Global Automotive Solenoid Report Overview
Automotive Solenoids are adopted in automobile’s engine systems, powertrain systems, HVAC cooling & control systems, Safety and security systems, and others (Infotainment, fuel management systems etc.) In layman’s term, function of solenoids is to convert electric energy into mechanical movement.
Automotive Solenoids are employed in passenger vehicles, LCVs, HCVs, electric vehicles, and two wheeler. The primary use of solenoids in a vehicle is starter solenoid, other application of solenoids include– automated or manual transmission, air bag valves, differential locks of fuel tank, windows and doors, urea tank heater, pneumatic cabin controls, refrigeration control, speed control, gear shifting mechanism, and theft protection etcetera.
In this report, we have considered automotive solenoid installed in vehicles and two wheelers only. Industrial solenoids have not been considered under the scope of research. In this automotive solenoid report, we have crunched separate markets for automotive solenoid for vehicle type such as passenger car, LCV, HCV electric vehicles and two wheelers. Passenger vehicles segment is projected to remain the dominant segment, both in terms of market share and CAGR growth, as it lies in the high growth – high share quadrant. With this growth and its exceptional sales volume, passenger vehicles is emerging as a lucrative segment for key suppliers in the global automotive solenoids market
Factors influencing the automotive solenoid Market Growth (Market Dynamics)
Rising demand for comfort level in vehicles coupled with rising automotive vehicles demand are projected to push the growth of the automotive solenoid market over the forecast period. Typically, a commuter spends 5.5% of its time in a vehicle, so the drivers and passengers safety and comfort is the top priority. Thus, the manufacturers and designers aims to provide a total solution in response to trends such as enhanced fuel economy engines by developing next generation fuel efficient engines and vehicles which incorporates solenoid safety valves and switches. For instance, in commercial vehicles, solenoid valves are used in electronic power steering for adjustments which comes with a safety feature of auto closing the steering in case the driver forgets to switch off the steering. Further, solenoids are also used in airbags to ensure safety of the driver or the passenger during collision. Furthermore, powered doors and windows are powered by solenoids. Hence, as the adoption of electric motors and electronics continues to advance in the automotive industry, safety systems involved in the functioning of an automobile must meet high standards of safety. This, in turn, is expected to drive the market of automotive solenoids.
In addition, rising automotive vehicle production of passenger cars, LCVs (Light Commercial Vehicles), HCVs (Heavy Commercial Vehicles), Electric Vehicles and two wheelers, across the globe, owing to rising cargo and passenger density is the other factors expected to drive the automotive solenoid market during the forecast period.
Key developments in the automotive solenoid market
In the automotive solenoid market, manufacturers, such as 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, among others, are some of the prominent players. These manufacturers are keenly focused on joint ventures with small scale players to create a strong customer base across the globe to gain higher market share in the automotive solenoid business. Furthermore, most of the companies are introducing innovative products to sustain in the automotive solenoid market as this strategy helps companies to grow their business in the automotive solenoid segment in the global market. By introducing new categories of automotive solenoids, businesses can target previously untapped customer markets and gain modest traction in the automotive solenoid market.
Automotive Solenoid Market Structure
Automotive solenoid market is a moderately fragmented market owing to the presence of several Tier 2 & 3 players in the automotive solenoid market. The leading players have medium to good presence across the globe. Tier-1 players are projected to account for more than 40% share in the global market and are also projected to generate more than US$ 500 Mn value in the automotive solenoid market. Some of players hold more than 50% of overseas business in automotive solenoid market across the globe. Interestingly, KYB Corporation has ~4.1% net margin and ~5.4% operating margin across the globe. That is also projected to positively impact global automotive solenoid market during the forecast period.
A brief intro of research methodology for the Global Automotive solenoid Market
Our research methodology for automotive solenoid market is based on six basis points:
Key players dominating the automotive solenoid market
Some of the key players involved in the manufacturing of automotive solenoid and included in this study are 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, among others
Persistence Market Research (PMR) analyzes the automotive solenoid market in its new publication titled “Automotive Solenoid Market Global Industry Analysis 2013 – 2017 and Forecast 2018 – 2026”. This global study on automotive solenoid provides data for 2017 along with the forecast for the period 2018 – 2026. The main objective of the global automotive solenoid report is to identify the dynamics of the market and provide recent updates and insights that affect the various segments of the global automotive solenoid market. To provide a better understanding of the automotive solenoid market, the report also includes the analysis of global drivers, restraints and trends, which influence the current market scenario and will define the future status of the global automotive solenoid market over the forecast period.
