Automotive Solenoid Market
The Automotive Solenoid Market, in terms of value, is projected to grow at a CAGR of 8.82% from 2017 to 2022. The market is estimated to be USD 4.13 Billion in 2017. In this study, 2016 has been considered the base year and 2017 to 2022 the forecast period for estimating the market size of the automotive solenoid market.
The report analyzes and forecasts the market size, in terms of volume (million units) and value (USD million), of the global automotive solenoid market. The report segments the market and forecasts its size, by volume and value, on the basis of region, vehicle, electric vehicle, valve design, function, and application. It provides a detailed analysis of various forces acting in the market (drivers, restraints, opportunities, and challenges). It strategically profiles key players and comprehensively analyzes their market shares and core competencies. The report also tracks and analyzes competitive developments such as joint ventures, mergers & acquisitions, new product launches, expansions, and other activities carried out by key industry players.
The research methodology used in the report involves various secondary sources such as International Organisation of Motor Vehicle Manufacturers (OICA) and China Association of Automobile Manufacturers (CAAM). Experts from related industries and suppliers have been interviewed to understand the future trends of the automotive solenoid market. The bottom-up approach has been used to estimate and validate the size of the global market. The market size, by volume, is derived by identifying the region-wise production volumes and analyzing the demand trends. The market size, by value, is derived by multiplying the average selling price of different type of solenoids by the number of units.
The figure given below illustrates the break-up of the profile of industry experts who participated in primary discussions.
To know about the assumptions considered for the study, download the pdf brochure
Target Audience of Automotive Solenoid Market
- Automotive solenoid manufacturers
- Automotive solenoid material suppliers
- Industry associations
- Industry experts
- Original equipment manufacturers (OEMs)
Body Control and Interiors segment to hold the largest share in the automotive solenoid market, by application type
The body control and interiors application is estimated to account for the largest share in the global automotive solenoid market. This application is used in all passenger and commercial vehicles (CV) as well as electric vehicles, unlike some applications that may or may not be used in electric vehicles. For example, engine control valves are not used in a battery electric vehicle (BEV) for the engine control application.
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Passenger cars: A promising market due to the increase in high global production
Passenger cars are expected to constitute the largest market share, in terms of value, in the global automotive solenoid market. This can be attributed to the growing need for personal cars and private cabs in the emerging economies, which has triggered the demand for automotive solenoids from passenger car manufacturers. The demand is expected to increase in developing and developed countries such as China, Japan, Germany, and the U.S., where major car manufacturers are located.
Asia-Pacific: Largest market for the automotive solenoid market
Asia-Pacific is estimated to hold the largest market share, in terms of value, of the global automotive solenoid market in 2017. The region comprises some of the fastest developing economies in the world such as China, India, and South Korea. There has been a significant increase in vehicle production volumes over the years, with OEMs catering not only to domestic demand but to overseas demand as well.
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The major players profiled in the report are Robert Bosch GmbH (Germany), Hitachi Ltd. (Japan), Mitsubishi Electric Corporation (Japan), Continental AG (Germany), Johnson Electric Holding (China), BorgWarner (U.S.), and Delphi Automotive PLC (U.K.).
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