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Automotive Solenoid Market Trends

ID: MRFR//10730-HCR | 128 Pages | Author: Garvit Vyas| July 2024

Global Automotive Solenoid Market Overview:

The Automotive solenoid market industry is projected to grow from USD 4.8 Billion in 2023 to USD 7.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.60% during the forecast period (2023 - 2032). Automotive Solenoid Market Size was valued at USD 4.6 Billion in 2022. Increasing vehicle production, electrification of vehicles, advanced driver assistance systems (ADAS), stringent emission regulations, fuel efficiency requirements, are the key market drivers enhancing the market growth.

Automotive Solenoid Market Overview

 Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Automotive Solenoid Market Trends

Increasing vehicle production is driving the market growth

A key factor which impact on the automotive solenoid market is rising vehicle manufacturing. In recent years, as the demand for automobiles has continued to climb due to reasons including urbanization, rising disposable incomes, and expanding middle-class populations in emerging nations, this trend has been at the forefront of the industry's growth. Here is a thorough analysis of how the market for automotive solenoids is being influenced by the explosion in car production:

Growing Number of Automotive Components: As global vehicle manufacturing rises, so does demand for a variety of automotive parts, including solenoids. Numerous essential automotive applications, including fuel injection, engine management, and gearbox control, and exhaust gas recirculation (EGR) systems, require the adaptable electromechanical devices known as solenoids. To guarantee the smooth and effective operation of these systems, each vehicle has many solenoids. As a result, there is a direct correlation between increased car production and increased need for solenoids.

Solenoids have a wide range of automotive uses, making them crucial components of contemporary automobiles. For instance, solenoids are employed to manage gear shifting in automatic gearboxes, improving the driving pleasure and fuel economy. Similar to this, solenoids are used in the powertrain's valve control to improve engine performance and lower emissions. The range of solenoid applications broadens as automakers continue to innovate and add new features, boosting their demand.

Automotive manufacturers place a high priority on the effectiveness and accuracy of vehicle systems. By providing precise and quick actuation in response to electrical signals, solenoids are essential to achieving these goals. Applications requiring precise timing and strength of the solenoid's action, such fuel injection and pollution control, depend on this precision. Manufacturers increasingly rely on solenoids to uphold these high levels of efficiency and precision as vehicle manufacturing increases up. Thus, driving the automotive solenoid market revenue.

Automotive Solenoid Market Segment Insights:

Automotive Solenoid Vehicle Type Insights

The Automotive Solenoid Market segmentation, based on vehicle type, includes passenger vehicle, LCV, HCV and electric vehicle. The passenger vehicle segment dominated the market in 2022. Because of rising urbanization, rising living standards, and rising affordability, the global passenger vehicle market has been expanding steadily. Sales of passenger cars are increasing as more people opt for personal mobility, which fuels the demand for automotive solenoids.

Automotive Solenoid Application Insights

The Automotive Solenoid Market segmentation, based on application, includes engine control, fuel and emission control, HVAC and others. The fuel and emission control segment dominated the market in 2022. Governments worldwide have imposed increasingly strict emissions standards to combat environmental pollution and reduce greenhouse gas emissions. To meet these regulations, automakers are incorporating advanced emission control systems into their vehicles. Solenoids are essential components in these systems, particularly in exhaust gas recirculation (EGR) and evaporative emission control (EVAP) systems, where they help manage the flow of gases and ensure compliance with emission standards.

Automotive Solenoid Type Insights

The Automotive Solenoid Market segmentation, based on type, includes 2-way valve, 3-way valve, 4-way valve and others. The 2-way valve category generated the most income in 2022. Automobile producers are paying closer attention to sustainability and lowering the environmental impact of their products. In order to reduce emissions and increase fuel efficiency, 2-way valves are essential to attaining these objectives. The introduction of 2-way valves in automotive applications is motivated by this dedication to sustainability.

