New York, Feb. 28, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Automotive Solenoid Global Market Report 2023” – https://www.reportlinker.com/p06285573/?utm_source=GNW
Tlx Technologies, Gideon Automotive Industries, Kendrion, Mzw Motor, Bicolex, Zonhen Electric Appliances, Padmini Vna Mechatronics and Jaksa.
The global automotive solenoid market grew from USD 4.25 billion in 2022 to USD 4.65 billion by 2023 at a compound annual growth rate (CAGR) of 9.3%. The war between Russia and Ukraine disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on several countries, an increase in commodity prices and supply chain disruptions, causing inflation in goods and services and affecting many markets around the world. The automotive solenoid market is expected to grow to USD 6.65 billion by 2027 at a CAGR of 9.4%.
The automotive solenoid market consists of sales of solenoid switches, solenoid valve coils, engine solenoids, automatic transmission solenoids, miscellaneous switches. The values in this market are “factory gate” values, that is, the value of goods sold by the manufacturers or creators of the goods, either to other entities (including manufacturers, wholesalers, distributors and retailers) or directly to end customers
The value of goods in this market includes the related services sold by the creators of the goods.
Automotive solenoids are placed between the engine and the vehicle’s ignition module and are one of the components responsible for starting the vehicle. Automotive solenoids work by receiving small electrical currents from the ignition system and large electrical currents from the battery, which is used to start the engine.
Asia-Pacific was the largest region in the automotive solenoid market in 2022. Asia-Pacific is expected to be the fastest growing region during the forecast period.
Regions covered in the Automotive Solenoid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The primary functions of automotive solenoids are fluid control, throttle control, and motion control. Fluid control helps control fluid pressure in vehicles.
Fluid solenoid valves are used to control fluid pressure and change input flow in automatic automotive transmissions. They are used for various fluids such as oil, fuel and others.
The protocols used in automotive solenoids are direct action, manual reset and pilot. Automotive solenoids are used in passenger cars and commercial vehicles.
Automotive solenoids are used in applications such as engine and cooling system control, fuel and emissions control, safety and security, body and interior control, HVAC and others. By valve design, automotive solenoid types include 2-way valve, 3-way valve, 4-way valve and 5-way valve.
Increasing automation of vehicles is expected to drive the growth of the automotive solenoid market. Autonomous vehicles are autonomous vehicles, which operate using artificial intelligence.
The growth of autonomous vehicles and electric mobility provide opportunities to produce innovative automotive solenoids. According to Gerber Injury Law, a law firm, the autonomous vehicle market is growing 16% each year worldwide and is expected to reach $1 trillion by 2025.
Product innovations are a key trend gaining popularity in the automotive solenoid market. Product innovation is the creation or introduction of a new good or the release of an improved version of an earlier good.
For example, in 2021 Danfoss, a supplier of advanced engineering products, developed new EVT solenoid valves for CO2 systems up to 140 bar.
In October 2020, BorgWarner Inc., a US-based auto parts manufacturer and supplier, acquired Delphi Technologies for an undisclosed amount. With this acquisition, BorgWarner Inc aims to strengthen its product portfolio in products and propulsion systems in combustion, hybrid and electric vehicles. Delphi Technologies is an automotive company based in the United Kingdom.
The countries covered in the Automotive Solenoid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Market value is defined as the revenue earned by businesses from the sale of goods and/or services within the specified market and geography through sales, grants or donations in currency terms (in USD unless otherwise specified ).
Revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, regardless of where they are generated. It does not include resale revenue along the supply chain, either further along the supply chain or as part of other products.
The Automotive Solenoid market research report is one of a series of new reports that provides Automotive Solenoid market statistics, including global market size of the Automotive Solenoid industry, regional shares , competitors with Automotive Solenoid market share, detailed Automotive Solenoid market segments, market trends and opportunities. , and any other data you need to thrive in the automotive solenoid industry. This Automotive Solenoid Market research report provides a comprehensive perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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