Automotive Solenoid Market Size, Share, Growth Analysis, By Vehicle Type(Passenger Vehicle, LCV, HCV, and Electric Vehicle), By Application(Engine Control, Fuel & Emission Control, HVAC, and Others), By Valve Type(2-Way Valve, 3- Way Valve, 4- Way Valve, and Others), By Region - Industry Forecast 2024-2031

Report ID: SQMIG25A2266 | Region: Global | Published Date: April, 2024
Pages: 218 | Tables: 93 | Figures: 70

Automotive Solenoid Market News

In December 2023, a revolutionary solenoid technology was revealed by top automobile supplier Continental AG with the goal of improving internal combustion engine fuel efficiency and lowering pollution. This invention combines precision engineering and cutting-edge materials to maximize engine performance while adhering to strict legal requirements.

In February 2024, A new generation of solenoid valves intended for use in hybrid and electric cars was unveiled by Denso Corporation. The enhanced resilience and responsiveness of these valves facilitate the effective functioning of electric drivetrains and pollution control systems.

In March 2024, Nidec Corporation and a significant carmaker formed a strategic collaboration to jointly develop solenoid-based solutions for applications including autonomous driving. Through this partnership, Nidec's electromechanical system knowledge will be utilized to improve the performance and dependability of autonomous vehicle platforms, which will be a major step forward in the integration of solenoid technology in next-generation automotive systems.

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Automotive Solenoid Market size was valued at USD 4.84 billion in 2022, USD 5.10 billion in 2023 and is projected to grow USD 7.71 billion by 2031, growing at a CAGR of 5.3% in the forecast period (2024-2031).

The competitive environment of the automotive solenoid market is defined by the existence of well-known firms like Continental AG, Mitsubishi Electric Corporation, Hitachi Ltd., Robert Bosch GmbH, and Denso Corporation. These businesses rule the market thanks to their wide range of products, innovative technology, and well-thought-out alliances. In addition, new competitors are entering the market with an emphasis on innovation and growth to capitalise on the rising demand for solenoid-based solutions in the automotive sector, which is leading to increasing competition in the market. 'Robert Bosch GmbH (Germany)', 'Hitachi Ltd. (Japan)', 'Mitsubishi Electric Corporation (Japan)', 'MAHLE Group (Germany)', 'Johnson Electric (US)', 'BorgWarner (US)', 'Nidec Corporation (Japan)', 'Denso Corporation (Japan)', 'Point Magnetics Asia Co. Ltd (Taiwan)', 'Hitachi Ltd. (Japan)', 'Padmini VNA Mechatronics Pvt Ltd (India)', 'Continental AG (Germany)', 'Johnson Electric Holding Ltd. (Hong Kong)', 'Mitsubishi Electric Corporation (Japan)'

The automobile sector has undergone a revolution thanks to increased automation and digitalization. In the past, automakers produced mechanical actuators that were limited to manually operated applications, like seat adjustments and window winding up and down. The market for solenoids, sometimes referred to as electromechanical actuators, will grow because of rising demand for sophisticated automated applications and good fuel economy. For lifting, tilting, adjusting, placing, retracting, extracting, controlling, opening, and closing all automated applications, solenoids are extensively utilised in trucks and heavy-duty vehicles.

Solenoid Valves in Water Treatment and Process Automation: The increasing use of solenoid valves in a variety of process industries, motivated by a growing desire for more advanced process automation, is the primary cause of the rising demand for these valves. One noteworthy area where solenoid valves are being widely used is the water treatment industry, where these valves are essential for meeting a variety of operating requirements. Soon, solenoid valve demand is expected to rise steadily as efforts to find more effective water treatment methods intensify.

The North American automobile sector is witnessing an increase in the popularity of electric and hybrid vehicles. Solenoids are essential components of electric and hybrid vehicles in areas such as electric power steering and battery management. More people are switching to greener, more efficient forms of transportation, which is increasing the demand for solenoids. Europe is renowned for producing high-end and luxurious automobiles. These cars frequently have air suspension systems and active chassis control, two cutting-edge innovations that depend on solenoids. This region's driver is the luxury automobile market's need for premium solenoids. In addition, the automotive solenoid market in Germany accounted for the greatest portion of the market, while the automotive solenoid market in the UK grew at the quickest rate in the European Union.

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Automotive Solenoid Market News

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