Automotive Solenoid Market 2028: Future Growth and Opportunities | Techsci Research

MANHATTAN, N.Y. - March 31, 2023 - PRLog -- TechSci Research's report "Automotive Solenoid Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028" predicts significant growth in the global automotive solenoid market for the next five years. The primary driver for this growth is the increasing use of automotive solenoids in the automatic transmission of cars. When a gear shift occurs, the solenoid directs transmission fluid to activate the correct gear. Additionally, solenoids are used as starter solenoids and receive small and large currents from the ignition relay and automobile battery, respectively. The demand for autonomous vehicles, which require autonomous self-regulating proportional solenoids for proportional feedback control, is contributing to the growth of the market. However, the initial high investment and capital requirements for product maintenance may impede market growth. Rising disposable income, increasing government initiatives to promote autonomous vehicles, and the demand for fuel-efficient vehicles are driving the global market for automotive solenoids.

The global automotive solenoid market will be segmented by vehicle type, equipment type, type, material, propulsion, region, and company. The market will be further divided into different applications such as engine control & cooling system, fuel & emission control, body controls & interiors, HVAC system, safety & security, among others. Solenoid applications in automotive passenger vehicle and commercial vehicles will lead to body controls & interiors holding major market share for the forecast period. The market will be majorly fragmented into fluid control, gas control, and motion control based on function, with the motion control segment predicted to dominate the global automotive solenoid market. The increasing prevalence of body control applications in vehicles will aid in this growth. The market will be categorized into passenger car, light commercial vehicle, and medium and heavy commercial vehicle based on vehicle type, with passenger cars anticipated to hold the lion's share for the upcoming five years due to the increased demand by consumers for convenience and easy commuting to long distances. Based on valve design, the market will be 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 it finds 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.

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