Automotive Solenoid Market Projected to Grow from $4.6 Billion in 2021 to $7.6 Billion by 2031 Growing at CAGR of 5.3%

WILMINGTON, NEW CASTLE, DE, UNITED STATES, December 16, 2024 /EINPresswire.com/ -- Allied Market Research recently published a report, titled, "Automotive Solenoid Market by Vehicle Type (Passenger Vehicle, LCV, HCV, Electric Vehicle), by Application (Engine Control, Fuel and Emission Control, HVAC, Others), by Type (2-Way Valve, 3-Way Valve, 4-Way Valve, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031" As per the report, The global automotive solenoid market size was valued at $4.6 billion in 2021, and is projected to reach $7.6 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/2542

𝐃𝐫𝐢𝐯𝐞𝐫𝐬, 𝐫𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬, 𝐚𝐧𝐝 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬

Growth rate of the automotive sector, surge in adoption of electric vehicles, and increase in demand for automated system have boosted the growth of the global automotive solenoid market. However, declining sales of diesel-based passenger vehicles and fluctuation in raw material prices hinder the market growth. On the contrary, rise in automation in the manufacturing processes and concept of autonomous cars would open new opportunities in the future.

𝐓𝐡𝐞 𝐩𝐚𝐬𝐬𝐞𝐧𝐠𝐞𝐫 𝐯𝐞𝐡𝐢𝐜𝐥𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐝𝐨𝐦𝐢𝐧𝐚𝐭𝐞𝐝 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭

By vehicle type, the passenger vehicle segment held the lion's share in 2021, accounting for nearly two-thirds of the global automotive solenoid market, due to relatively higher adoption of automotive solenoid in passenger vehicles. However, the electric vehicle segment is projected to portray the highest CAGR of 13.3% during the forecast period, due to rise in demand for electric vehicles.

𝐓𝐡𝐞 𝐞𝐧𝐠𝐢𝐧𝐞 𝐜𝐨𝐧𝐭𝐫𝐨𝐥 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐫𝐞𝐠𝐢𝐬𝐭𝐞𝐫 𝐭𝐡𝐞 𝐡𝐢𝐠𝐡𝐞𝐬𝐭 𝐂𝐀𝐆𝐑 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝟐𝟎𝟑𝟎

By application, the engine control segment is anticipated is estimated to register the highest CAGR of 6.1% from 2022 to 2031, due to rise in demand for automotive solenoids for engine cooling and lubrication of vehicles. However, the fuel and emission control segment held the lion's share in 2021, contributing to nearly two-fifths of the global automotive solenoid market, due to high adoption of automotive solenoid for fuel and emission control purposes.

𝐄𝐮𝐫𝐨𝐩𝐞 𝐭𝐨 𝐬𝐡𝐨𝐰𝐜𝐚𝐬𝐞 𝐭𝐡𝐞 𝐡𝐢𝐠𝐡𝐞𝐬𝐭 𝐂𝐀𝐆𝐑 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝟐𝟎𝟑𝟎

By region, the global automotive solenoid market across Europe is anticipated to register the highest CAGR of 6.7% during the forecast period, due to the optimistic outlook of automotive industry in the region. However, the market across Asia-Pacific held the largest share in 2021, accounting for more than two-fifths of the market, due to higher number of passenger vehicles in the region.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/automotive-solenoid-market/purchase-options

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 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

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/2542

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐒𝐜𝐞𝐧𝐚𝐫𝐢𝐨 :

The Covid-19 pandemic negatively affected the automotive sector which resulted in substantial drop in vehicle sales and insufficiency of raw materials.

However, the relaxation of lockdown measures and consequent opening of markets across the globe have increased the demand for automotive solenoids.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

Electric Vehicle Market
https://www.alliedmarketresearch.com/electric-vehicle-market

Utility Vehicle Market
https://www.alliedmarketresearch.com/utility-vehicle-market-A12422

Automotive Air Filters Market
https://www.alliedmarketresearch.com/automotive-air-filters-market-A13811

Automotive Relay Market
https://www.alliedmarketresearch.com/automotive-relay-market

Electric Scooter and Motorcycle Market
https://www.alliedmarketresearch.com/electric-scooter-and-motorcycle-market-A12724

𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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