Automotive Solenoid Market Size, Industry Share & Forecast 2026

Automotive Solenoid Market

The global automotive solenoid market is estimated to be USD 4.3 billion in 2021 and is projected to reach USD 6.2 billion by 2026, growing at a CAGR of 7.3% from 2021 to 2026. Asia-Pacific is estimated to lead the market during the forecast. The fact that solenoids are used in various automotive systems and features in every vehicle is expected to drive the market during the forecast. With the rising demand for luxurious vehicles, there has been a substantial increase in the use of technologically advanced systems such as automatic transmission systems, automatic door lock/tailgate, power windows, and sunroof control which have raised the demand for solenoids. Companies such as Robert Bosch (Germany), Denso Corporation (Japan), ZF Friedrichshafen (Germany), MAHLE Group (Germany), and BorgWarner (US) are leading the market.

The rapidly growing automated comfort and features in vehicles is the key factor for the growth of automotive solenoid industry. Asia Pacific dominating the automotive solenoid industry due to the significant vehicle production volumes in China, India, Japan, and South Korea. The market penetration of automotive solenoid is expected to grow further due to increasing vehicle production and technological advancements in automotive components. Majority of the automotive OEMs and Tier-I suppliers have established themselves in this region.

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Body control and Interiors are estimated to constitute the largest market segment of the global automotive solenoid market, by application type, while fuel and emission control segment is estimated to contribute as the fastest-growing segment in the automotive solenoid market, by application type. The demand for body control and Interiors and fuel and emission control is high in countries such as India, China, US, Germany, and Spain due to the increased demand for vehicles for personal as well as commercial purpose.

The region is dominated by premium cars, SUVs, and pickup trucks. These vehicle segments require thermal components to offer effective heat dissipation and engine cooling. The growing market presents several opportunities for automotive solenoid manufacturers. The sales statistics indicate promising growth potential, especially the sales of pick-up trucks and SUVs, which are estimated to dominate the market. Proximity to the U.S., one of the largest automobile markets, and the North American Free Trade Agreement (NAFTA) are driving the Canadian and Mexican automotive sectors, thus contributing to the growth of the automotive solenoid market in the region.

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The European region is estimated to be dominated by countries such as Germany, France, Spain, and the UK. As per the European Commission, there are about 180 automobile facilities across the EU and the sector is the largest investor in R&D. Growing technological trends for premium vehicles will greatly impact the market. This will boost the overall demand for automotive solenoids in the region. Moreover, manufacturers such as MAHLE Group, Bosch, and ZF have their presence in the region.

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