PMR’s solution is aligned towards meeting defined objectives, thus helping clients to make informed decisions about the global automotive solenoid market. The research study offers detailed insights and in-depth research on the automotive solenoid market on global as well as regional levels. The automotive solenoid market report covers the important factors driving the growth of the market, untapped opportunities for the manufacturers, trends and developments shaping the dynamics of the market and other insights across various key segments. The automotive solenoid market covers diverse sections, such as the Executive summary, Analysis and Forecast, Supply Demand Scenario, Competition Assessment and Research Methodology & Assumptions.
PMR’s solution includes formulation of global automotive solenoid report which includes:
The global automotive solenoid market can be segmented on the basis of application type, sales channel, vehicle type and regions/country.
Global automotive solenoid market, by application type
Global automotive solenoid market, by sales channel
Global automotive solenoid market, by vehicle type
Global automotive solenoid market, by region/country
To understand and assess the global automotive solenoid market opportunities and trends, the global automotive solenoid market has been categorically split into different sections, based on application type, sales channel, vehicle type and region. The global automotive solenoid market report starts with an overview of the automotive solenoid market and provides market definition & taxonomy, along with the value chain, pricing analysis, drivers, restraints and trends in the market. The sections that follow include the global automotive solenoid market analysis by application type, sales channel, vehicle type and region. All the above sections evaluate the automotive solenoid market on the basis of the various factors affecting the market. Each section discusses the qualitative and quantitative aspects of the global automotive solenoid market. To give a brief idea about revenue opportunities from the application type, sales channel, vehicle type and region, the global automotive solenoid report also provides the market size in terms of value (US$ Mn) and Volume (‘000 Units), absolute $ opportunity and total incremental opportunity for each segment over the forecast period (2018 – 2026).
In the final section of the automotive solenoid market, we have provided the global automotive solenoid market structure analysis and a detailed competition landscape with company market share and performance to provide a dashboard view of key players operating in the global market along with their business strategies to report audiences. This is expected to enable clients to assess strategies deployed by market leaders and help them develop effective strategies accordingly.
For automotive solenoid market data analysis, we have considered 2017 as the base year, with market numbers estimated for 2018 and forecasts for 2018 – 2026. To calculate the market size, the report considers the weighted average price of automotive solenoid based on design, sales channel and vehicle types, across key geographies on a country basis. The forecast assesses the total revenue (US$ Mn) and volume (‘000 Units) of the global automotive solenoid market. To deduce the market value, the cost of each type has been considered in the global automotive solenoid market. In order to provide an accurate forecast, we started by sizing up the current market, which forms the basis of how the global automotive solenoid market is expected to develop in the future. Critical market data, including the base number and segment splits, was devised through in-depth secondary and primary research. This data was then triangulated on the basis of different verticals by considering supply side as well as demand side drivers and other dynamics of various regional markets, along with primary interviews of manufacturers and industry experts operating in the global automotive solenoid market. The forecast presented in the automotive solenoid report evaluates the actual cost of the different types of automotive solenoid and the cost as per brands/makes in the global automotive solenoid market.
We have also analyzed the different segments of the global automotive solenoid market in terms of Basis Point Share (BPS) to understand the relative contribution of every individual segment to market growth. This detailed level of information is important for identifying various key trends governing the global automotive solenoid market. The report also analyzes the global automotive solenoid market on the basis of absolute dollar opportunity. This is usually overlooked while estimating the market forecast; however, from a sales perspective, it is essential to identify the absolute dollar opportunity to identify potential resources in the automotive solenoid market. PMR has developed a market attractiveness index to understand the key segments in terms of their performance and growth in the global automotive solenoid market. This market attractiveness index is expected to help clients identify real market opportunities in the global automotive solenoid market.