Who are the key manufacturers in Automotive Solenoid Market space?

 Automotive Solenoid Market 2022

The automotive solenoid market is expected to be worth US$ 14.3 Bn in the year 2021. The automotive solenoid market will witness a CAGR of 4.6% between 2021 and 2031. Automotive Solenoid Market to Reach US$ 13 Bn by 2029, on Back of Advancements in Automobile Architecture.

Conservation and resourceful use of electricity, without affecting fuel efficiency, makes the use of solenoids inevitable in the ever-growing automotive industry. Advancements in e-mobility and automobile architecture are expected to offer opportunities for the development of innovative and intelligent solutions.

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Key Companies- 

• Johnson Electric Holdings Limited
• Flex Ltd.
• DENSO CORPORATION
• Robert Bosch GmbH
• Mitsubishi Electric Corporation
• BorgWarner Inc.
• TLX Technologies
• Hitachi, Ltd.
• G. W. Lisk Company
• Continental AG
• Littlefuse, Inc.
• Bitron Industrie S. p. A

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Key Takeaways of Automotive Solenoid Market

• By vehicle type, the passenger cars segment is projected to hold a prominent share of the global automotive solenoid market. This can be attributed to the growing need for personal cars and private cabs, which has sparked requirement from passenger car manufacturers for automotive solenoids in emerging economies.
• Owing to the growing usage of engine management systems in almost all vehicle types, the segment is anticipated to remain the most attractive application type.
• By sales channel, OEMs are projected to hold majority share of the market. OEMs are looking to occupy more space in the aftermarket; for instance, by opening their own networks of non-car, brand-specific repair shops. Also, they are investing in enhancing customer experience by introducing different service offerings.
• The introduction of electric motors and electronics in the automotive industry has resulted in higher requirements for safety systems. For instance, in commercial vehicles, solenoid valves are used for adjustments of electronic power steering, which come with a safety feature of auto closing the steering in case the driver forgets to turn it off.

“The automotive industry is gradually paving its way towards an electrified and autonomous future. Vehicles manufacturers are focused on integrating advanced features that offer enhanced passenger comfort. High investments towards the modernization of cars for a diversified customer base are expected to boost automotive solenoid market growth in the foreseeable future,” says a PMR Analyst.

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Key Questions Answered in Automotive Solenoid Market Report –

• Who are the Major Manufacturers and Suppliers of Automotive Solenoid?

• What will the Automotive Solenoid Market growth rate in Future?
• What are the key factors driving the global Automotive Solenoid Market?
• Who are the key manufacturers in Automotive Solenoid Market space?
• What are the opportunities and threats faced by the vendors in the global Automotive Solenoid industry?
• What are sales, revenue, and price analysis by regions of Automotive Solenoid industry?

 

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