Figure 1: Automotive Solenoid Market by type, 2022 & 2032 (USD Billion)

 Automotive Solenoid Market by type, 2022 & 2032

 Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Automotive Solenoid Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Automotive Solenoid Market dominated this market in 2022 (45.80%). Electric and hybrid vehicles are gaining popularity in the North American automotive market. In technologies like battery management and electric power steering, soldenoids are crucial parts of electric and hybrid automobiles. The need for solenoids is rising as more people move toward cleaner, more effective modes of transportation. Further, the U.S. Automotive solenoid market held the largest market share, and the Canada Automotive solenoid market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Automotive Solenoid Market Share By Region 2022 (USD Billion)

Automotive Solenoid Market Share By Region 2022

 Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Automotive solenoid market accounts for the second-largest market share. Europe is known for its luxury and premium vehicle manufacturers. These vehicles often incorporate advanced technologies and features that rely on solenoids, such as air suspension systems and active chassis control. The demand for high-quality solenoids in the luxury vehicle segment is a driver in this region. Further, the German Automotive solenoid market held the largest market share, and the UK Automotive solenoid market was the fastest growing market in the European region.

The Asia-Pacific Automotive Solenoid Market is expected to grow at the fastest CAGR from 2023 to 2032. Urbanization and rising wealth have increased demand for personal mobility in several Asia-Pacific countries. Customers are looking for low-cost vehicles with advanced technologies like electronic fuel injection and solenoid-based motorized windows. Moreover, China’s automotive solenoid market held the largest market share, and the Indian Automotive solenoid market was the fastest growing market in the Asia-Pacific region.

Automotive Solenoid Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the automotive solenoid market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Automotive solenoid industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Automotive solenoid industry to benefit clients and increase the market sector. In recent years, the Automotive solenoid industry has offered some of the most significant advantages to medicine. Major players in the Automotive solenoid market, including BorgWarner Inc., Nidec Corporation, Robert Bosch GmbH, Denso corporation, Global Point Magnetics Asia Co. Ltd, Hitachi Ltd., Padmini VNA Mechatronics Pvt Ltd, Continental AG, Johnson Electric Holding Ltd., Mitsubishi Electric Corporation and others, are attempting to increase market demand by investing in research and development operations.

BorgWarner Inc. (BorgWarner) is a provider of parts and components to the automobile industry. For light, medium, and heavy-duty vehicles as well as off-road applications, it manufactures and provides internal combustion engine, hybrid, and electric vehicle products. The company's product line includes rotating electrical devices, turbochargers, emission and thermal systems, transmission components and systems, timing devices and chains, torque transfer systems for all-wheel drive, and transmission components and systems. It supplies other OEMs that make commercial and off-road vehicles as well as original equipment manufacturers (OEMs) of light vehicles such vans, light trucks, sport utility vehicles, and passenger automobiles. The company has operations in North America, Europe, and Asia. The corporate office of BorgWarner is located in the American city of Auburn Hills, Michigan.

Nidec Corp. (Nidec) is a manufacturer of electric motors. The company creates, manufactures, and sells a variety of goods, including small precision motors, home appliance motors, commercial and industrial motors, automotive motors, motors for machinery, and electronic and optical components. Its products include small, precise, medium-sized, and large-sized motors. Products from Nidec are used in a wide range of products and industries, including office supplies, home appliances, automobiles, information and telecommunications equipment, and equipment for industrial and environmental energy. It operates in several regions, including North America, Asia, and Europe. The company runs plants all around the world. Nidec's corporate headquarters are in Minami-ku, Kyoto, Japan.

Key Companies in the Automotive Solenoid Market Include

  • BorgWarner Inc.

  • Nidec Corporation

  • Robert Bosch GmbH

  • Denso corporation

  • Global Point Magnetics Asia Co. Ltd

  • Hitachi Ltd.

  • Padmini VNA Mechatronics Pvt Ltd

  • Continental AG

  • Johnson Electric Holding Ltd.

  • Mitsubishi Electric Corporation

Automotive Solenoid Industry Developments

August 2023: BorgWarner Inc. secured a contract with an automotive thermal and energy management solutions supplier to deliver high voltage coolant heaters for use on a series of three electric vehicle platforms for a major OEM.

Automotive Solenoid Market Segmentation

Automotive Solenoid Vehicle Type Outlook

  • Passenger Vehicle

  • LCV

  • HCV

  • Electric Vehicle

Automotive Solenoid Application Outlook

  • Engine Control

  • Fuel and Emission Control

  • HVAC

  • Others

Automotive Solenoid Type Outlook

  • 2-Way Valve

  • 3-Way Valve

  • 4-Way Valve

  • Others

Automotive Solenoid Regional Outlook

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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