Automotive Solenoid Market Growth to Surge During 2024-2032 |...

Automotive Solenoid Market Growth to Surge During 2024-2032

Postado 2024-09-27 11:37:43

Automotive Solenoid Market Overview

Automotive Solenoid Market Information by Vehicle Type, Application, type, and Region - Forecast till 2032" " The automotive solenoid industry will rise from USD 4.8 Billion in 2023 to USD 7.5 Billion by 2032, at a rate of 5.60% between 2023 and 2032.

A solenoid is primarily a wound coil of wire looped around a metal core that generates a magnetic field when current flows through it. Automotive solenoids are used for a variety of functions, including automatic transmissions, starters for car ignition, and more. The Automotive Solenoid Market has greatly benefited from the ongoing urbanization trend, infrastructural improvements, rising vehicle ownership rates, and a spike in demand for modern automotive systems on a global scale.

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Market Competitive Landscape:

· BorgWarner Inc.

· Nidec Corporation

· Robert Bosch GmbH

· Denso corporation

· Global Point Magnetics Asia Co. Ltd

· Hitachi Ltd.

· Padmini VNA Mechatronics Pvt Ltd

· Continental AG

· Johnson Electric Holding Ltd.

· Mitsubishi Electric Corporation

Market Drivers:

In response to the current situation, where clean energy is developing quickly, hybrid and electric vehicles are gaining popularity. Solenoid valves are used in these vehicles' electronically controlled braking systems to regulate hydraulic pressure and boost the driver's braking force. The management of the cooling and thermal elements of electric cars requires the use of solenoid valve technology. During the projection years, the introduction of electric valves is anticipated to continue driving the expansion of the solenoid sector despite the lack of fuel inlet valves.

Additionally, the IEA organization reports that the worldwide electric vehicle fleet increased by 43% from 2019 to 10 million units in 2020. In 2020, battery electric vehicles (BEVs) made up two-thirds of the inventory as well as new electric vehicle registrations. While Europe witnessed the highest increase to 3.2 million annually in 2020, China has the largest fleet of 4.5 million electric vehicles. Additionally, in 2020, there were around three million registered electric motors. With 1.4 million new registrations, Europe took the top spot for the first time. China recorded 1.2 million new electric motors, whereas the United States registered 295,000 new electric motors. Solenoid usage in automobiles rises as electric car adoption rises, contributing to the market for solenoids in automobiles.

Automation and digitalization developments have completely changed the automotive sector. The manual operation of only a few automotive applications, such as window raising and lowering and seat adjustment, has been made possible in recent years thanks to mechanical actuators produced by automakers.

The requirement for highly automated applications and excellent fuel efficiency will drive up demand for automotive solenoids, also known as electromechanical actuators. Trucks and other large, heavy vehicles frequently employ solenoid coils to lift, tilt, adjust, position, retract, extract, control, open, and close all automated applications. A prime example is the InnerceptTM Digital Proportional Control with Linear Variable Differential Transformer (LVDT) from HydraForce, a top producer of hydraulic valves and manifolds, which combines plug-and-play ease and servo valve accuracy. Exceptional linearity and repeatability are provided by Innercept, a highly small, proportional cartridge valve with an integrated electronic valve driver and LVDT. The specially created LVDT has been modified for use with cartridge valve technology. It enhances the precision, repeatability, and responsiveness of a proportional valve that is solenoid-operated.

Market Restraints:

During the estimated time frame, it is anticipated that a combination of falling sales of passenger cars with diesel engines and fluctuating raw material prices will limit the ability of the Automotive Solenoid Market to grow. However, the idea of autonomous vehicles and an increase in manufacturing process automation are anticipated to complement the Automotive Solenoid Market, offering a better chance for its growth throughout the forecast period.

Market Segmentation

Passenger vehicles, LCVs, HCVs, and electric vehicles are included in the segmentation of the Automotive Solenoid Market according to vehicle type.

Engine control, fuel and emission control, HVAC, and other applications are included in the application-based segmentation of the Automotive Solenoid Market.

The 2-way valve, 3-way valve, 4-way valve, and other types are included in the segmentation of the Automotive Solenoid Market depending upon type.

Regional Insights

In 2022, the worldwide market was headed by North America (45.80%). The demand for electric and hybrid vehicles is rising in the North American automotive industry. Solenoids are essential components of electric and hybrid cars in technologies like battery management and electric power steering. As more people switch to greener, more efficient forms of transportation, solenoids are becoming more and more necessary.

Automotive Solenoid Market Segmentation

Automotive Solenoid Vehicle Type Outlook