Automotive Solenoid Market Forecasts to 2030 - Global Analysis By Vehicle Type, Electric Vehicle Type, Function, Valve Design, Application and by Geography

According to Stratistics MRC, the Global Automotive Solenoid Market is accounted for $5.14 billion in 2023 and is expected to reach $9.57 billion by 2030 growing at a CAGR of 9.3% during the forecast period. Automotive solenoids are essential parts of contemporary car systems; they do everything from start the engine to regulate fuel injection, transmission shifts, and emissions systems. These electromagnetic gadgets function as switches, transforming electrical energy into mechanical motion. Moreover, solenoid functions are crucial in the automotive industry because they automate tasks, improve efficiency, and guarantee accurate control over important mechanisms.

According to the International Federation of Automotive Engineering Societies (FISITA), automotive solenoids play a pivotal role in modern vehicle technologies, providing essential functions such as ignition control, transmission shifting, and emissions management.

Market Dynamics:

Driver:

Growing hybrid and electric vehicle integration

The demand for automotive solenoids is largely being driven by the growing number of people buying electric and hybrid cars. Solenoids play a crucial role in electric propulsion systems, helping with things like thermal control, battery management, and electric power steering. Additionally, solenoid demand is directly correlated with the growth of the electric vehicle market, highlighting the significance of solenoids in the continuous advancement of automotive propulsion technologies.

Restraint:

The automotive industry's cost sensitivity

The cost-sensitive nature of the automotive industry places restrictions on the automotive solenoid market. Solenoid manufacturers are under pressure to offer cost-effective solutions as manufacturers constantly look for ways to reduce production costs and improve overall affordability. Furthermore, this limitation may affect how sophisticated and high-performing solenoids are integrated, which may restrict their use in particular car models or market niches.

Opportunity:

Expanding use of hybrid and electric vehicles

An important opportunity exists for the automotive solenoid market due to the growing trend toward electric and hybrid vehicles. Solonoids are becoming more and more necessary for applications like electric power steering, battery management, and thermal control because these cars mainly rely on sophisticated electronic systems. Moreover, in order to meet the specific needs of electric and hybrid propulsion systems, solenoid manufacturers can profit from this trend by creating customized solutions.

Threat:

Intense market competition

There is a risk of fierce competition in the automotive solenoid market, with many manufacturers fighting for market share. Solenoid manufacturers may face price pressure and reduced profit margins as a result of increased competition. Additionally, companies must set themselves apart through innovation, quality, and the capacity to offer comprehensive solutions that satisfy the changing demands of automotive OEMs in order to lessen this threat.

Covid-19 Impact:

The COVID-19 pandemic caused significant disruptions in supply chains, demand, and production, which in turn had an impact on the automotive solenoid market. The demand for solenoids in a variety of applications was impacted by the major decline in global vehicle manufacturing caused by lockdowns, travel restrictions, and economic uncertainty. Furthermore, production was further hampered by supply chain disruptions brought on by factory closures and logistical difficulties, which affected the timely availability of components and raw materials.

The Passenger Vehicle segment is expected to be the largest during the forecast period

In the market, the passenger vehicle segment usually holds the largest share. Sedans, sport utility vehicles (SUVs), and hatchbacks are all included in the broad category of passenger cars, which are very well-liked by people all over the world. For personal transportation needs, families and individual consumers frequently drive the demand for passenger cars. Moreover, the growing urban population, rising disposable income, and ongoing demand for more technologically advanced and fuel-efficient cars are major factors driving this segment's dominance.

The Safety and Security segment is expected to have the highest CAGR during the forecast period

Due to the integration of cutting-edge technologies and the growing emphasis on vehicle safety, the safety and security segment is growing at the highest CAGR. The segment's growth is attributed to consumer preferences for vehicles with cutting-edge safety features, strict regulatory requirements, and rising awareness of road safety. Additionally, adoption of autonomous safety technologies, advanced driver assistance systems (ADAS), and ongoing innovation in collision avoidance systems are important factors.

Region with largest share:

Within the automotive solenoid market, North America is expected to hold the largest share. Technology developments, a well-developed automotive sector, and a notable need for solenoids in a range of automotive applications are all factors contributing to the region's prominence. Furthermore, leading the automotive solenoid market in North America is a result of the region's established presence of important automakers and suppliers as well as its emphasis on implementing cutting-edge technologies.

Region with highest CAGR:

The automotive solenoid market is expected to grow at the highest CAGR in the European region. The automotive sector in the region is distinguished by a strong focus on innovation, strict regulations, and a healthy market for both conventional and electric vehicles. Europe's leading automotive nations-Germany, France, and the United Kingdom, for example-contribute to the market's consistent expansion for solenoids. Moreover, the demand for solenoids in a variety of applications is driven by the region's dedication to sustainability and the growing integration of solenoids in cutting-edge automotive technologies.

Key players in the market

Some of the key players in Automotive Solenoid market include Hitachi Ltd., Denso corporation, Johnson Electric Holding Ltd., Global Point Magnetics Asia Co. Ltd, Mitsubishi Electric Corporation, BorgWarner Inc., Padmini VNA Mechatronics Pvt Ltd, Robert Bosch GmbH, Nidec Corporation and Continental AG.

Key Developments:

In November 2023, Hitachi Systems India Pvt. Ltd., a wholly owned subsidiary of Hitachi Systems announced their agreement with Cyemptive Technologies, Inc., an award-winning provider of preemptive cybersecurity solutions for business and government, to jointly provide Cyemptive Technology's next-generation cybersecurity innovations, including on-demand, end-to-end secure platform solutions, to Hitachi Systems India's Southeast Asia/Middle East and India customers.

In September 2023, Mitsubishi Electric Corporation and Evercomm Singapore Pte. Ltd. jointly announced today that they have entered into a cooperative agreement to develop and market solutions that support carbon neutrality in the manufacturing sector. As part of the agreement, Mitsubishi Electric will take an equity stake in Evercomm to solidify the ties between the two companies.

In July 2023, DENSO Corporation and Toyota Tsusho Corporation today announced that TD Mobile Corporation, which is a joint venture of DENSO and Toyota Tsusho has concluded a company split agreement with a newly established subsidiary of ranet Co.,Ltd. in relation to its cell phone sales and agency business. TD Mobile will transfer the above business to the new subsidiary as a result of the company split.

Vehicle Types Covered:

• Passenger Vehicle
• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Truck
• Bus
• Other Vehicle Types

Electric Vehicle Types Covered:

• Battery Electric Vehicles
• Plug-In Hybrid Electric Vehicles
• Fuel Cell Electric Vehicles
• Other Electric Vehicle Types

Functions Covered:

• Fluid Control
• Gas Control
• Motion Control
• Other Functions

Valve Designs Covered:

• 2-way Valve
• 3-way Valve
• 4-way Valve
• 5-way Valve
• Other Valve Designs

Applications Covered:

• Engine Control and Cooling System
• Fuel and Emission Control
• Safety and Security
• Body Control and Interiors
• HVAC
• Other Applications

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances