Automotive Solenoid Market to be Dominated by Asia Pacific till 2026
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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