Automotive Solenoid Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1990
Automotive Solenoid Market size will witness dynamic growth owing to its increased application in automobile industry. Increased purchasing power has helped consumers to opt for lavish facilities in automobiles. Expansion of manufacturing facilities in emerging economies by OEMs will boost automotive solenoid market.
Financial institutions including banks have come up with various loan schemes making it easy for people to own a personal vehicle. Increasing population in India and China has augmented product demand. Advancement in infrastructure and growing consumer sentiments have driven demand for automobiles and anticipated to fuel automotive solenoid market.
Consumers have increased their spending on renovation of vehicles with better functions and controlling systems. Further, these enhance the response time, fuel efficiency, performance and safety features of vehicles. Ongoing developments by firms to capture market share will propel automotive solenoid market.
Automotive solenoids are part of automobiles that helps in amplifying various process, thus improving overall vehicle’s performance. These are employed for pedestrian safety and selective catalytic reduction systems in vehicles. It is compact in size that increases interior space by around 25% and has response time as low as 200 microseconds. Solenoids have high temperature tolerance, durability and require low power consumption that increases vehicle life.
Major restriction for automotive solenoid market is failure in its working in case of insufficient power from battery. The variation in automobiles sales with fluctuating economies may challenge its growth. Their use in automobiles increases the overall cost but have greater advantage that gives an overall positive outlook for product demand.
Automotive solenoid is used in passenger cars, Light Commercial Vehicles (LCV) And Heavy Commercial Vehicles (HCV). Passenger cars have major share with growing need of personal cars and cabs. Rise in private cab facilities, rapid increase in sales of compact and sub compact cars shall enhance its consumption. Passenger cars manufacturers are providing better functionality and services to attract more number of consumers.
LCV and HCV have moderate share and expected to show substantial growth with rise in demand of fuel efficient automobiles. Further, requirement of better suspension and hydraulic transmission shall enhance its use. Based on electric vehicles, these are classified as hybrid electric (HEV), plug in hybrid (PHEV) and battery electric vehicles (BEV).
The product is used for different applications including engine control & cooling system, safety & security, body control & interiors, fuel & emission control and HVAC. Body control & interior application will have major share with increased utilization in passengers and commercial vehicles. They help in reduction of space consumed by auto parts that increases cabin space and improves interiors. Safety and security systems have significant share with an aim to reduce seriousness of injury in case of collision.
Engine control systems are attractive segment with its requirement in almost all the vehicles and growing automation. Stringent regulations regarding vehicular emissions for diesel engines shall motivate its employment in fuel & emission control that filters fuel and checks particulate present in exhaust. Further, rise in demand for air conditioners in automobiles shall propel cooling and HVAC system.
Automotive solenoid performs various functions including, fluid, gas and motion control. Motion control has major share owing to its wide usage in body control and safety & security of vehicles. Additionally, based on valve design, it is classified into 2-way, 3-way, 4-way and 5-way valves. Use of valve depends on type of engine and fuel supply in vehicles.
Asia Pacific has significant share in automotive solenoid market owing to growing demand of automobiles in India, China and South Korea. Presence of key manufacturers namely Mitsubishi & Hitachi increases the availability of product. North America has substantial share with presence of OEMs that caters overseas demand as well.
Europe, led by Germany has moderate share in automotive solenoid market due to well-established and flourishing automobile industry, with presence of big players namely Volkswagen and Audi. Middle East & Africa has nascent share and anticipated to show moderate growth with rising income levels. This region hosts after sales companies’ due to absence of OEMs.
Automotive solenoid market is fragmented with presence of many regional players in the industry. Prominent players include Robert Bosch, Mitsubishi Electric, Denso Corporation, Husco International, Lockcraft, TLX Technologies, Nidec Corporation, Kendrion, Hitachi, Delphi, BorgWarner and Johnson Electric Holding.
Companies are employing mergers and acquisition strategy to increase their penetration in automotive solenoid market. For instance, Continental AG acquired Emitec Emission Control Technologies that will enhance its presence in fuel and emission control segment.
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