Global Automotive Solenoid Market Overview
The Global Automotive Solenoid Market size is expected to grow from USD 6.23 billion in 2023 to USD 12.56 billion by 2032, at a CAGR of 8.1% during the forecast period (2024-2032).
A Solenoid is a coil of wire wound over a metal core. In a world where Automation is reaching significance in our day-to-day lives at a fast pace, Solenoid's support achieves 'Automation' in various applications. When we give electric current at one end of the solenoid, it creates a magnetic field and this magnetic field can control things such as air pressure, locks, or water pressure. Automotive Solenoids find usage in various sectors such as the Automobile industry, Medical Systems, or Lock mechanisms, to name a few. The most popular utilization of Automotive Solenoids is on the devices like Joystick used for games. A solenoid in automobiles is a pivotal piece of the starter and it functions as a sort of contact for power to reach the starter from the respective battery. As the generation of vehicles is growing at an enduring rate, so is the interest of manufacturers' solenoids. Another factor that is likely to go to pick up force is the application of solenoid in the programmed transmission of automobiles. Contemporary programmed transmission autos apply a water-driven liquid under pressure with a specific end goal to change gears. The trend of engine downsizing is also anticipated to gain traction in the years ahead, thus benefitting the Automotive Solenoid market in return.
Market Dynamics And Factors For The Automotive Solenoid Market
Drivers:
Autonomous vehicles can navigate and sense the environment around them without an onboard human being. Autonomous vehicles combine a variety of technologies and techniques, which simultaneously is anticipated to accelerate 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 provided by autonomous self-regulating proportional solenoids. Moreover, 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 probable to turn the growth of the automotive solenoid market during the forecast period.
Keeping pace with the current significant improvements of clean energy, hybrid cars, and electric vehicles are gaining high attention. In electronic control brake systems, which are essential to these vehicles, a solenoid valve is utilized to control the hydraulic pressure, which improves the driver's braking force. Solenoid valve technology is also vital in handling the thermal management and cooling aspects of Electric Vehicles. Despite the scarcity of fuel intake valves, the adoption of Electric Valves is continuing to drive the automotive solenoid market growth during the forecast period.
Restraints:
Technological failures are major key factors are restraint the automotive solenoid market growth during the forecast period. Key market players in the solenoid valves market, especially the direct playing automotive solenoid market often face the challenge of technological failure. Sometimes owing to power failure or uneven pressure, the direct solenoid valves may not function and lead to large-scale vehicular issues, thereby hampering its adoption in the automotive sector. Reasons for faults vary depending on the type of solenoid valve and application. It can be under or over-voltage, wrong valve capacity, impurities in the media, pressure drop, wrong material, or just bad installation. Nevertheless, this technological failure will act as a key role in limiting the direct actions of automotive solenoid adoption in the automotive sector.
Opportunities:
Chasing more energy-efficient, convenient, and high-tech products with user-friendly design have always been the general direction of valve development. The basis of reducing the energy utilization, reducing the fluid flow resistance, and decreasing the utilization during the process of the users have always added value. In energy-saving, the focus is the electric device. By selecting low-power and low-noise motors and improving their structure, you can control the energy consumption of electric devices which will lead to the expansion of the valve industry. One of the major trends that the market is observing is the growth of Hybrid electric vehicles (HEV) and electric vehicles (EV) are rising, development of new solenoid valves such as micro-miniature valves customized valves and pinch valves are gaining prominence. BorgWarner received Automotive News PACE Innovation Partnership Award for its collaboration with General Motors (GM) on the Eco-Launch solenoid valve. The innovative technology helps deliver an improved accelerated economy and performance at a significantly lower cost than alternative systems.
Market Segmentation
Segmentation Analysis of Automotive Solenoid Market:
Based on the Vehicle Type, the passenger vehicles sector dominates the Automotive Solenoid market turned into significant adoption in luxury and high-end vehicles. Key drivers for the Automotive Solenoid segment were the rise in the number of electronic components used in cars and the increase in demand for automotive safety systems.
