The global automotive solenoid market, valued at USD 4.3 billion in 2021, is anticipated to grow at a CAGR of 7.3% and reach USD 6.2 billion by 2026. This growth is driven by the increasing automation in vehicles and the surge in vehicle manufacturing in emerging economies due to urbanization. Solenoids are utilized in various automotive systems and are present in every vehicle, contributing to the market’s growth during the forecast period.
The engine control and cooling system segment is expected to hold the second-largest market share in the automotive solenoid market. Solenoids play a crucial role in downsizing engines, improving fuel efficiency, and enhancing vehicle performance. The demand for solenoid valves in the engine control and cooling system segment is driven by evolving fuel economy and emission standards.
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The passenger cars segment is projected to be a promising market, leading the global automotive solenoid market in terms of value. With substantial global production volumes of passenger cars, the demand for automotive solenoids in this segment is expected to increase. Asia Pacific, particularly countries like China, Japan, South Korea, and India, dominates the passenger car production, making it a significant market for automotive solenoids.
Asia Pacific is the largest market for automotive solenoids in terms of value and volume. The region houses key automotive component suppliers and is a major automotive manufacturing hub. China, specifically, is estimated to dominate the Asia Pacific market due to its position as the world’s largest vehicle manufacturer. The country’s ability to produce automotive components at a large volume and lower cost gives it a competitive edge in the market.
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Major players in the automotive solenoid market include Robert Bosch GmbH, Hitachi Ltd., Mitsubishi Electric Corporation, MAHLE Group, Johnson Electric, and BorgWarner. These companies are profiled in the market report and play significant roles in driving market growth.
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