New York, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Solenoid Global Market Report 2023" - https://www.reportlinker.com/p06285573/?utm_source=GNW
, Tlx Technologies, Gideon Automotive Industries, Kendrion, Mzw Motor, Bicolex, Zonhen Electric Appliances, Padmini Vna Mechatronics, and Jaksa.
The global automotive solenoid market grew from $4.25 billion in 2022 to $4.65 billion in 2023 at a compound annual growth rate (CAGR) of 9.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The automotive solenoid market is expected to grow to $6.65 billion in 2027 at a CAGR of 9.4%.
The automotive solenoid market consists of sales of solenoid switches, solenoid valves coils, engine solenoids, automatic transmission solenoids, miscellaneous switches.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The automotive solenoid are positioned between the engine and ignition module of the vehicle and are one of the responsible components for starting the vehicle. Automotive solenoids operate by receiving small electrical currents from the ignition system and large electrical currents from the battery, which is used to start the engine.
Asia-Pacific was the largest region in the automotive solenoid market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the automotive solenoid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main functions of the automotive solenoids are fluid control, gas control, and motion control.The fluid control helps in controlling fluid pressure in vehicles.
Fluid solenoid valves are used to control the fluid pressure and for changing the flow inflow in automatic automotive transmissions.They are used for various fluids like oil, fuel, and others.
The protocols used in automotive solenoids are direct acting, manual reset and pilot operated.Automotive solenoids are used in passenger cars and commercial vehicles.
Automotive solenoids are used in applications such as engine control and cooling system, fuel and emission control, safety and security, body control and interiors, HVAC, and other. By valve design, the types of automotive solenoids include 2-way valve, 3-way valve, 4-way valve and 5-way valve.
The rising automation in vehicles is expected to propel the growth of the automotive solenoid market.Autonomous vehicles are self-driven vehicles, which operate through artificial intelligence.
Growing autonomous vehicles and e-mobility provide opportunities to produce innovative automotive solenoids. According to Gerber Injury Law, a law firm, the autonomous vehicles market is growing 16% each year across the world, and it is expected to reach a trillion-dollar by 2025.
Product innovations are a key trend gaining popularity in the automotive solenoid market.Product innovation is the creation or introduction of a new good or launching the improved version of a previous good.
For instance, in 2021, Danfoss, a provider of advanced engineering products, developed new EVT solenoid valves for CO2 systems up to 140 bars.
In October 2020, BorgWarner Inc., a US-based manufacturer, and supplier of automotive parts acquired Delphi Technologies for an undisclosed amount. Through this acquisition, BorgWarner Inc aims to strengthen its product portfolio in propulsion products and systems across combustion, hybrid and electric vehicles. Delphi Technologies is a UK-based automotive company.
The countries covered in the automotive solenoid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The automotive solenoid market research report is one of a series of new reports that provides automotive solenoid market statistics, including automotive solenoid industry global market size, regional shares, competitors with an automotive solenoid market share, detailed automotive solenoid market segments, market trends and opportunities, and any further data you may need to thrive in the automotive solenoid industry. This automotive solenoid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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