DUBLIN--(BUSINESS WIRE)--The "Automotive Solenoid Market By Vehicle Type, By Application, By Type: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report the automotive solenoid market was valued at $4.6 billion in 2021, and is estimated to reach $7.6 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.
Automotive solenoids are electromechanically controlled valves. Automotive solenoids control the rate of flow of fluids (gas or liquid) in various automotive systems. Automotive solenoids work with electric current. Whenever the electricity flows through the solenoid coil will generate electromagnetic suction valve core (or overcome spring since the gravity). Automotive solenoids are commonly used to divert the flow of oil, water, gas and other material.
Factors, such as promising growth rate of the automotive sector, increasing adoption of electric vehicles and increasing demand for automated systems are expected to drive the automotive solenoid market growth during the forecast period. Initiatives by the government and prominent automotive OEMs is also expected to impact the automotive solenoid market optimistically. However, declining sales of diesel-based passenger vehicle coupled with fluctuation in raw material prices are expected to hinder the growth potential of the automotive solenoid market during the forecast period.
The drivers, restraints, and opportunities present in the market are explained in the report, in addition to the analysis of their impact. The report includes the study of the automotive solenoid market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter's five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
Key Benefits For Stakeholders
- This study presents analytical depiction of the global automotive solenoid analysis along with current the trends and future estimations to depict imminent investment pockets.
- The overall automotive solenoid opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global automotive solenoid with a detailed impact analysis.
- The current automotive solenoid is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
- Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
By Vehicle Type
- Passenger Vehicle
- Electric Vehicle
- Engine Control
- Fuel and Emission Control
- 2-Way Valve
- 3-Way Valve
- 4-Way Valve
- North America
- Rest of Europe
- South Korea
- Rest Of Asia Pacific
- Latin America
- Middle East
Key Market Players
- Robert Bosch GmbH
- Hitachi Ltd.
- Mitsubishi Electric Corporation
- Continental AG
- Johnson Electric Holding Ltd.
- BorgWarner Inc.
- Padmini VNA Mechatronics Pvt Ltd
- Global Point Magnetics Asia Co. Ltd
- Nidec Corporation
- Denso corporation
For more information about this report visit https://www.researchandmarkets.com/r/k25onx
Laura Wood, Senior Press Manager
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