Based on Electric Vehicle Type, the BEV records for the highest Automotive Solenoid market share as it does not require a gasoline engine which requires fuel and routine maintenance. The prices of batteries for EVs are declining owing to the developments in technology which are anticipated to result in the decreased overall prices of BEVs.
Based on the Function, the fluid control segment is expected to register the maximum Automotive Solenoid market share during the forecast period. Fluid control solenoids act as a significant role in controlling the flow of fluids or actuating pumps to build the pressure used in different applications such as braking and steering. Additionally, the increased adoption of electric vehicles is anticipated to improve the motion control segment.
Based on the Application, the body control and interior application are projected to record for the highest share in the automotive solenoid market. This application is used in all passenger and commercial vehicles (CV) as well as electric vehicles, unlike some applications that may or may not be used in electric vehicles. For instance, engine control valves are not used in a battery electric vehicle (BEV) for the engine control application.
Regional Analysis of Automotive Solenoid Market:
The European region is expected to be dominated by economies such as Germany, France, Spain, and the UK. The presence of OEMs such as Volkswagen (Germany), Renault (France), and AB Volvo (Sweden), Daimler (Germany), provide growth opportunities for automotive solenoids in the region. European automotive enterprises dominate the global automotive landscape, accounting for almost 50% of the R&D spending led by firms such as BMW, Continental, and Daimler. The region is among the highest markets for passenger cars, particularly for premium cars (C segment and above). The high volume of premium car sales can be attributed to the high purchasing power of European buyers. The demand for premium cars has accentuated the need for fewer emissions, automated applications, and luxurious features, which can be achieved with the help of components such as solenoids and actuators.
In North America, the rising adoption of automotive vehicles and raised investments for vehicle production by major OEMs such as Ford and General Motors. In 2019, Ford has committed to investing more than $1.5 billion in the U.S to grow the production of vehicles. Similarly, General Motors is investing heavily in the production of vehicles. In addition, the US is home to leading aftermarket suppliers, such as Borgwarner and Curtiss Wright for automotive solenoid valves.
The Asia Pacific is probably to reach significant global market growth for the automotive solenoid during the forecast period. The region consists of some of the major emerging economies such as India, China, and South Korea. This has resulted in the rise in automotive solenoid volumes, with original equipment manufacturers serving both domestic and overseas demand.
Players Covered in Automotive Solenoid Market are :
- Mitsubishi Electric Corporation
- Nidec Corporation
- MVD Auto Components Pvt.Ltd.
- Stoneridge Inc.
- Aptiv PLC
- Bitron Industrie S.p.A
- BorgWarner Inc.
- Continental AG
- Cumsa Corporation-Lockcarft
- Global Point Magnetics Asia Co. Ltd.
- Denso Corporation
- GKN PLC
- Hitachi Ltd.
- Husco International Inc.
- Robert Bosch GmbH
- Johnson Electric Holdings Ltd.
- Parker Hannifin Corporation
- Schaeffler AG
- Kendrion NV
- Magnet - Schultz GmbH & Co. Kg
- Rotex Automation Limited
- Padmini Vna Mechatronics Pvt Ltd
- Pneumadyne Inc.
- TLX Technologies LLC.
- WABCO Holdings Inc. and other major players.
Key Industry Developments In The Automotive Solenoid Market
- In July 2020, BluE Nexus Corporation (a joint venture between Aisin Seiki Co., Ltd., and DENSO Corporation) and Toyota Motor Corporation declared a partnership wherein both companies utilize their core competencies to raise their competitiveness in products associated with vehicle electrification. The partnership will utilize Toyota's control calibration technologies for engines, batteries, and other major peripheral components and BluE Nexus's well-designed lineup of electric drive modules. Toyota declared that it would offer investment for new improved products by taking a 10 percent stake in Blue Nexus.
