Automotive Solenoid Market - Comprehensive Study Report & Recent Trends 2024-2032

Global Automotive Solenoid Market Overview

The Global Automotive Solenoid Market size is expected to grow from USD 6.23 billion in 2023 to USD 12.56 billion by 2032, at a CAGR of 8.1% during the forecast period (2024-2032).

A Solenoid is a coil of wire wound over a metal core. In a world where Automation is reaching significance in our day-to-day lives at a fast pace, Solenoid's support achieves 'Automation' in various applications. When we give electric current at one end of the solenoid, it creates a magnetic field and this magnetic field can control things such as air pressure, locks, or water pressure. Automotive Solenoids find usage in various sectors such as the Automobile industry, Medical Systems, or Lock mechanisms, to name a few. The most popular utilization of Automotive Solenoids is on the devices like Joystick used for games. A solenoid in automobiles is a pivotal piece of the starter and it functions as a sort of contact for power to reach the starter from the respective battery. As the generation of vehicles is growing at an enduring rate, so is the interest of manufacturers' solenoids. Another factor that is likely to go to pick up force is the application of solenoid in the programmed transmission of automobiles. Contemporary programmed transmission autos apply a water-driven liquid under pressure with a specific end goal to change gears. The trend of engine downsizing is also anticipated to gain traction in the years ahead, thus benefitting the Automotive Solenoid market in return.

Market Dynamics And Factors For The Automotive Solenoid Market

Drivers:

Autonomous vehicles can navigate and sense the environment around them without an onboard human being. Autonomous vehicles combine a variety of technologies and techniques, which simultaneously is anticipated to accelerate the demand for electric and electronic components. Autonomous vehicle technology and electrified powertrains are anticipated to generate significant interest in consumers and are estimated to possess long-term value potential. Many systems in an autonomous vehicle demand a proportional feedback control, which is provided by autonomous self-regulating proportional solenoids. Moreover, solenoids are an essential part of autonomous steering. The solenoid in the steering is activated once the car starts working in the autonomous mode. This factor is highly probable to turn the growth of the automotive solenoid market during the forecast period.

Keeping pace with the current significant improvements of clean energy, hybrid cars, and electric vehicles are gaining high attention. In electronic control brake systems, which are essential to these vehicles, a solenoid valve is utilized to control the hydraulic pressure, which improves the driver's braking force. Solenoid valve technology is also vital in handling the thermal management and cooling aspects of Electric Vehicles. Despite the scarcity of fuel intake valves, the adoption of Electric Valves is continuing to drive the automotive solenoid market growth during the forecast period.

Restraints:

Technological failures are major key factors are restraint the automotive solenoid market growth during the forecast period. Key market players in the solenoid valves market, especially the direct playing automotive solenoid market often face the challenge of technological failure. Sometimes owing to power failure or uneven pressure, the direct solenoid valves may not function and lead to large-scale vehicular issues, thereby hampering its adoption in the automotive sector. Reasons for faults vary depending on the type of solenoid valve and application. It can be under or over-voltage, wrong valve capacity, impurities in the media, pressure drop, wrong material, or just bad installation. Nevertheless, this technological failure will act as a key role in limiting the direct actions of automotive solenoid adoption in the automotive sector.

Opportunities:

Chasing more energy-efficient, convenient, and high-tech products with user-friendly design have always been the general direction of valve development. The basis of reducing the energy utilization, reducing the fluid flow resistance, and decreasing the utilization during the process of the users have always added value. In energy-saving, the focus is the electric device. By selecting low-power and low-noise motors and improving their structure, you can control the energy consumption of electric devices which will lead to the expansion of the valve industry. One of the major trends that the market is observing is the growth of Hybrid electric vehicles (HEV) and electric vehicles (EV) are rising, development of new solenoid valves such as micro-miniature valves customized valves and pinch valves are gaining prominence. BorgWarner received Automotive News PACE Innovation Partnership Award for its collaboration with General Motors (GM) on the Eco-Launch solenoid valve. The innovative technology helps deliver an improved accelerated economy and performance at a significantly lower cost than alternative systems.

Market Segmentation

Segmentation Analysis of Automotive Solenoid Market:

Based on the Vehicle Type, the passenger vehicles sector dominates the Automotive Solenoid market turned into significant adoption in luxury and high-end vehicles. Key drivers for the Automotive Solenoid segment were the rise in the number of electronic components used in cars and the increase in demand for automotive safety systems.

Based on Electric Vehicle Type, the BEV records for the highest Automotive Solenoid market share as it does not require a gasoline engine which requires fuel and routine maintenance. The prices of batteries for EVs are declining owing to the developments in technology which are anticipated to result in the decreased overall prices of BEVs.

Based on the Function, the fluid control segment is expected to register the maximum Automotive Solenoid market share during the forecast period. Fluid control solenoids act as a significant role in controlling the flow of fluids or actuating pumps to build the pressure used in different applications such as braking and steering. Additionally, the increased adoption of electric vehicles is anticipated to improve the motion control segment.

Based on the Application, the body control and interior application are projected to record for the highest share in the 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 instance, engine control valves are not used in a battery electric vehicle (BEV) for the engine control application.

Regional Analysis of Automotive Solenoid Market:

The European region is expected to be dominated by economies such as Germany, France, Spain, and the UK. The presence of OEMs such as Volkswagen (Germany), Renault (France), and AB Volvo (Sweden), Daimler (Germany), provide 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 highest 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.

In North America, the rising adoption of automotive vehicles and raised investments for vehicle production by major OEMs such as Ford and General Motors. In 2019, Ford has committed to investing more than $1.5 billion in the U.S to grow the production of vehicles. Similarly, General Motors is investing heavily in the production of vehicles. In addition, the US is home to leading aftermarket suppliers, such as Borgwarner and Curtiss Wright for automotive solenoid valves.

The Asia Pacific is probably to reach significant global market growth for the automotive solenoid during the forecast period. The region consists of some of the major emerging economies such as India, China, and South Korea. This has resulted in the rise in automotive solenoid volumes, with original equipment manufacturers serving both domestic and overseas demand.

Players Covered in Automotive Solenoid Market are :

• Mitsubishi Electric Corporation
• Nidec Corporation
• MVD Auto Components Pvt.Ltd.
• Stoneridge Inc.
• Aptiv PLC
• Bitron Industrie S.p.A
• BorgWarner Inc.
• Continental AG
• Cumsa Corporation-Lockcarft
• Global Point Magnetics Asia Co. Ltd.
• Denso Corporation
• GKN PLC
• Hitachi Ltd.
• Husco International Inc.
• Robert Bosch GmbH
• Johnson Electric Holdings Ltd.
• Parker Hannifin Corporation
• Schaeffler AG
• Kendrion NV
• Magnet - Schultz GmbH & Co. Kg
• Rotex Automation Limited
• Padmini Vna Mechatronics Pvt Ltd
• Pneumadyne Inc.
• TLX Technologies LLC.
• WABCO Holdings Inc. and other major players.

Key Industry Developments In The Automotive Solenoid Market

• In July 2020, BluE Nexus Corporation (a joint venture between Aisin Seiki Co., Ltd., and DENSO Corporation) and Toyota Motor Corporation declared a partnership wherein both companies utilize their core competencies to raise their competitiveness in products associated with vehicle electrification. The partnership will utilize Toyota's control calibration technologies for engines, batteries, and other major peripheral components and BluE Nexus's well-designed lineup of electric drive modules. Toyota declared that it would offer investment for new improved products by taking a 10 percent stake in Blue Nexus.
• In October 2020, ZF Friedrichshafen AG completely received ZF Sachs Micro Mobility GmbH, which has become its wholly-owned subsidiary and a part of its Industrial Technology Division. The previous shareholders, BMZ Batterien-Montage-Zentrum GmbH and Gustav Magenwirth GmbH & Co. KG, transferred their shares to ZF Friedrichshafen AG. ZF Sachs Micro Mobility GmbH manufactures traction motors and associated products for micro-mobility (e-bikes & bicycles).