The global automotive solenoid market is anticipated to grow at a CAGR of 7.0% during the forecast period (2022-2028). Automotive solenoids are also typically called starter solenoids or starter relays operate by receiving both large electrical currents from vehicle’s battery and smaller electrical currents from the ignition system when the car key is turned. Solenoids are widely used in trucks and heavy-duty vehicles, for lifting, tilting, adjusting, positioning, retracting, extracting, controlling, opening, and closing all automated applications. The small current is the control current in response to which the solenoid sends the electric current from the battery to the starter motor, which leads to the engine getting into motion. The increase in demand for advanced automation systems that provides fuel efficiency and make smaller engine without affecting the overall engine effectiveness are the driving factors for the growth of the global automotive solenoid market. Additionally, the increase in demand to protect electricity and use it in a manner that does not affect the fuel efficiency makes this solenoid even more important to the automobile industry. However, large setups required for production and maintenance and the high investment are the restraining factor for the growth of the market.
Some major players in the market include Robert Bosch GmbH, Hitachi Ltd., and Mitsubishi Electric Corp., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in October 2020, ZF Friedrichshafen AG completely acquired ZF Sachs Micro Mobility GmbH, which has become its wholly-owned subsidiary and a part of its Industrial Technology Division. Additionally, in July 2020, BluE Nexus Corp. (a joint venture between Aisin Seiki Co., Ltd., and DENSO Corp.) and Toyota Motor Corp. announced a collaboration wherein both companies utilize their core competencies to increase their competitiveness in products related to vehicle electrification.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Vehicle Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Robert Bosch GmbH, Hitachi Ltd., and Mitsubishi Electric Corp, among others.
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Global Automotive Solenoid Market Report by Segment
By Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Application
- Fuel & Emission Control
- Engine Control and Cooling System
- Safety and Security
- Body Control & Interiors
- HVAC
- Others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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