- In October 2020, ZF Friedrichshafen AG completely received ZF Sachs Micro Mobility GmbH, which has become its wholly-owned subsidiary and a part of its Industrial Technology Division. The previous shareholders, BMZ Batterien-Montage-Zentrum GmbH and Gustav Magenwirth GmbH & Co. KG, transferred their shares to ZF Friedrichshafen AG. ZF Sachs Micro Mobility GmbH manufactures traction motors and associated products for micro-mobility (e-bikes & bicycles).
Global Automotive Solenoid Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD6.23 Bn. |
Forecast Period 2024-32 CAGR: |
8.1% |
Market Size in 2032: |
USD 12.56 Bn. |
Segments Covered: |
By Vehicle Type |
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By Electric Vehicle Type |
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By Function |
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By Application |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
ā1.1 Research Objectives
ā1.2 Research Methodology
ā1.3 Research Process
ā1.4 Scope and Coverage
āā1.4.1 Market Definition
āā1.4.2 Key Questions Answered
ā1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
ā3.1 By Vehicle Type
ā3.2 By Electric Vehicle Type
ā3.3 By Function
ā3.4 By Application
Chapter 4: Market Landscape
ā4.1 Porter's Five Forces Analysis
āā4.1.1 Bargaining Power of Supplier
āā4.1.2 Threat of New Entrants
āā4.1.3 Threat of Substitutes
āā4.1.4 Competitive Rivalry
āā4.1.5 Bargaining Power Among Buyers
ā4.2 Industry Value Chain Analysis
ā4.3 Market Dynamics
āā4.3.1 Drivers
āā4.3.2 Restraints
āā4.3.3 Opportunities
āā4.5.4 Challenges
ā4.4 Pestle Analysis
ā4.5 Technological Roadmap
ā4.6 Regulatory Landscape
ā4.7 SWOT Analysis
ā4.8 Price Trend Analysis
ā4.9 Patent Analysis
ā4.10 Analysis of the Impact of Covid-19
āā4.10.1 Impact on the Overall Market
āā4.10.2 Impact on the Supply Chain
āā4.10.3 Impact on the Key Manufacturers
āā4.10.4 Impact on the Pricing
Chapter 5: Automotive Solenoid Market by Vehicle Type
ā5.1 Automotive Solenoid Market Overview Snapshot and Growth Engine
ā5.2 Automotive Solenoid Market Overview
ā5.3 Light Commercial Vehicle
āā5.3.1 Introduction and Market Overview
āā5.3.2 Historic and Forecasted Market Size (2016-2028F)
āā5.3.3 Key Market Trends, Growth Factors and Opportunities
āā5.3.4 Light Commercial Vehicle: Grographic Segmentation
ā5.4 Passenger Vehicle
āā5.4.1 Introduction and Market Overview
āā5.4.2 Historic and Forecasted Market Size (2016-2028F)
āā5.4.3 Key Market Trends, Growth Factors and Opportunities
āā5.4.4 Passenger Vehicle: Grographic Segmentation
ā5.5 Heavy Commercial Vehicle
āā5.5.1 Introduction and Market Overview
āā5.5.2 Historic and Forecasted Market Size (2016-2028F)
āā5.5.3 Key Market Trends, Growth Factors and Opportunities
āā5.5.4 Heavy Commercial Vehicle: Grographic Segmentation
Chapter 6: Automotive Solenoid Market by Electric Vehicle Type
ā6.1 Automotive Solenoid Market Overview Snapshot and Growth Engine
ā6.2 Automotive Solenoid Market Overview
ā6.3 BEV
āā6.3.1 Introduction and Market Overview
āā6.3.2 Historic and Forecasted Market Size (2016-2028F)
āā6.3.3 Key Market Trends, Growth Factors and Opportunities
āā6.3.4 BEV: Grographic Segmentation
ā6.4 HEV
āā6.4.1 Introduction and Market Overview
