Automotive Solenoid Market is estimated to be USD 4.13 billion in 2017, and is projected to grow at a CAGR of 8.82% from 2017 to 2022, to reach USD 6.30 billion by 2022. The growth of this market is fueled by rising automation in vehicles and increased production of vehicles in emerging economies due to urbanization.
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Body Control and Interiors segment to hold the largest share in the automotive solenoid market, by application type
The body control and interiors application is estimated to account for the largest share in the global automotive solenoid market. This application is used in all passenger and commercial vehicles (CV) as well as electric vehicles, unlike some applications that may or may not be used in electric vehicles. For example, engine control valves are not used in a battery electric vehicle (BEV) for the engine control application.
Passenger cars: A promising market due to the increase in high global production
Passenger cars are expected to constitute the largest market share, in terms of value, in the global automotive solenoid market. This can be attributed to the growing need for personal cars and private cabs in the emerging economies, which has triggered the demand for automotive solenoids from passenger car manufacturers. The demand is expected to increase in developing and developed countries such as China, Japan, Germany, and the U.S., where major car manufacturers are located.
Asia-Pacific: Largest market for the automotive solenoid market
Asia-Pacific is estimated to hold the largest market share, in terms of value, of the global automotive solenoid market in 2017. The region comprises some of the fastest developing economies in the world such as China, India, and South Korea. There has been a significant increase in vehicle production volumes over the years, with OEMs catering not only to domestic demand but to overseas demand as well.
The major players profiled in the report are Robert Bosch GmbH (Germany), Hitachi Ltd. (Japan), Mitsubishi Electric Corporation (Japan), Continental AG (Germany), Johnson Electric Holding (China), BorgWarner (U.S.), and Delphi Automotive PLC (U.K.).
The study covers the global automotive solenoid market, in terms of volume (units) and value (USD million). It explains the qualitative and quantitative aspects of the market on the basis of region, vehicle, electric vehicle, application, function, and valve design type from 2017 to 2022. It also provides an overview of technical factors and other important aspects of the global automotive solenoid market.