Automotive Solenoid Market Size To Hit USD 8.45 Billion by 2028 | IMR

Market Overview:
Global Automotive Solenoid Market Was Valued At USD 5.06 Billion In 2021 And Is Expected To Reach USD 8.45 Billion By The Year 2028, At A CAGR Of 7.6%.

A solenoid is a wire coil wrapped around a metal core. Solenoid's support achieves "Automation" in a variety of applications in a world where automation is rapidly gaining importance in our day-to-day lives. A magnetic field is created by applying an electric current to one end of the solenoid, and this field can control things like air pressure, lock pressure, and water pressure. Automotive solenoids are utilized in a variety of industries, including the automobile industry, medical systems, and locks, to name a few. The most famous use of Auto Solenoids is on the gadgets like Joystick utilized for games.

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Market Dynamics:
Driver:
It is anticipated that the demand for electric and electronic components will rise simultaneously as autonomous vehicles combine a variety of technologies and methods. It is anticipated that electrified powertrains and autonomous vehicle technology will pique consumers' interest and possess long-term value potential. Autonomous self-regulating proportional solenoids provide proportional feedback control, which is required by many autonomous vehicle systems. Additionally, solenoids are a crucial component of autonomous steering. Once the vehicle enters autonomous mode, the steering solenoid is activated. During the forecast period, this factor is highly likely to alter the growth of the automotive solenoid market.

Opportunities
Regulator development has always pursued more energy-efficient, convenient, and high-tech products with user-friendly designs. Reduced energy consumption, decreased fluid flow resistance, and decreased user utilization during the process have always contributed to value. The electric device is the focus of energy conservation. One of the significant patterns that the market is noticing is the development of Crossover electric vehicles (HEV) and electric vehicles (EV) are rising, improvement of new solenoid valves, for example, miniature scaled-down valves redid valves and squeeze valves is acquiring conspicuousness.

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.
• Light Commercial Vehicle
• Passenger Vehicle
• Heavy Commercial Vehicle

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.
• BEV
• HEV
• PHEV
• FCEV

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.
• Fluid Control
• Gas Control
• Motion Control

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.
• Safety & Security
• Body Control & Interiors
• Engine Control & Cooling System
• Others

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.
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)

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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.

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Key Industry Developments In The Automotive Solenoid Market
1. 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.

2. 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).

Table Of Content:
Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2: Executive Summary

Chapter 3: Growth Opportunities By Segment
 3.1 By Vehicle Type
 3.2 By Electric Vehicle Type
 3.3 By Function
 3.4 By Application

Chapter 4: Market Landscape
 4.1 Porter's Five Forces Analysis
  4.1.1 Bargaining Power of Supplier
  4.1.2 Threat of New Entrants
  4.1.3 Threat of Substitutes
  4.1.4 Competitive Rivalry
  4.1.5 Bargaining Power Among Buyers
 4.2 Industry Value Chain Analysis
 4.3 Market Dynamics
  4.3.1 Drivers
  4.3.2 Restraints
  4.3.3 Opportunities
  4.5.4 Challenges
 4.4 Pestle Analysis
 4.5 Technological Roadmap
 4.6 Regulatory Landscape
 4.7 SWOT Analysis
 4.8 Price Trend Analysis
 4.9 Patent Analysis
 4.10 Analysis of the Impact of Covid-19
  4.10.1 Impact on the Overall Market
  4.10.2 Impact on the Supply Chain
  4.10.3 Impact on the Key Manufacturers
  4.10.4 Impact on the Pricing

Chapter 5: Automotive Solenoid Market by Vehicle Type
 5.1 Automotive Solenoid Market Overview Snapshot and Growth Engine
 5.2 Automotive Solenoid Market Overview
 5.3 Light Commercial Vehicle
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size (2016-2028F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Light Commercial Vehicle: Geographic Segmentation
 5.4 Passenger Vehicle
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size (2016-2028F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Passenger Vehicle: Geographic Segmentation
 5.5 Heavy Commercial Vehicle
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size (2016-2028F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Heavy Commercial Vehicle: Geographic Segmentation

Chapter 6: Automotive Solenoid Market by Electric Vehicle Type
 6.1 Automotive Solenoid Market Overview Snapshot and Growth Engine
 6.2 Automotive Solenoid Market Overview
 6.3 BEV
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size (2016-2028F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 BEV: Geographic Segmentation
 6.4 HEV
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size (2016-2028F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 HEV: Geographic Segmentation
 6.5 PHEV
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size (2016-2028F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 PHEV: Geographic Segmentation
 6.6 FCEV
  6.6.1 Introduction and Market Overview
  6.6.2 Historic and Forecasted Market Size (2016-2028F)
  6.6.3 Key Market Trends, Growth Factors and Opportunities
  6.6.4 FCEV: Geographic Segmentation
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