āā6.4.2 Historic and Forecasted Market Size (2016-2028F)
āā6.4.3 Key Market Trends, Growth Factors and Opportunities
āā6.4.4 HEV: Grographic Segmentation
ā6.5 PHEV
āā6.5.1 Introduction and Market Overview
āā6.5.2 Historic and Forecasted Market Size (2016-2028F)
āā6.5.3 Key Market Trends, Growth Factors and Opportunities
āā6.5.4 PHEV: Grographic Segmentation
ā6.6 FCEV
āā6.6.1 Introduction and Market Overview
āā6.6.2 Historic and Forecasted Market Size (2016-2028F)
āā6.6.3 Key Market Trends, Growth Factors and Opportunities
āā6.6.4 FCEV: Grographic Segmentation
Chapter 7: Automotive Solenoid Market by Function
ā7.1 Automotive Solenoid Market Overview Snapshot and Growth Engine
ā7.2 Automotive Solenoid Market Overview
ā7.3 Fluid Control
āā7.3.1 Introduction and Market Overview
āā7.3.2 Historic and Forecasted Market Size (2016-2028F)
āā7.3.3 Key Market Trends, Growth Factors and Opportunities
āā7.3.4 Fluid Control: Grographic Segmentation
ā7.4 Gas Control
āā7.4.1 Introduction and Market Overview
āā7.4.2 Historic and Forecasted Market Size (2016-2028F)
āā7.4.3 Key Market Trends, Growth Factors and Opportunities
āā7.4.4 Gas Control: Grographic Segmentation
ā7.5 Motion Control
āā7.5.1 Introduction and Market Overview
āā7.5.2 Historic and Forecasted Market Size (2016-2028F)
āā7.5.3 Key Market Trends, Growth Factors and Opportunities
āā7.5.4 Motion Control: Grographic Segmentation
Chapter 8: Automotive Solenoid Market by Application
ā8.1 Automotive Solenoid Market Overview Snapshot and Growth Engine
ā8.2 Automotive Solenoid Market Overview
ā8.3 Safety & Security
āā8.3.1 Introduction and Market Overview
āā8.3.2 Historic and Forecasted Market Size (2016-2028F)
āā8.3.3 Key Market Trends, Growth Factors and Opportunities
āā8.3.4 Safety & Security: Grographic Segmentation
ā8.4 Body Control & Interiors
āā8.4.1 Introduction and Market Overview
āā8.4.2 Historic and Forecasted Market Size (2016-2028F)
āā8.4.3 Key Market Trends, Growth Factors and Opportunities
āā8.4.4 Body Control & Interiors: Grographic Segmentation
ā8.5 Engine Control & Cooling System
āā8.5.1 Introduction and Market Overview
āā8.5.2 Historic and Forecasted Market Size (2016-2028F)
āā8.5.3 Key Market Trends, Growth Factors and Opportunities
āā8.5.4 Engine Control & Cooling System: Grographic Segmentation
ā8.6 Others
āā8.6.1 Introduction and Market Overview
āā8.6.2 Historic and Forecasted Market Size (2016-2028F)
āā8.6.3 Key Market Trends, Growth Factors and Opportunities
āā8.6.4 Others: Grographic Segmentation
Chapter 9: Company Profiles and Competitive Analysis
ā9.1 Competitive Landscape
āā9.1.1 Competitive Positioning
āā9.1.2 Automotive Solenoid Sales and Market Share By Players
āā9.1.3 Industry BCG Matrix
āā9.1.4 Ansoff Matrix
āā9.1.5 Automotive Solenoid Industry Concentration Ratio (CR5 and HHI)
āā9.1.6 Top 5 Automotive Solenoid Players Market Share
āā9.1.7 Mergers and Acquisitions
āā9.1.8 Business Strategies By Top Players
ā9.2 MITSUBISHI ELECTRIC CORPORATION
āā9.2.1 Company Overview
āā9.2.2 Key Executives
āā9.2.3 Company Snapshot
āā9.2.4 Operating Business Segments
āā9.2.5 Product Portfolio
āā9.2.6 Business Performance
āā9.2.7 Key Strategic Moves and Recent Developments
āā9.2.8 SWOT Analysis
ā9.3 NIDEC CORPORATION
ā9.4 MVD AUTO COMPONENTS PVT.LTD.
