With the emergence and long-term Impact of COVID-19, the Global Automotive Solenoid Market is to reach USD XX Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Automotive Solenoid Market is poised to raise up to USD XX Billion by 2030. Solenoid is a type of electromechanical device that converts electrical energy into mechanical motion. In the context of automotive systems, an automotive solenoid is a component used to control the flow of fluids or engage mechanical parts in a vehicle. The key factors driving the market growth are increasing vehicle production, advancements in electric and hybrid vehicles, and rising adoption of advanced driver assistance systems that are anticipated to create lucrative demand for the market during the forecast period 2023-2030.
Additionally, the Automotive Solenoid Market is closely tied to the production of vehicles. As the global demand for automobiles increases, there is a corresponding rise in the demand for solenoids used in various automotive systems, such as starters, fuel injectors, and transmission systems. According to the International Organization of Motor Vehicle Manufacturers, in 2020, the number of vehicles produced globally was 77.6 million and the number reached 80.1 million in 2021. As a result, the rising demand for automotive vehicles globally is anticipated to accelerate the market growth over the projected period. Moreover, increasing government regulations for fuel-efficient vehicles, and growing demand for automatic transmissions are anticipated to create lucrative opportunities for the market.
However, the low preference for diesel passenger cars and technical problems associated with solenoid valves stifled market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Automotive Solenoid Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the increasing vehicle electrification, ongoing advancements in solenoid technology, such as the development of more efficient and compact solenoids, and the presence of key market players. Whereas, the Asia Pacific is expected to grow at the fastest growth rate over the forecast period, owing to factors such as increasing automotive production, rising demand for electric vehicles (EVs), stringent emission regulations, and rapid industrialization and urbanization.
The global Automotive Solenoid Market is highly competitive owing to the presence of several key manufacturers such as BorgWarner Inc., Continental AG, Denso Corporation, Global Point Magnetics Asia Co. Ltd., Hitachi Ltd., Johnson holdings Ltd, and others.
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Key findings of the study suggest:
- Global Automotive Solenoid Market is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030.
- In the type segment, 2-Way Valve emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to increasing vehicle electrification.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Vehicle Type:
- Passenger Vehicle
- LCV
- HCV
- Electric Vehicle
By Application:
- Engine Control
- Fuel and Emission Control
- HVAC
- Others
By Type:
- 2-Way Valve
- 3-Way Valve
- 4-Way Valve
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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