The growth of this market is fueled by the increasing automation of vehicles and the increase in vehicle manufacturing in emerging economies due to urbanization. The fact that solenoids are used in various automotive systems and features in every vehicle is expected to drive the market over the forecast.
New York, September 15, 2021 (GLOBE NEWSWIRE) – Reportlinker.com Announces the Release of the report “Automotive Solenoids Market by Application, Vehicle Type, Electric Vehicle Type, Valve Design, Function, Operation and Region – Global Forecast to ‘in 2026 “- https://www.reportlinker.com/p04937590/?utm_source=GNW
However, the COVID-19 pandemic had an impact on the market in the first few months. Demand and supply for solenoids had halted in the first months of 2020 across the world as the entire ecosystem was disrupted.
However, over the next two quarters, demand increased.
Automotive solenoid valve market safety and security applications market will be the fastest growing market
Solenoids are also used in safety and security applications. The ESC system can improve the control performance of a vehicle, as it minimizes the noise and vibration of the brake paddles during the transient process of high frequency brake pressure control.
Simple switching solenoid valves and a master cylinder pressure sensor (MCP) are used in the ESC to minimize costs. Solenoids are also used in ABS.
The Asia-Pacific market plays a very important role in the growth of the automotive solenoids market
Asia-Pacific is expected to hold the largest market share in terms of value and volume, as the region is home to major automotive component suppliers such as Denso, Nidec Corporation, and Mitsubishi, among others. In addition, countries like China, Japan, South Korea, and India are considered to be major automotive manufacturing centers, which is expected to further boost the automotive solenoids market in Asia-Pacific.
China is estimated to dominate the Asia-Pacific automotive solenoids market with the largest market share during the forecast period. China is the largest automaker in the world, which is expected to be a major factor in the growth of the automotive solenoids market in the country.
In addition, China has the potential to produce automotive components in large quantities at lower cost, giving it a competitive advantage over other countries.
In-depth interviews were conducted with CEOs, Marketing Directors, other Innovation and Technology Directors, and executives from various key organizations operating in this market.
• By type of company: OEM – 34%, level I – 59% and level II – 7%
• By designation: C-level executives – 26%, directors – 43% and others – 31%
• By region: North America – 26%, Europe – 39% and Asia-Pacific – 35%
The global automotive solenoids market is dominated by global players such as Robert Bosch GmbH (Germany, Hitachi Ltd. (Japan), Mitsubishi Electric Corporation (Japan, MAHLE Group (Germany), Johnson Electric (United States) and BorgWarner (United States) These companies are developing new products, adopting expansion strategies, and undertaking collaborations, partnerships, and mergers and acquisitions to gain traction in the high growth automotive solenoid valve market.
The market study covers the Automotive Solenoid market region, vehicle, electric vehicle, application, function, operation, and valve design type. It also covers the competitive landscape and company profiles of major players in the Automotive Solenoids market ecosystem.
The study also includes an in-depth competitive analysis of key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Main advantages of purchasing the report:
• The report will help the market leaders / new entrants in this market with information on the closest approximations to revenue figures for the global Automotive Solenoid Valve market and its sub-segments.
• This report will help stakeholders understand the competitive landscape and gain more information to better position their businesses and plan suitable go-to-market strategies.
• The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p04937590/?utm_source=GNW
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