Automotive Solenoid serves as a point of contact for power to reach the starter from the battery. Automotive solenoids serve a broad range of purposes, including automatic transmission. As a result of a surge in vehicle sales, the demand for solenoids from manufacturers is increasing. The modernization of automobiles has boosted the trend of engine downsizing, which is expected to gain further traction in the years ahead. An important result of this trend is the growing usage of solenoids in automotive transmission.
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%.
Quality, innovative product offerings, flexibility, and aftersales support are anticipated to play a significant role in promoting the sales of automotive solenoids. Moreover, manufacturers are also emphasizing on expanding their geographical reach and manufacturing capabilities through research and development in order to ensure a prominent position in the competitive automotive solenoid market.
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The Major Players In The Automotive Solenoid Market Include:
- 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.
Market has segmented the global Automotive Solenoid market on the basis of type, application, and region:
The Automotive Solenoid market is segmented by type and application. Growth between segments over the period 2022-2028 provides accurate calculations and forecasts of revenue by type and application in terms of volume and value. This analysis can help you expand your business by targeting eligible niches.
By Type:
Light Commercial Vehicle, Passenger Vehicle, Heavy Commercial Vehicle
By Application:
Safety And Security, Body Control Interiors, Engine Control Cooling System, Fuel Emission Control, HVAC, Other Application
By Regional Outlook (Revenue, USD Billion, 2017 – 2028)
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
- Middle East Africa (GCC Countries, South Africa, Rest of MEA)
- South America (Brazil, Argentina, Rest of South America)
Covid-19 Impact and Recovery Analysis on Industry:
The COVID-19 pandemic has had devastating effects on several industry verticals globally. To constrain the number of cases and slow the coronavirus spread, various public health guidelines were implemented in different countries across the globe. COVID-19 protocols ranging from declaring national emergency states, enforcing stay-at-home orders, closing nonessential business operations and schools, banning public gatherings, imposing curfews, distributing digital passes, and allowing police to restrict citizen movements within a country, as well as closing international borders. With the growing vaccination rate, governments are uplifting the protocols to give a boost to the stagnant economy. Like other industries, Automotive Solenoid Market have experienced slowdown the growth, however market is expected bounce back as restrictions are being lifted up by governments across the globe.
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Key Takeaways from this Report
- Evaluate market potential by analyzing growth rates (CAGR %), Volume (Units), and Value ($M) data given at the country level – for product types, end-use applications, and by different industry verticals.
- Understand the different dynamics influencing the market – key driving factors, challenges, and hidden opportunities.
- Get in-depth insights on your competitor’s performance – market shares, strategies, financial benchmarking, product benchmarking, SWOT, and more.
- Analyze the sales and distribution channels across key geographies to improve top-line revenues.
- Understand the industry supply chain with a deep dive on the value augmentation at each step, in order to optimize value and bring efficiencies to your processes.
- Get a quick outlook on the market entropy – MAs, deals, partnerships, and product launches of all key players for the past 4 years.
- Evaluate the supply-demand gaps, import-export statistics, and regulatory landscape for more than the top 20 countries globally for the market.
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