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.
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
- Passenger Vehicle
- LCV
- HCV
- Electric Vehicle
Automotive Solenoid Application Outlook
- Engine Control
- Fuel and Emission Control
- HVAC
- Others
Automotive Solenoid Type Outlook
- 2-Way Valve
- 3-Way Valve
- 4-Way Valve
- Others
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