ā9.5 STONERIDGE INC.
ā9.6 APTIV PLC
ā9.7 BITRON INDUSTRIE S.P.A
ā9.8 BORGWARNER INC.
ā9.9 CONTINENTAL AG
ā9.10 CUMSA CORPORATION-LOCKCARFT
ā9.11 GLOBAL POINT MAGNETICS ASIA CO. LTD.
ā9.12 DENSO CORPORATION
ā9.13 GKN PLC
ā9.14 HITACHI LTD.
ā9.15 HUSCO INTERNATIONAL INC.
ā9.16 ROBERT BOSCH GMBH
ā9.17 JOHNSON ELECTRIC HOLDINGS LTD.
ā9.18 PARKER HANNIFIN CORPORATION
ā9.19 SCHAEFFLER AG
ā9.20 KENDRION NV
ā9.21 MAGNET - SCHULTZ GMBH & CO. KG
ā9.22 ROTEX AUTOMATION LIMITED
ā9.23 PADMINI VNA MECHATRONICS PVT LTD
ā9.24 PNEUMADYNE INC.
ā9.25 TLX TECHNOLOGIES LLC.
ā9.26 WABCO HOLDINGS INC
ā9.27 OTHER MAJOR PLAYERS
Chapter 10: Global Automotive Solenoid Market Analysis, Insights and Forecast, 2016-2028
ā10.1 Market Overview
ā10.2 Historic and Forecasted Market Size By Vehicle Type
āā10.2.1 Light Commercial Vehicle
āā10.2.2 Passenger Vehicle
āā10.2.3 Heavy Commercial Vehicle
ā10.3 Historic and Forecasted Market Size By Electric Vehicle Type
āā10.3.1 BEV
āā10.3.2 HEV
āā10.3.3 PHEV
āā10.3.4 FCEV
ā10.4 Historic and Forecasted Market Size By Function
āā10.4.1 Fluid Control
āā10.4.2 Gas Control
āā10.4.3 Motion Control
ā10.5 Historic and Forecasted Market Size By Application
āā10.5.1 Safety & Security
āā10.5.2 Body Control & Interiors
āā10.5.3 Engine Control & Cooling System
āā10.5.4 Others
Chapter 11: North America Automotive Solenoid Market Analysis, Insights and Forecast, 2016-2028
ā11.1 Key Market Trends, Growth Factors and Opportunities
ā11.2 Impact of Covid-19
ā11.3 Key Players
ā11.4 Key Market Trends, Growth Factors and Opportunities
ā11.4 Historic and Forecasted Market Size By Vehicle Type
āā11.4.1 Light Commercial Vehicle
āā11.4.2 Passenger Vehicle
āā11.4.3 Heavy Commercial Vehicle
ā11.5 Historic and Forecasted Market Size By Electric Vehicle Type
āā11.5.1 BEV
āā11.5.2 HEV
āā11.5.3 PHEV
āā11.5.4 FCEV
ā11.6 Historic and Forecasted Market Size By Function
āā11.6.1 Fluid Control
āā11.6.2 Gas Control
āā11.6.3 Motion Control
ā11.7 Historic and Forecasted Market Size By Application
āā11.7.1 Safety & Security
āā11.7.2 Body Control & Interiors
āā11.7.3 Engine Control & Cooling System
āā11.7.4 Others
ā11.8 Historic and Forecast Market Size by Country
āā11.8.1 U.S.
