The Global Automotive Solenoid Market is estimated to be USD 4.13 billion in 2017 and is projected to reach USD 6.30 billion by 2022, growing at a CAGR of 8.82% from 2017 to 2022. The growing trend of engine downsizing and emission control norms are expected to foster the growth of the automotive solenoid market.
Demand Side Analysis:
- Increase in Vehicle Production in Developing Countries
- Impact of GDP on Commercial Vehicle Sales
- Impact of Population on Total Vehicle Sales
- Infrastructure: Roadways
The growth in automotive vehicle production is the key factor for the growth of the automotive solenoid market. The fast-developing countries in Asia such as China, India, and South Korea are playing a very important role in triggering the growth of the automotive solenoid market. Favorable government policies and norms in these countries are the key reasons for the growth of the automotive solenoid market. The market penetration of automotive solenoids is growing in this region due to the increase in vehicle production and technological advancement in automotive components. Most of the original equipment manufacturers (OEM) and automotive suppliers are located in this region.
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North America is estimated to be the second-largest market for the automotive solenoid market. The North American market is projected to grow at the highest rate due to the technologically advanced automotive industry. The world’s topmost homegrown manufacturers in an automobile such as Volkswagen (Germany), Ford Motor Company (U.S.), and BMW AG (Germany) have their manufacturing plants in this region. The demand for entry and premium level vehicles has, in turn, pushed the demand for automotive solenoid in this region. The next highest market growth is estimated to be in Europe, which is the major hub for several renowned OEMs that are known for delivering quality and high-performance vehicles with advanced technology features. The European region is known to be one of the leaders in the production of automotive vehicles in the world.
Body control and interiors are estimated to constitute the largest market segment of the global automotive solenoid market, by application type. However, the fuel and emission control segment is estimated to be the fastest-growing segment in the automotive solenoid market, by application type. The demand for body control and interiors, as well as fuel and emission control, is high in countries such as India, China, U.S., U.K., and Spain due to increased demand for vehicles for personal and commercial transport Infrastructural investments, technological developments, and growth in urbanization are expected to drive this market.
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- Automotive solenoid manufacturers
- Automotive solenoid material suppliers
- Industry associations
- Industry experts
- Original equipment manufacturers (OEMs)