Pages] According to Persistence Market Research, the Automotive Solenoid market will generate US$ 10.44 Billion in revenue by 2023. Adoption of Automotive Solenoids has witnessed substantial growth in recent years, and the trend is expected to persist over the forecast period. Rapidly increasing electric vehicles demand and behaviour of customers and increased implementation of smart automation in Automotive Solenoids have augmented demand across the globe. The global market for Automotive Solenoid is expected to reach US$ 14.83 Billion by 2033, growing at a CAGR of 4.2% between 2023 and 2033.

Global Automotive Solenoid Market Size (2022A)

US$ 10.04 Billion

Global Automotive Solenoid Market Size (2023E)

US$ 10.44 Billion

Projected Automotive Solenoid Market Value (2033F)

US$ 14.83 Billion

Value CAGR (2023-2033)

4.2%

Collective Value Share: Top 3 Countries (2022)

48.9%

The main component of an automotive solenoid is a wound-around coil of wire that generates a magnetic field when current is supplied through it. The automotive solenoids are integrated for a variety of uses, including automatic transmissions, starters for car ignition, and more. The automotive solenoid market has been greatly benefited by the ongoing urbanisation trend, infrastructural improvements, rising vehicle ownership rates, and spike in demand for modern automotive systems on a global scale. Furthermore, the rise in the disposal income of people, various government initiatives promoting the sales of automotive solenoid is also propelling the market growth.

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Demand Analysis of Automotive Solenoid Market for Historical period 2018-2022 and Outlook for 2023 to 2033

The effects of COVID-19 reinforced a decline in automobile solenoid unit sales globally, which led to a decline in revenue. Operating profit fell sharply because of a fall in sales, an increase in depreciation related to earlier expenditures, and accounting for business processing costs such as impairments. Although structural improvements within automotive industry have been undertaken, they have not been able to keep up with changes in their business environment, which has led to a grave financial situation.

The breakneck progress in the automotive industry, such as artificial intelligence, self-learning machines and interconnected networks has made possible things that seemed illusory, for instance, development of autonomous vehicles which no on-board human. This has completely changed the definition of mobility in the marketplace. Increasing prominence of smart automation, change in customer behaviour, and integration of Internet of Things and connectivity in Automotive Solenoids are key factors fuelling market growth. With the implementation of smart Automotive Solenoids, advent of artificial intelligence, and strategic mergers & acquisitions by leading players, the market is projected to witness substantial growth over the coming years.

The market for Automotive Solenoid is anticipated to expand at a 4.2% CAGR between 2023 and 2033. The market is expected to grow from US$ 10.4 Billion in 2023 to US$ 14.83 Billion by 2033.

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What are the drivers for the Automotive Solenoid market?

A number of countries have been at the forefront of electric vehicle deployment, whether in the heavy vehicle, two wheelers or other vehicles, and the regional municipalities are playing an important role in this transition to electric vehicle. Further, the Volatile fuel prices, especially in developed economies of Western Europe and North America, and increasing environmental awareness coupled with a number governmental regulation pertaining to reduce the emission of harmful gases in the environment, is expected to enhance the chances of a consumer to opt for an electric driven cars.

Autonomous vehicle have the ability to navigate and sense the environment without onboard human being. A range of technologies and techniques are combined in autonomous vehicles, which is anticipated to increase demand for electric and electronic parts. Technology for autonomous vehicles and electric powertrains is expected to attract significant customer interest and have long-term value potential. The autonomous self-regulating proportional solenoids provide the proportional feedback control that many components in an autonomous vehicle require. Additionally, solenoids are a crucial component in autonomous steering. Once the car is operating in autonomous mode, the steering solenoid is turned on. Therefore, the advancements in the e-mobility & automobile architecture is expected to offer opportunities for development of innovative and intelligent solutions, in turn, driving the demand of automotive solenoids.

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What are the Key Opportunities on Offer for market participants?

A growing preference among consumers for cutting-edge, improved gearbox systems, such AMT, DCT, and CVT, which provide greater vehicle control and acceleration and improve the driving experience. This is due to the gearbox system's ability to manage torque in real time throughout each gearshift. Because friction losses brought on by gear changes are reduced and quickly synchronised with the torque required for the new gear, it takes longer for the torque to set with the new gear. As a result, the car's fuel efficiency has grown even further, and since sensors, solenoids, and computers handle the majority of the work involved in gear shifting, there is no longer any opportunity for human error.

Due to the availability of cheap labour, well-known automobile suppliers and manufacturers are moving their production operations to emerging economies. It is anticipated that the shift in demand will have a large positive impact on the market for automotive parts and components, such as solenoids, in nations including Mexico, China, India, and Indonesia. Despite the presence of large competitors with competence in cutting-edge technology, the market for automotive solenoids remains competitive. Product development is the main growth strategy used by market players to be competitive over the long term. Market participants may retain product differentiation and deepen their roots in the worldwide automotive solenoids Market by launching cutting-edge items that provide a variety of operational benefits while concurrently adhering to the market's laws.

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What are the restraints for the Automotive Solenoid market growth?

Automotive solenoids operate with an average life span of around 8-10 years. However, some of the solenoids come with lifetime operational efficiency, which decreases the need for replacement. Further, a single solenoid is rarely replaced; instead, the whole kit containing the solenoid is replaced. In addition, generally, automotive solenoids are usually replaced during accidental cases. Furthermore, low maintenance requirement leads to low substitution of automotive solenoids. Moreover, due to strong collaborations between assemblers, distributors and suppliers, both horizontally and vertically, customers are directed towards maintenance, which is likely to reduce the demand for new installation of automotive solenoids. This could hamper the growth of the global automotive solenoids market to some extent.