āā11.8.2 Canada
āā11.8.3 Mexico
Chapter 12: Europe Automotive Solenoid Market Analysis, Insights and Forecast, 2016-2028
ā12.1 Key Market Trends, Growth Factors and Opportunities
ā12.2 Impact of Covid-19
ā12.3 Key Players
ā12.4 Key Market Trends, Growth Factors and Opportunities
ā12.4 Historic and Forecasted Market Size By Vehicle Type
āā12.4.1 Light Commercial Vehicle
āā12.4.2 Passenger Vehicle
āā12.4.3 Heavy Commercial Vehicle
ā12.5 Historic and Forecasted Market Size By Electric Vehicle Type
āā12.5.1 BEV
āā12.5.2 HEV
āā12.5.3 PHEV
āā12.5.4 FCEV
ā12.6 Historic and Forecasted Market Size By Function
āā12.6.1 Fluid Control
āā12.6.2 Gas Control
āā12.6.3 Motion Control
ā12.7 Historic and Forecasted Market Size By Application
āā12.7.1 Safety & Security
āā12.7.2 Body Control & Interiors
āā12.7.3 Engine Control & Cooling System
āā12.7.4 Others
ā12.8 Historic and Forecast Market Size by Country
āā12.8.1 Germany
āā12.8.2 U.K.
āā12.8.3 France
āā12.8.4 Italy
āā12.8.5 Russia
āā12.8.6 Spain
āā12.8.7 Rest of Europe
Chapter 13: Asia-Pacific Automotive Solenoid Market Analysis, Insights and Forecast, 2016-2028
ā13.1 Key Market Trends, Growth Factors and Opportunities
ā13.2 Impact of Covid-19
ā13.3 Key Players
ā13.4 Key Market Trends, Growth Factors and Opportunities
ā13.4 Historic and Forecasted Market Size By Vehicle Type
āā13.4.1 Light Commercial Vehicle
āā13.4.2 Passenger Vehicle
āā13.4.3 Heavy Commercial Vehicle
ā13.5 Historic and Forecasted Market Size By Electric Vehicle Type
āā13.5.1 BEV
āā13.5.2 HEV
āā13.5.3 PHEV
āā13.5.4 FCEV
ā13.6 Historic and Forecasted Market Size By Function
āā13.6.1 Fluid Control
āā13.6.2 Gas Control
āā13.6.3 Motion Control
ā13.7 Historic and Forecasted Market Size By Application
āā13.7.1 Safety & Security
āā13.7.2 Body Control & Interiors
āā13.7.3 Engine Control & Cooling System
āā13.7.4 Others
ā13.8 Historic and Forecast Market Size by Country
āā13.8.1 China
āā13.8.2 India
āā13.8.3 Japan
āā13.8.4 Singapore
āā13.8.5 Australia
āā13.8.6 New Zealand
āā13.8.7 Rest of APAC
Chapter 14: Middle East & Africa Automotive Solenoid Market Analysis, Insights and Forecast, 2016-2028
ā14.1 Key Market Trends, Growth Factors and Opportunities
ā14.2 Impact of Covid-19
ā14.3 Key Players
ā14.4 Key Market Trends, Growth Factors and Opportunities
ā14.4 Historic and Forecasted Market Size By Vehicle Type
āā14.4.1 Light Commercial Vehicle
āā14.4.2 Passenger Vehicle
āā14.4.3 Heavy Commercial Vehicle
ā14.5 Historic and Forecasted Market Size By Electric Vehicle Type
āā14.5.1 BEV
āā14.5.2 HEV
āā14.5.3 PHEV
āā14.5.4 FCEV
ā14.6 Historic and Forecasted Market Size By Function
āā14.6.1 Fluid Control
āā14.6.2 Gas Control
āā14.6.3 Motion Control
ā14.7 Historic and Forecasted Market Size By Application
āā14.7.1 Safety & Security
āā14.7.2 Body Control & Interiors
āā14.7.3 Engine Control & Cooling System
āā14.7.4 Others
ā14.8 Historic and Forecast Market Size by Country
āā14.8.1 Turkey
āā14.8.2 Saudi Arabia
āā14.8.3 Iran
āā14.8.4 UAE
āā14.8.5 Africa
āā14.8.6 Rest of MEA
Chapter 15: South America Automotive Solenoid Market Analysis, Insights and Forecast, 2016-2028
