The Global Automotive Solenoid Market is estimated to be USD 4.3 billion in 2021 and is projected to reach USD 6.2 billion by 2026, growing at a CAGR of 7.3% from 2021 to 2026. Asia-Pacific is estimated to lead the market during the forecast. The fact that solenoids are used in various automotive systems and features in every vehicle is expected to drive the market during the forecast.
The growth of the market is influenced by the rising demand for fuel-efficient vehicles, engine downsizing trends, focus on automatic transmissions, government focus on reducing emissions, and growth of the advanced comfort & convenience features in vehicles.
The market is dominated by global players such as Robert Bosch (Germany), Denso Corporation (Japan), ZF Friedrichshafen (Germany), MAHLE Group (Germany), and BorgWarner (US).
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BEV segment is estimated to account for the largest market during the forecast period
The automotive solenoid market, by EV type, is projected to grow at a very fast rate due to the increase in the demand for EVs as countries around the world aim at emission reductions from automobiles. The BEV accounts for the largest market share as it does not require a gasoline engine which requires fuel and routine maintenance. The prices of batteries for EVs are decreasing due to the advancements in technology which are expected to result in the reduced overall prices of BEVs. The PHEV segment is expected to account for the second-largest share in the electric vehicle segment with countries such as Japan, China, the US, Germany, France, etc. increasing their demand over time. FCEVs are expected to be the fastest-growing segment owing to their superior features such as longer range, faster fuelling, and decreasing prices in the coming decade.
Fluid control is estimated to account for the largest market size during the forecast period
The fluid control segment is estimated to dominate the automotive solenoid market. Fluid control solenoids play a significant role in regulating the flow of fluids or actuating pumps to build the pressure used in several applications such as braking and steering. Apart from this, the increased adoption of electric vehicles is expected to boost the motion control segment.
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Europe is expected to witness significant growth during the forecast period.
The European region is estimated to be dominated by countries such as Germany, France, Spain, and the UK. The presence of OEMs such as Volkswagen (Germany), Daimler (Germany), Renault (France), and AB Volvo (Sweden) offers growth opportunities for automotive solenoids in the region. European automotive enterprises dominate the global automotive landscape, accounting for almost 50% of the R&D spending led by firms such as BMW, Continental, and Daimler. The region is among the largest markets for passenger cars, particularly for premium cars (C segment and above). The high volume of premium car sales can be attributed to the high purchasing power of European buyers. The demand for premium cars has accentuated the need for fewer emissions, automated applications, and luxurious features, which can be achieved with the help of components such as solenoids and actuators.
Asia-Pacific: Largest market for automotive solenoid market
The 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 with a competitive edge over other countries.