Automotive Solenoid Market: Current Analysis and Forecast (2023-2030)

Report Description

The Automotive Solenoid Market was valued at 4.45 Billion is expected to grow at a strong CAGR of around 6.30% during the forecast period 2023-2030 owing to the growing demand for the automated system. With the increasing demand for automated system in the automotive sector, the demand for automotive solenoid has gained traction in recent years. Solenoids are an essential element of these systems as they enable precise control over functions consisting of fuel injection, ignition, and braking. With the rapid shift towards autonomous and semi-autonomous competencies, the demand for more superior solenoids is expected to increase extensively. Furthermore, the growing attention to safety and security inside the automobile industry is likewise contributing to the boom of the solenoid market. Solenoids are vital components in lots of safety features, along with airbag deployment systems, seat belt pre-tensioners, and anti-lock braking systems (ABS). With stricter guidelines and consumer choices moving towards safer and more secure automobiles, the demand for reliable and efficient solenoids is set to grow similarly. In addition, the rise of startups and new entrants in the vehicle space is developing opportunities for modern solutions and products. Those companies are leveraging advanced technology like artificial intelligence, machine learning, and sensor fusion to broaden next-generation solenoids that provide improved overall performance, efficiency, and reliability. For instance, in December 2021, Dorman Products Inc. launched 308 new automotive parts, including 93 aftermarket parts. It also includes OE FIX MDS solenoids which are more durable and high-quality compression-tested O-rings to regain the system. Therefore, the growing demand for automation propels the demand for the automotive solenoid market in the coming years.

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Some of the major players operating in the market include Robert Bosch GmbH, Hitachi Ltd., Mitsubishi Electric Corporation, MAHLE Group, Johnson Electric Holdings Limited, Denso Corporation, Nidec Corporation, Continental Hydraulics Inc., BorgWarner Inc., Aptiv. Several M&As along with partnerships, have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst vehicle types, the passenger segment dominated the market in 2022”

Based on vehicle type, the market is divided into passenger vehicles and commercial vehicles. The passenger segment dominated the market in 2022 and is expected to show the same trend in the forecast period. The primary cause of their dominance is the sheer quantity of passenger cars on the roads in comparison to other types of cars. Passenger automobiles constitute a considerable part of usual automobile sales and are extensively used by people for non-public transportation. Therefore, the demand for automotive solenoids, which are important components for numerous capabilities, including engine control, transmission management, and emissions manipulation, is significantly higher for passenger motors. Additionally, improvements in technology and the increasing focus on enhancing protection, consolation, and fuel efficiency in passenger automobiles have led to the integration of greater state-of-the-art solenoid systems, similarly riding their marketplace dominance. However, it is essential to note that solenoids are also utilized in other motors like industrial vehicles and buses, albeit to a lesser volume.

“Amongst type, the 2-way valve segment dominated the market in 2022”

Based on type, the market is segmented into 2-Way Valves, 3-Way Valves, 4-Way Valves, and Others. The 2-way valve is currently the leading segment and is expected to dominate the segment in the forecast period. 2-way valves are generally utilized in automotive applications to regulate fluid flow and manage the operation of numerous structures. these valves have ports, an inlet, and an outlet, permitting or blocking the flow of fluid in a linear way. they are widely utilized in areas including fuel structures, transmission structures, and braking systems.

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Amongst applications, the engine control segment is currently the leading the market in 2022”

Based on application, the market is segmented into engine control, fuel and emission control, HVAC, and others. The engine control segment is currently the leading and is expected to dominate the segment in the forecast period due to the growing demand for fuel-efficient and environmentally friendly vehicles, and stringent emission regulations. Moreover, the advances in technology have led to the development of more efficient and reliable automotive solenoids. Modern solenoids are designed to operate at higher temperatures, tolerate higher pressures, and offer better durability and lifespan. Additionally, governments across the globe are imposing strict emission regulations to reduce pollution and protect the environment. Automotive solenoids help automakers comply with these regulations by optimizing engine performance and reducing emissions.

Automotive Solenoid Market Report Coverage

“Asia Pacific expedites highest CAGR for the automotive solenoid market in 2022”

The Asia Pacific region would exhibit the highest CAGR during 2023-2030, fueled by a combination of factors that have created an optimal atmosphere for growth in this industry. At the forefront of this growth is the increasing automotive industry in the region, which has been bolstered by rising government support and technological advancements and innovation. The automobile industry in the Asia Pacific region has seen a substantial surge in growth over the past several years, driven by the emergence of a large middle class and a notable increase in consumer spending. Countries such as China, India, and Indonesia have witnessed a substantial rise in car sales, with many of these nations recording double-digit growth rates in recent years. This surge in demand for cars has, in turn, driving the need for automotive solenoids, which are vital components in modern vehicles.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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The global automotive solenoid market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Automotive Solenoid Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global automotive solenoid market were the three major steps undertaken to create and analyze the adoption of automotive solenoids in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global automotive solenoid market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the automotive solenoid market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the automotive solenoid market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as vehicle type, type, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the automotive solenoid market. Further, we conducted factor analysis using dependent and independent variables such as vehicle type, type, and application of the automotive solenoid market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the automotive solenoid market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global automotive solenoid market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the automotive solenoid market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global automotive solenoid market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global automotive solenoid market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the vehicle type, type, and application in the global automotive solenoid market.

The main objective of the Global Automotive Solenoid Study

The current & future market trends of the global automotive solenoid market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the automotive solenoid market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the vehicle type, type, and application
• Define and analysis of the regulatory framework for the automotive solenoid industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the automotive solenoid market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the automotive solenoid market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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