Automotive Solenoid Market to reach 6.3 Billion by 2022

Research and Markets has published a report analyzing the trends in the automotive solenoid segment. The report is titled “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”.

Currently, the automotive solenoid market is estimated to be USD 4.13 billion in this year. The report projects that this will grow to USD 6.30 billion by 2022, with the CAGR being pegged at 8.82%

The growth can be attributed to a number of factors including increase in the number of vehicles and hence advanced automation systems. The vehicles produced annually rose from 90.8 million units in 2015 to 94.9 million units in 2016, and the generally low preference for diesel vehicles on a global basis. The high preference for petrol powered vehicles has led to several restrictions regarding the automotive solenoids which are used in waste gate, VGT, and EGR. Many manufacturers are compelled by customer demand and government regulations to downsize engines.

The largest market for automotive solenoids is with regard to Fuel and Emission Control applications, especially as governments in many developing nations are implementing regulations to make vehicles more fuel efficient.

Many vehicle manufacturers are based in the Asia-Pacific region in countries like South Korea, China, India and Japan and this region has immense potential when it comes to automotive solenoids. It is estimated to be the fastest growing market, by volume, for the automotive solenoid market in 2017.

The key manufacturers involved in this segment are Hitachi Ltd, Robert Bosch GmbH (Germany), Continental AG, Delphi Automotive, BorgWarner and Mitsubishi Electric Corporation.