The rising demand for advanced and automated vehicles,
including electric vehicles and hybrid vehicles, is driving the
need for more sophisticated solenoid components.
WILMINGTON, Del., July 22, 2024 /PRNewswire/ --
The automotive solenoid market was projected to
attain US$ 5.0 billion in 2023.
It is likely to garner a 6.3% CAGR from 2024 to 2034,
and by 2034, the market is expected to attain US$ 9.8 billion.
Continuous advancements in solenoid technology, such as the
development of compact and energy-efficient solenoids, are
enhancing their adoption in the automotive industry. The shift
towards electric and hybrid vehicles is a significant trend, as
these vehicles require advanced solenoids for various applications,
including battery management and regenerative braking systems.
The integration of solenoids in various safety and comfort
features, such as anti-lock braking systems (ABS), electronic
stability control (ESC), and automatic transmission systems, is on
the rise. Automakers are increasingly focusing on lightweight and
compact components to improve fuel efficiency, leading to the
adoption of smaller and more efficient solenoids.
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The adoption of smart solenoids with advanced features, such as
self-diagnostics and real-time monitoring, is gaining traction in
the automotive industry. Increased investment in research and
development to create advanced solenoid technologies can provide a
competitive edge and drive market growth.
The proliferation of ADAS features like adaptive cruise control,
lane departure warning systems, and automated parking systems
requires reliable solenoid components for precise control and
actuation. The rise of connected vehicles, enabled by IoT (Internet
of Things) technology, demands solenoids for applications such as
remote vehicle diagnostics, telematics, and vehicle-to-vehicle
communication.
Key Findings of Market Report
- A trend towards replacing traditional hydraulic and pneumatic
actuators with more efficient electromechanical actuators, often
incorporating solenoid technology, is observed in modern vehicle
designs.
- Continuous efforts to improve the energy efficiency of
automotive components, including solenoids, drive the development
of low-power consumption and energy-efficient solenoid
solutions.
- The adoption of 3D printing technology for manufacturing
solenoid components allows for rapid prototyping and customization,
facilitating innovation in solenoid design and performance.
- Increasing emphasis on durability, reliability, and extended
lifespan of automotive solenoids to meet stringent performance
requirements and ensure long-term operational reliability.
Market Trends for Automotive Solenoid
- By function, the motion control segment is expected to boost
the growth of the automotive solenoid market. The shift towards
electric and hybrid vehicles necessitates advanced solenoid
technologies for precise control of actuators in systems like
electric power steering, electronic stability control, and active
suspension systems.
- Increasing consumer demand for vehicles with advanced driver
assistance systems and autonomous driving features requires
solenoids for actuating components such as braking systems,
throttle valves, and transmission systems.
- On the basis of material, the stainless steel segment is
anticipated to propel the market growth. Stainless steel is
preferred in automotive solenoids due to its excellent durability,
corrosion resistance, and ability to withstand harsh environmental
conditions, enhancing the reliability and longevity of solenoid
components.
Global Market for Automotive Solenoid Report
Scope:
Report
Coverage
|
Details
|
Forecast
Period
|
2024-2034
|
Base
Year
|
2020-2022
|
Size in 2023
|
US$ 5.0 Bn
|
Forecast (Value) in
2034
|
US$ 9.8 Bn
|
Growth Rate
(CAGR)
|
6.3 %
|
No. of
Pages
|
190
Pages
|
Segments
covered
|
By Function, By
Material, By Design, By Operation, By Pressure, by Propulsion, by
Vehicle Type, by Sales Channel, By Region
|
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Global Market for Automotive Solenoid: Regional
Outlook
North America
- North America is a
significant hub for automotive manufacturing, with several major
OEMs operating in the region.
- The growing production of vehicles, including traditional
internal combustion engine vehicles and electric vehicles, drives
the demand for automotive solenoids.
- There is a strong consumer demand in North America for vehicles equipped with
advanced safety features and enhanced comfort features.
- Solenoids are integral to systems like adaptive cruise control,
electronic stability control (ESC), and automated transmission
systems, which contribute to vehicle safety and comfort.
Asia Pacific
- There is a growing adoption of ADAS in Asia Pacific, driven by increasing awareness
about vehicle safety and regulatory mandates.
- Solenoids are integral to ADAS functions such as adaptive
cruise control, lane departure warning systems, and automated
braking systems.
- Many automotive OEMs and solenoid manufacturers are
establishing or expanding their manufacturing facilities in
Asia Pacific to cater to local
demand and improve supply chain efficiency.
- This localization supports the growth of the solenoid market in
the region.
Automotive Solenoid Market: Key Players
The competitive landscape of the automotive solenoid market is
characterized by a mix of global and regional players, each
striving to enhance their market presence through technological
advancements, strategic collaborations, and geographic
expansion.
The following companies are well known participants in the
automotive solenoid market:
- BorgWarner Inc.
- DENSO CORPORATION
- Emerson Electric Co.
- GIDEON Automotive Industries
- GKN Automotive Limited
- Hitachi Astemo Ltd
- Johnson Electric Holdings Limited
- Kendrion N.V.
- MAHLE GmbH
- Mitsubishi Electric Corporation
- Others
Key Developments
- In 2022, Spartan Scientific, a leading manufacturer of
high-quality fluid and pneumatic automation components, introduced
the 6700 diaphragm valve to its range of newly engineered solenoid
valves. This valve is available in ¾" and 1.0" NPT port
configurations to accommodate various system requirements.
- In the same year, Atar Capital, a Los
Angeles-based private investment firm, announced the
completion of its acquisition of BorgWarner's North American
Controls (BWNAC) business. BWNAC is a leading supplier of
transmission solenoids, engine solenoids, stop-start accumulators,
and hydraulic control modules in North
America.
Automotive Solenoid Market Segmentation
Function
- Fluid Control
- Gas Control
- Motion Control
Material
- Brass
- Stainless Steel
- Aluminum
- Plastics
- Others
Design
- Transmission
- Steering Systems
- Suspension Systems
- HVAC/Thermal Management Solenoid Valves
- Emission After-treatment Systems
- Engine Control & Cooling Systems
- Body Control & Interiors
- Safety & Security
- Locking Systems
- Others
Operation
- Direct Operated
- Indirect (Pilot) Operated
- Semi-direct Operated
Pressure
- Less than 15 psi
- 15.1 - 30 psi
- 31 - 60 psi
- More than 60 psi
Propulsion
- IC Engine
- Electric
- Battery Electric
- Plug-in Hybrid Electric
- Fuel Cell Electric
Vehicle Type
- Two Wheelers
- Three Wheelers
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Duty Trucks
- Buses & Coaches
- Off-road Vehicles
- Agriculture Tractors & Equipment
- Construction & Mining Equipment
Sales Channel
Region
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
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