DUBLIN, September 23, 2021--(BUSINESS WIRE)--The "Automotive Solenoid Market by Application (Body Control & Interiors, Engine Control & Cooling System, Safety, HVAC), Vehicle Type (PC, LCV, Truck, Bus), EV Type (BEV, PHEV, FCEV), Valve Design, Function, Operation, and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The automotive solenoid market was estimated to be USD 4.3 billion in 2021 and is projected to reach USD 6.2 billion by 2026, with a CAGR of 7.3%.
The growth of this market is fuelled by rising automation in vehicles and increased vehicle manufacturing in emerging economies due to urbanization. The fact that solenoids are used in various automotive systems and features in every vehicle is expected to drive the market during the forecast.
However, the COVID-19 pandemic had an impact on the market in the first few months. Both the demand and supply of solenoids had come to a halt in the first few months of 2020 across the globe as the whole ecosystem had been disrupted. However, in the next two quarters, the demand had been increasing.
The safety and security applications market in automotive solenoid market to be the fastest-growing market
Solenoids are used in safety and security applications as well. The ESC system can improve the control performance of a vehicle, as it minimizes noise and brake paddle vibration during the transient high-frequency brake-pressure control process. Simple switching solenoid valves and a master cylinder pressure (MCP) sensor are used in the ESC to minimize cost. Solenoids are also used in ABS.
Asia pacific market plays very important role in automotive solenoid's market growth
Asia Pacific is expected to have the largest market share in terms of value and volume as the region is home to leading automotive component suppliers such as Denso, Nidec Corporation, and Mitsubishi, among others. Moreover, countries such as China, Japan, South Korea, and India are considered major automotive manufacturing hubs, which is further expected to boost the Asia Pacific automotive solenoid market. China is estimated to dominate the Asia Pacific automotive solenoid market with the largest market share during the forecast period. China is the world's largest vehicle manufacturer, which is expected to be a driving factor for the growth of the automotive solenoids market in the country.
Moreover, China has the potential to produce automotive components in large volumes at a lower cost, which provides it a competitive edge over other countries.
Growing Trend of Engine Downsizing to Boost Use of Solenoids
Increasing Government Regulations for Fuel-Efficient Vehicles
Significant Effectiveness of Solenoid Valves Over Other Valves
Low Preference for Diesel Passenger Cars
Decrease in Vehicle Production in Last Few Years
Wide Array of Applications Employing Solenoids
Increasing Trend of Electric Vehicles to Uplift Demand for Automotive Valves in Long Term
Technical Problems Associated with Solenoid Valves
Gideon Automotive Industries
Johnson Electric Holdings Limited
Mitsubishi Electric Corporation
Padmini Vna Mechatronics
Zf Friedrichshafen Ag
Zonhen Electric Appliances
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Laura Wood, Senior Press Manager
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