The automotive solenoid market was estimated to be USD 4.3 billion in 2021 and is projected to reach USD 6.2 billion by 2026, with a CAGR of 7.3%. The growth of this market is fuelled by rising automation in vehicles and increased vehicle manufacturing in emerging economies due to urbanization. The fact that solenoids are used in various automotive systems and features in every vehicle is expected to drive the market during the forecast. However, COVID-19 pandemic had an impact on the market in the first few months.Both the demand and supply of solenoids had come to a halt in the first few months of 2020 across the globe as the whole ecosystem had been disrupted.
However, in the next two quarters, the demand had been increasing.
The safety and security applications market in automotive solenoid market to be the fastest-growing market Solenoids are used in safety and security applications as well.The ESC system can improve the control performance of a vehicle, as it minimizes noise and brake paddle vibration during the transient high-frequency brake-pressure control process.
Simple switching solenoid valves and a master cylinder pressure (MCP) sensor are used in the ESC to minimize cost. Solenoids are also used in ABS.
Asia pacific market plays very important role in automotive solenoid’s market growth Asia Pacific is expected to have the largest market share in terms of value and volume as the region is home to leading automotive component suppliers such as Denso, Nidec Corporation, and Mitsubishi, among others.Moreover, countries such as China, Japan, South Korea, and India are considered as major automotive manufacturing hubs, which is further expected to boost the Asia Pacific automotive solenoid market.
China is estimated to dominate the Asia Pacific automotive solenoid market with the largest market share during the forecast period.China is the world’s largest vehicle manufacturer, which is expected to be a driving factor for the growth of the automotive solenoids market in the country.
Moreover, China has the potential to produce automotive components in large volumes at a lower cost, which provides it a competitive edge over other countries.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market. • By Company Type: OEM - 34%, Tier I - 59%, and Tier II - 7% • By Designation: C Level Executives - 26%, Directors - 43%, and Others - 31% • By Region: North America - 26%, Europe - 39% and Asia Pacific - 35% The global automotive solenoid market is dominated by global players such as Robert Bosch GmbH (Germany, Hitachi Ltd. (Japan), Mitsubishi Electric Corporation (Japan, MAHLE Group (Germany), Johnson Electric (US), and BorgWarner (US). These companies develop new products, adopt expansion strategies, and undertake collaborations, partnerships, and mergers & acquisitions to gain traction in the high-growth automotive solenoid market.
Research Coverage: The market study covers the Automotive Solenoid Market region, vehicle, electric vehicle, application, function, operation, and valve design type. It also covers the competitive landscape and company profiles of the major players in the automotive solenoid market ecosystem. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report: • The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall automotive solenoid market and its subsegments. • This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. • The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
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