ā15.1 Key Market Trends, Growth Factors and Opportunities
ā15.2 Impact of Covid-19
ā15.3 Key Players
ā15.4 Key Market Trends, Growth Factors and Opportunities
ā15.4 Historic and Forecasted Market Size By Vehicle Type
āā15.4.1 Light Commercial Vehicle
āā15.4.2 Passenger Vehicle
āā15.4.3 Heavy Commercial Vehicle
ā15.5 Historic and Forecasted Market Size By Electric Vehicle Type
āā15.5.1 BEV
āā15.5.2 HEV
āā15.5.3 PHEV
āā15.5.4 FCEV
ā15.6 Historic and Forecasted Market Size By Function
āā15.6.1 Fluid Control
āā15.6.2 Gas Control
āā15.6.3 Motion Control
ā15.7 Historic and Forecasted Market Size By Application
āā15.7.1 Safety & Security
āā15.7.2 Body Control & Interiors
āā15.7.3 Engine Control & Cooling System
āā15.7.4 Others
ā15.8 Historic and Forecast Market Size by Country
āā15.8.1 Brazil
āā15.8.2 Argentina
āā15.8.3 Rest of SA
Chapter 16 Investment Analysis
Chapter 17 Analyst Viewpoint and Conclusion
Global Automotive Solenoid Market |
|||
Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD6.23 Bn. |
Forecast Period 2024-32 CAGR: |
8.1% |
Market Size in 2032: |
USD 12.56 Bn. |
Segments Covered: |
By Vehicle Type |
|
|
By Electric Vehicle Type |
|
||
By Function |
|
||
By Application |
|
||
By Region |
|
||
Key Market Drivers: |
|
||
Key Market Restraints: |
|
||
Key Opportunities: |
|
||
Companies Covered in the report: |
|
Frequently Asked Questions :
The forecast period in the Automotive Solenoid Market research report is 2024-2032.
Mitsubishi Electric Corporation, Nidec Corporation, MVD Auto Components Pvt. Ltd., Stoneridge Inc., Aptiv PLC, Bitron Industries S.p.A, BorgWarner Inc., Continental AG, Cumsa Corporation-Lockcarft, Global Point Magnetics Asia Co. Ltd., Denso Corporation, GKN PLC, Hitachi Ltd., Husco International Inc., Robert Bosch GmbH, Johnson Electric Holdings Ltd., Parker Hannifin Corporation, Schaeffler AG, Kendrion NV, Magnet - Schultz GmbH & Co. Kg, Rotex Automation Limited, Padmini Vna Mechatronics Pvt Ltd, Pneumadyne Inc., TLX Technologies LLC.,WABCO Holdings Inc., and other major players.
The Automotive Solenoid Market is segmented into vehicle type, electric vehicle type, function, application, and region. By Vehicle Type, the market is categorized into Light Commercial Vehicle, Passenger Vehicle, and Heavy Commercial Vehicle. By Electric Vehicle type, the market is categorized into BEV, HEV, PHEV, and FCEV. By Function, the market is categorized into Fluid Control, Gas Control, and Motion Control. By Application, the market is categorized into Safety & Security, Body Control & Interiors, Engine Control & Cooling System, and Others. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
Automotive Solenoids is on the devices like Joystick used for games. A solenoid in automobiles is a pivotal piece of the starter and it functions as a sort of contact for power to reach the starter from the respective battery.
The Global Automotive Solenoid Market size is expected to grow from USD 6.23 billion in 2023 to USD 12.56 billion by 2032, at a CAGR of 8.1% during the forecast period (2024-2032).