Rising demand for vehicles and advanced automotive systems is expected to drive the demand for global automotive solenoid market in the forecast period.
According to TechSci Research report, “Automotive Solenoid Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026”, global automotive solenoid market is expected to witness significant growth for the next five years on account of increasing use of automotive solenoid in automatic transmission of cars. Conventional automatic transmission of cars uses a hydraulic liquid under pressure in order to change gears. When a gear is changed in the car, computer system equipped in car activates the solenoid which then directs the transmission fluid into the body of the valve for activating the right gear. Solenoid is used in automobiles as a starter solenoid, and it is placed above the starter motor. It receives small current from ignition relay and large current from automobile battery. Small current is the control current in answer to which solenoid sends signal from battery to starter motor to get the engine into motion. Rise in demand for autonomous vehicles is on rise which have the ability to navigate and sense the environment without any human assistance. Autonomous vehicles consist of plethora of technologies and techniques which is boosting the market for integration of electronic components in automobiles. Autonomous vehicles demand proportional feedback control which is offered by autonomous self-regulating proportional solenoids. Rise in disposable income is contributing to high vehicles sales around the world. Increasing government initiatives across the globe to promote autonomous vehicles is expected to fuel the automotive solenoid market. Increasing demand for fuel-efficient vehicles and manufacturers initiatives to develop advanced automobiles integrated with automotive solenoid is driving the global market. Automotive solenoid offers the advantages such as fast response time, low power consumption and highly compatible to extreme temperatures.
However, initial high investment and huge capital requirements for product maintenance may create hindrance in the global automotive solenoid market growth.
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Global automotive solenoid market is segmented into vehicle type, equipment type, type, material, propulsion, region, and company. Based on application, market is further divided into engine control & cooling system, fuel & emission control, body controls & interiors, HVAC system, safety & security, among others. Body controls & interiors are expected to hold major market share for the forecast period owing to solenoid applications in automotive passenger vehicle and commercial vehicles. Based on function, market is majorly fragmented into fluid control, gas control and motion control. The motion control segment is expected to dominate the global automotive solenoid market during the predicted period. Growing prevalence of the body control applications in vehicle. Based on vehicle type, market is categorized into passenger car, light commercial vehicle, and medium and heavy commercial vehicle. Passenger car is anticipated to hold the lion’s share for the upcoming five years. Increased demand for passenger cars by consumers for convenience and easy commuting to long distances is aiding majorly to high market growth. Based on valve design, market is divided into 2-way solenoid valve, 3-way solenoid valve, 4-way solenoid valve and 5-way solenoid valves. The 3-way solenoid valve segment is expected to grow for the forecast period as its find diverse application in autonomous vehicles.
Robert Bosch GmbH, Schaeffler AG, Continental AG, Delphi Automotive PLC, Denso Corporation, Wabco Holdings Inc, Mitsubishi Electric Corporation, Hitachi, Ltd., Nidec Corporation, Johnson Electric Group are the leading players operating in global automotive solenoid market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several automotive solenoid manufacturers are coming up with their technologically advanced offerings.
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“Rising demand for electric vehicles due to consumer preference shift towards green energy fuels is surging the demand for electric vehicles. Electric vehicles contribute minimal greenhouse emissions into the environment and have lower operational and maintenance costs than the conventional energy vehicles. Government provides subsidies for purchasing electric vehicles which is further fueling the demand for electric vehicles at the global level. Electric vehicles employ automotive solenoid and growing demand for electric vehicles is propeling the global automotive solenoid market until 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Automotive Solenoid Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026, Segmented By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium and Heavy Commercial Vehicle), By Valve Design (2-Way Solenoid Valve, 3-Way Solenoid Valve, 4-Way Solenoid Valve, 5-Way Solenoid Valves), By Application (Engine Control & Cooling System, Fuel & Emission Control, Body Controls & Interiors, HVAC System, Safety & Security, Others), By Function (Fluid Control, Gas Control, Motion Control), By Propulsion (ICE, BEV, PHEV, FCEV) By Region” has evaluated the future growth potential of global automotive solenoid market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global automotive solenoid market.
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