CHICAGO, Sept. 9, 2021 /PRNewswire/ — According to the new market research report “Automotive Solenoid Market by Application (Body Control & Interiors, Engine Control & Cooling System, Safety, HVAC), Vehicle Type (PC, LCV, Truck, Bus), EV Type (BEV, PHEV, FCEV), Valve Design, Function, Operation, and Region – Global Forecast to 2026“, published by MarketsandMarkets™, the global Automotive Solenoid Market is estimated to be USD 4.3 billion in 2021 and is projected to grow at a CAGR of 7.3%, to reach USD 6.2 billion by 2026.
The growth of this market is fueled by rising automation in vehicles and increased vehicle manufacturing in the 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.
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262 – Tables
63 – Figures
246 – Pages
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Engine Control and Cooling System to hold the second-largest share in the Automotive Solenoid Market, by application type
The engine control and cooling system segment is estimated to dominate the market as these solenoids play a significant role in downsizing of the engine, enhancing fuel efficiency, and improving vehicle performance. Significant evolution in fuel economy and emission standards are expected to drive the demand for solenoid valves in the engine control and cooling system segment.
Passenger Cars: A promising market due to the significant global production volumes
In terms of value, the passenger cars segment is estimated to lead the global Automotive Solenoid Market during the forecast period. The global passenger car production is significant. This leads to the increasing demand for automotive solenoids for passenger car during the upcoming years. Asia Pacific is leading the passenger car production, thereby, leading the Automotive Solenoid Market for passenger cars.
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Asia-Pacific: Largest market for Automotive Solenoid Market
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.
Major players profiled in the Automotive Solenoid Market report are Robert Bosch GmbH (Germany, Hitachi Ltd. (Japan), Mitsubishi Electric Corporation (Japan, MAHLE Group (Germany), Johnson Electric (US), and BorgWarner (US).
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