The Automotive Solenoid Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Solenoid Global Market Report 2024, The automotive solenoid market size has grown strongly in recent years. It will grow from $4.69 billion in 2023 to $5.1 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to increase in automotive production and sales, rise in demand for fuel-efficient and eco-friendly vehicles, expanding automotive aftermarket, enhanced safety and security requirements, globalization and international trade.
The automotive solenoid market size is expected to see strong growth in the next few years. It will grow to $7.1 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to electrification of vehicles, autonomous vehicle development, stringent government regulations, expansion of the connected car ecosystem, rising disposable income. Major trends in the forecast period include miniaturization and integration, energy-efficient solenoids, 3d printing and advanced materials, strategic partnerships.
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.
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The automotive solenoid market covered in this report is segmented –
1) By Function: Fluid Control, Gas Control, Motion Control
2) By Protocol: Direct Acting, Manual Reset, Pilot Operated
3) By Valve Design: 2-Way Valve, 3-Way Valve, 4-Way Valve, 5-Way Valve
4) By Vehicle Type: Passenger Cars, Commercial Vehicles
5) By Application: Engine Control and Cooling System, Fuel and Emission Control, Safety and Security, Body Control and Interiors, HVAC, Other Applications
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.
The automotive solenoid market report table of contents includes:
1. Executive Summary
2. Automotive Solenoid Market Characteristics
3. Automotive Solenoid Market Trends And Strategies
4. Automotive Solenoid Market – Macro Economic Scenario
5. Global Automotive Solenoid Market Size and Growth
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26. South America Automotive Solenoid Market
27. Brazil Automotive Solenoid Market
28. Middle East Automotive Solenoid Market
29. Africa Automotive Solenoid Market 30. Automotive Solenoid Market Competitive Landscape And Company Profiles
Top Major Players:
- Robert Bosch GmbH
- Mitsubishi Electric Corporation
- Johnson Electric Holdings Limited
- BorgWarner Inc
- Hitachi Ltd
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