Global Automotive Solenoid Market to Register High Growth at 8.82% CAGR between 2020 and 2027

October 22 19:28 2020
Global Automotive Solenoid Market to Register High Growth at 8.82% CAGR between 2020 and 2027
Automotive Solenoid Market Size study, By Valve Design (2-way valve, 3-way valve, 4-way valve, 5-way valve, By Application (Engine Control and Cooling System, Fuel and Emission Control, Body Control and Interiors, HVAC System, Safety and Security, Others), By Function (Fluid Control, Gas Control, Motion Control), By Vehicle Type (Passenger Vehicles, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)), By Electric Vehicle Type (BEV, PHEV, HEV, FCEV), and Regional Forecasts 2020-2027

As per the study, the global automotive solenoid market was valued approximately US$4.9 billion in 2019. The market is anticipated to rise at an exponential CAGR of more than 8.82% over the forecast period of 2020-2027.

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The automotive solenoid market is driven by the increase in the demand for advanced automation systems, which provides high fuel efficiency and decreases the engine pressure without affecting the overall efficacy of the engine. The rise in demand to conserve and utilize electricity in a way that does not affect fuel efficiency is also supporting the growth of this market. Further, the market is influenced by the engine downsizing trend. The rise in the manufacturing of passenger vehicles is likely to add to the progress of this market in the near future. According to the Organization of Motor Vehicle Manufacturers, 70,498,388 units of passenger cars were produced in 2018 as compare to 73,456,531 units in 2017.

Although the future of global automotive solenoid market looks bright, the low global preference for diesel passenger cars may prove to be a disruption in the growth trajectory of this market in the coming years.

The regional analysis of the global automotive solenoid market has also been presented in this research report. The study considers Asia Pacific, North America, Europe, Latin America, and the Rest of the World as the key regional markets for automotive solenoid. North America is the leading regional market for automotive solenoid across the world, thanks to the increased awareness among consumers regarding conservation of electricity and its utilization in a way that does not affect fuel efficiency. Analysts expect the North America solenoid market to continue its leadership over the next few years. Among others, Asia Pacific is projected to showcase a high growth rate over the forecast period from 2020 to 2027. Factors, such as the increased demand for advanced automation systems, providing high fuel efficiency, are projected to create lucrative growth prospects for the players in the automotive solenoid market across the Asia Pacific region.

Impact of Covid 19 on Global Automotive Solenoid Market

The growth trajectory of the global automotive solenoid market has been declining for the last few months. While the first quarter of 2020 showed favorable prospects, the market witnessed a significant decline in the second and third quarter. The production of automobiles stopped across the world, which impacted the market badly. Also, restrictions on movement resulted in disrupted supply chain of automotive components and delayed delivery, which is likely to hinder the market’s growth to some extent over the next few months.

Key Findings:

  • North America is the leading regional market for automotive solenoid across the world.
  • Asia Pacific is projected to showcase a high growth rate over the period from 2020 to 2027.

The global automotive solenoid market is segmented as:

By Valve Design

  • 2-way valve
  • 3-way valve
  • 4-way valve
  • 5-way valve

By Application

  • Engine Control and Cooling System
  • Fuel and Emission Control
  • Body Control and Interiors
  • HVAC System
  • Safety and Security
  • Others

By Function

  • Fluid Control
  • Gas Control
  • Motion Control 

By Vehicle Type

  • Passenger Vehicles
  • Light Commercial Vehicle (LCV)
  • Heavy Commercial Vehicle (HCV)    

By Electric Vehicle Type

  • BEV
  • PHEV
  • HEV
  • FCEV  

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Rest of the World

Companies Mentioned in the Report

  • Continental AG
  • Delphi Automotive PLC
  • Denso Corp.
  • Robert Bosch GmbH
  • Schaeffler AG
  • Nidec Corp.
  • Stoneridge Inc.
  • GKN
  • Johnson Electric Group
  • Wabco Holdings Inc.

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