Automotive Solenoid Market Size to Reach USD 9.8 Billion by 2034, Driven by Adoption of Smart Solenoids with Advanced Features and Growing at CAGR 6.3% | TMR

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Jul 22, 2024, 10:15 ET

The rising demand for advanced and automated vehicles, including electric vehicles and hybrid vehicles, is driving the need for more sophisticated solenoid components.

WILMINGTON, Del., July 22, 2024 /PRNewswire/ -- The automotive solenoid market was projected to attain US$ 5.0 billion in 2023. It is likely to garner a 6.3% CAGR from 2024 to 2034, and by 2034, the market is expected to attain US$ 9.8 billion.

Continuous advancements in solenoid technology, such as the development of compact and energy-efficient solenoids, are enhancing their adoption in the automotive industry. The shift towards electric and hybrid vehicles is a significant trend, as these vehicles require advanced solenoids for various applications, including battery management and regenerative braking systems.

The integration of solenoids in various safety and comfort features, such as anti-lock braking systems (ABS), electronic stability control (ESC), and automatic transmission systems, is on the rise. Automakers are increasingly focusing on lightweight and compact components to improve fuel efficiency, leading to the adoption of smaller and more efficient solenoids.

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The adoption of smart solenoids with advanced features, such as self-diagnostics and real-time monitoring, is gaining traction in the automotive industry. Increased investment in research and development to create advanced solenoid technologies can provide a competitive edge and drive market growth.

The proliferation of ADAS features like adaptive cruise control, lane departure warning systems, and automated parking systems requires reliable solenoid components for precise control and actuation. The rise of connected vehicles, enabled by IoT (Internet of Things) technology, demands solenoids for applications such as remote vehicle diagnostics, telematics, and vehicle-to-vehicle communication.

Key Findings of Market Report

A trend towards replacing traditional hydraulic and pneumatic actuators with more efficient electromechanical actuators, often incorporating solenoid technology, is observed in modern vehicle designs.
Continuous efforts to improve the energy efficiency of automotive components, including solenoids, drive the development of low-power consumption and energy-efficient solenoid solutions.
The adoption of 3D printing technology for manufacturing solenoid components allows for rapid prototyping and customization, facilitating innovation in solenoid design and performance.
Increasing emphasis on durability, reliability, and extended lifespan of automotive solenoids to meet stringent performance requirements and ensure long-term operational reliability.

Market Trends for Automotive Solenoid

By function, the motion control segment is expected to boost the growth of the automotive solenoid market. The shift towards electric and hybrid vehicles necessitates advanced solenoid technologies for precise control of actuators in systems like electric power steering, electronic stability control, and active suspension systems.
Increasing consumer demand for vehicles with advanced driver assistance systems and autonomous driving features requires solenoids for actuating components such as braking systems, throttle valves, and transmission systems.
On the basis of material, the stainless steel segment is anticipated to propel the market growth. Stainless steel is preferred in automotive solenoids due to its excellent durability, corrosion resistance, and ability to withstand harsh environmental conditions, enhancing the reliability and longevity of solenoid components.

Global Market for Automotive Solenoid Report Scope:

Report Coverage	Details
Forecast Period	2024-2034
Base Year	2020-2022
Size in 2023	US$ 5.0 Bn
Forecast (Value) in 2034	US$ 9.8 Bn
Growth Rate (CAGR)	6.3 %
No. of Pages	190 Pages
Segments covered	By Function, By Material, By Design, By Operation, By Pressure, by Propulsion, by Vehicle Type, by Sales Channel, By Region

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Global Market for Automotive Solenoid: Regional Outlook

North America

North America is a significant hub for automotive manufacturing, with several major OEMs operating in the region.
The growing production of vehicles, including traditional internal combustion engine vehicles and electric vehicles, drives the demand for automotive solenoids.
There is a strong consumer demand in North America for vehicles equipped with advanced safety features and enhanced comfort features.
Solenoids are integral to systems like adaptive cruise control, electronic stability control (ESC), and automated transmission systems, which contribute to vehicle safety and comfort.

Asia Pacific

There is a growing adoption of ADAS in Asia Pacific, driven by increasing awareness about vehicle safety and regulatory mandates.
Solenoids are integral to ADAS functions such as adaptive cruise control, lane departure warning systems, and automated braking systems.
Many automotive OEMs and solenoid manufacturers are establishing or expanding their manufacturing facilities in Asia Pacific to cater to local demand and improve supply chain efficiency.
This localization supports the growth of the solenoid market in the region.

Automotive Solenoid Market: Key Players

The competitive landscape of the automotive solenoid market is characterized by a mix of global and regional players, each striving to enhance their market presence through technological advancements, strategic collaborations, and geographic expansion.

The following companies are well known participants in the automotive solenoid market:

BorgWarner Inc.
DENSO CORPORATION
Emerson Electric Co.
GIDEON Automotive Industries
GKN Automotive Limited
Hitachi Astemo Ltd
Johnson Electric Holdings Limited
Kendrion N.V.
MAHLE GmbH
Mitsubishi Electric Corporation
Others

Key Developments

In 2022, Spartan Scientific, a leading manufacturer of high-quality fluid and pneumatic automation components, introduced the 6700 diaphragm valve to its range of newly engineered solenoid valves. This valve is available in ¾" and 1.0" NPT port configurations to accommodate various system requirements.
In the same year, Atar Capital, a Los Angeles-based private investment firm, announced the completion of its acquisition of BorgWarner's North American Controls (BWNAC) business. BWNAC is a leading supplier of transmission solenoids, engine solenoids, stop-start accumulators, and hydraulic control modules in North America.

Automotive Solenoid Market Segmentation

Function

Fluid Control
Gas Control
Motion Control

Material

Brass
Stainless Steel
Aluminum
Plastics
Others

Design

Transmission
Steering Systems
Suspension Systems
HVAC/Thermal Management Solenoid Valves
Emission After-treatment Systems
Engine Control & Cooling Systems
Body Control & Interiors
Safety & Security
Locking Systems
Others

Operation

Direct Operated
Indirect (Pilot) Operated
Semi-direct Operated

Pressure

Less than 15 psi
15.1 - 30 psi
31 - 60 psi
More than 60 psi

Propulsion

IC Engine
- Gasoline
- Diesel
Electric
- Battery Electric
- Plug-in Hybrid Electric
- Fuel Cell Electric

Vehicle Type

Two Wheelers
Three Wheelers
Passenger Vehicles
- Hatchbacks
- Sedans
- SUVs
Light Commercial Vehicles
Heavy Duty Trucks
Buses & Coaches
Off-road Vehicles
- Agriculture Tractors & Equipment
- Construction & Mining Equipment

Sales Channel

OEMs
Aftermarket

Region

North America
South America
Europe
Asia Pacific
Middle East & Africa

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