Some nations, including the USA, Switzerland, Germany, England, France, and Japan, have robust public transit networks, which discourages the sales of new passenger cars. As a result, consumers in the area are turning to public transportation, particularly for large distances. This is a major barrier to the expansion of passenger automobiles, which is projected to impede the growth of the market for automotive solenoids over the forecast period. This might, however, open up markets for automotive solenoids in the commercial vehicle sector.

Country-wise Analysis

Where Does the U.S. Stand in the Global Market for Automotive Solenoid?

In 2023, the demand for Automotive Solenoid in the United States is expected to be around 18.5% of the global market. Throughout the projection period of 2023 to 2033, the U.S. is anticipated to hold a significant share of the market in North America. Key factors supporting the expansion is high substantial growth in electric vehicles technology and green mobility in the country. According to PMR, the US market for automobile solenoid will increase from US$ 2.0 Billion in 2023 to US$ 2.72 Billion in 2033. From 2022 to 2033, this corresponds to a compound annual growth rate (CAGR) of 3.6%. In 2022, The LCVs vehicle type made up around 75% of the American automotive solenoid market.

Why is Germany a Lucrative Market for Automotive Solenoid Manufacturers?

Germany's automotive solenoid market is anticipated to expand at a sizable CAGR of 4.2% over the forecast period. Sales in the nation are projected to increase by 1.5 times by the end of 2033.

Due to a steady increase in vehicle manufacturing across Europe, the European automotive solenoid market was the second largest in 2022. Furthermore, it is anticipated that the presence of sizable automotive enterprises in the region will hasten market expansion throughout the course of the projected time. Throughout the predicted timeframe, Germany is anticipated to have a strong growth environment for the automotive solenoid market. Germany's market is expanding because of rising sales and increased manufacturing of high-end electric vehicles and SUVs.

Category-wise Insights

Which Vehicle Type Will be the Most Popular in the Automotive Solenoid Market?

In 2022, passenger cars are anticipated to make up more than 45% of the global market. Demand for passenger cars will undoubtedly increase given the growth of the logistics, private vehicle, and e-commerce industries. Due to the development of new retail and e-commerce platforms that require efficient logistics because of the growing urbanisation, the market for light commercial vehicles, including passenger automobiles, is growing.

The switch to electric mobility is causing a spike in demand for light commercial cars as major firms embrace electric vehicles more swiftly. The majority of present engine-powered light commercial vehicles are being converted to electric throughout the anticipated time with the assistance of large manufacturers and other important businesses.

Competitive Landscape

As the automotive industry continues to change, more alliances and mergers among distributors and suppliers are likely to occur in an effort to broaden their product offerings and global reach. Market leaders are focusing on selling non-core assets and infrastructure to raise the funds required to settle their debts. International market leaders are focusing on forming joint ventures and partnerships with foreign local businesses to ensure proper local marketing of the products, gain an advantage over competitors, and enjoy additional benefits like popularity in brand value through time. Additionally, this component will have the potential to increase production capacity, reduce production costs, and maintain market positions for both domestic and foreign businesses.

Automotive Solenoid Industry Report Scope

Attribute

Details

Forecast Period

2023-2033

Historical Data Available for

2018-2022

Market Analysis

  • US$ Million for Value
  • Units for volume

Key Regions Covered

  • North America
  • Latin America
  • East Asia
  • South Asia and Pacific
  • Western Europe
  • Eastern Europe
  • Central Asia
  • Russia and Belarus
  • Balkan and Baltics Countries
  • Middle East and Africa

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Argentina
  • South Korea
  • Japan
  • china
  • India
  • ASEAN
  • Australia and New Zealand
  • Germany
  • France
  • Italy
  • Spain
  • BENELUX
  • NORDICS
  • U.K.
  • Poland
  • Hungary
  • Romania
  • Czech Republic
  • Others
  • KSA
  • UAE
  • Turkey
  • Northern Africa
  • South Africa
  • Israel

Key Market Segments Covered

  • Vehicle Type
  • Application
  • Sales Channel
  • Region

Key Companies Profiled

  • 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

Pricing

Available upon Request

Key Segments Covered in Automotive Solenoid Industry Research

By Vehicle

  • Passenger Cars
    • Compact
    • Mid-size
    • Luxury
    • SUVs
  • Light Commercial Vehicles
    • LCV-Economy
    • LCV-Premium
  • Heavy Commercial vehicles
    • HCV-Economy
    • HCV-Premium
  • Electric Vehicles
    • BEVs
    • HEVs
    • PHEVs
  • Two Wheelers
    • Electric
    • Conventional

By Application

  • Engine Management Systems
  • Powertrain Systems
  • Safety & Security Systems
  • HVAC Control & Cooling Systems
  • Others

By Sales Channel

  • OEMs
  • Aftersales

By Region

  • North America
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Western Europe
  • Eastern Europe
  • Central Asia
  • Russia and Belarus
  • Balkan and Baltics Countries
  • Middle East & Africa

- Companies Covered in This Report -

  • Flex Ltd.
  • Johnson Electric Holdings Limited
  • 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

- Frequently Asked Questions -

The Global Automotive Solenoid Market is estimated to be valued at over US$ 10.4 Billion as of 2023.

Automotive Solenoid are projected to increase at 4.2% CAGR and is expected to be valued at around US$ 14.83 Billion by 2033 end.

Johnson Electric Holding Ltd, Denso Corporation, Flex Ltd, Robert Bosch GmbH, Hitachi Ltd are few of the leading players in the overall market.

U.S., China, Germany, China, and Japan are driving most of the demand for Automotive Solenoid.

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