According to the new market research report “Automotive Solenoid Market by Application (Body Control & Interiors, Engine Control & Cooling System), Vehicle Type (PC, LCV, HCV), Electric Vehicle Type (BEV, HEV, PHEV, FCEV), Valve Design, Function and Region – Global Forecast to 2022″, published by MarketsandMarkets™, The automotive solenoid market is estimated to be USD 4.13 billion in 2017 and is projected to reach USD 6.30 billion by 2022, at a CAGR of 8.82%. The growth can be attributed to the global vehicle production of 94.9 million units in 2016, as compared to 90.8 million units in 2015, which directly led to a global increase in the automotive solenoid market. The automotive solenoid market may be affected by the low preference for diesel passenger cars globally, which creates restraints for the automotive solenoids used in wastegate, VGT, and EGR.
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“The Fuel and Emission Control application market in automotive solenoid market to be the fastest growing market”
The Fuel and Emission Control application market in the global automotive solenoid market is estimated to be the largest, primarily due to growing government regulations for fuel-efficient vehicles in developing nations.
“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.
“Asia Pacific market plays a key role in the growth of the automotive solenoid market”
The Asia-Pacific region consists of major automotive vehicle manufacturing companies in countries such as China, Japan, India, and South Korea, which supports the growth of the automotive solenoid market. The Asia-Pacific region is estimated to be the fastest growing market, by volume, for the automotive solenoid market in 2017. The region has manufacturers such as Hitachi Ltd. (Japan), Mitsubishi Electric Corporation (Japan), Nidec Corporation (Japan), Padmini VNA Mechatronics Pvt Ltd (India), Johnson Electric Holdings Ltd. (China), and Global Point Magnetics Asia Co. Ltd. (China).
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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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