Automotive Solenoid Global Market Report 2024

Automotive solenoids are strategically positioned between the engine and ignition module of a vehicle and play a critical role in the vehicle's starting mechanism. These solenoids operate by receiving small electrical currents from the ignition system and larger electrical currents from the battery, ultimately facilitating the engine-starting process.

The main functions of automotive solenoids include fluid control, gas control, and motion control. In fluid control, solenoids regulate fluid pressure in vehicles. For instance, fluid solenoid valves are employed to control fluid pressure and alter the flow in automatic automotive transmissions, handling various fluids like oil and fuel. The protocols used in automotive solenoids include direct acting, manual reset, and pilot-operated methods. These solenoids are utilized in both passenger cars and commercial vehicles, playing key roles in applications such as engine control and cooling systems, fuel and emission control, safety and security, body control and interiors, Heating, Ventilation, and Air Conditioning (HVAC), among others. Automotive solenoids are categorized by valve design, with types including 2-way valve, 3-way valve, 4-way valve, and 5-way valve.

The automotive solenoid market research report is one of a series of new reports that provides automotive solenoid market statistics, including automotive solenoid industry global market size, regional shares, competitors with an automotive solenoid market share, detailed automotive solenoid market segments, market trends and opportunities, and any further data you may need to thrive in the automotive solenoid industry. This automotive solenoid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The automotive solenoid market size has grown strongly in recent years. It will grow from $4.69 billion in 2023 to $5.1 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth observed during the historic period can be attributed to several factors, including the increase in automotive production and sales, a rise in demand for fuel-efficient and eco-friendly vehicles, the expansion of the automotive aftermarket, heightened safety and security requirements, and the impact of globalization and international trade on the automotive industry.

The automotive solenoid market size is expected to see strong growth in the next few years. It will grow to $7.1 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The anticipated growth in the forecast period can be attributed to several factors, including the electrification of vehicles, the development of autonomous vehicles, stringent government regulations, the expansion of the connected car ecosystem, and an increase in disposable income. Significant trends expected during this period include miniaturization and integration of components, the adoption of energy-efficient solenoids, advancements in 3D printing and the use of advanced materials, and the formation of strategic partnerships within the automotive industry.

The automotive solenoid market is set to experience growth driven by the increasing automation in vehicles, particularly in the context of autonomous vehicles. As self-driven vehicles reliant on artificial intelligence become more prevalent, opportunities for the development of innovative automotive solenoids arise. According to Gerber Injury Law, an esteemed law firm, the global autonomous vehicles market is expanding at a rate of 16% annually and is anticipated to reach a trillion dollars by the year 2025.

The growing demand for eco-friendly vehicles is poised to significantly contribute to the automotive solenoid market's growth. Eco-friendly vehicles, designed to minimize their environmental impact compared to traditional internal combustion engine vehicles, utilize automotive solenoids for various functions aimed at improving efficiency, reducing emissions, and enhancing overall performance. Notably, the International Energy Agency (IEA) reported in April 2023 that electric car sales accounted for 14% of all new cars sold globally in 2022, marking a substantial increase from 9% in 2021. The first quarter of 2023 witnessed over 2.3 million electric cars sold, reflecting a 25% surge compared to the same period the previous year. Projections indicate a continued upward trend, with an anticipated sale of 14 million electric cars by the end of 2023, signifying a 35% year-on-year increase. Consequently, the rising demand for eco-friendly vehicles is a significant driver of the automotive solenoid market's growth.

A prominent trend in the automotive solenoid market is the focus on product innovations. Companies such as Danfoss, a leading provider of advanced engineering products, have exemplified this trend by developing new EVT solenoid valves specifically designed for CO2 systems with pressures up to 140 bars in 2021. This emphasis on innovation underscores the industry's commitment to advancing technology and offering cutting-edge solutions to meet evolving market needs.

Major players in the automotive solenoid market are at the forefront of developing cutting-edge products, exemplified by innovations like COMPAMED 2022. The COMPAMED 2022 valve, available in both 2/2- and 3/2-way configurations, is designed for customization to meet specific requirements. Notably, Kendrion, a prominent industrial machinery manufacturer based in the Netherlands, announced the launch of this innovative valve in October 2022. The COMPAMED 2022 valve boasts a 10 mm width and requires only a brief electrical power pulse for a state change. Its bistable nature, available in either a latching or a 3/2-way configuration, is facilitated by an integrated permanent magnet, ensuring it remains in the open or closed state without continuous coil energization.

In a strategic move, Molecular Energies PLC, a UK-based molecular energy company, made a noteworthy acquisition in July 2023. The company acquired Dual Fuel Ltd., a US-based engineering firm specializing in converting diesel engines to run on natural gas and diesel fuel, employing a type of Flex Fuel technology. This acquisition is anticipated to enhance Molecular Energies' standing in the hydrogen mobility market, aligning with the broader goal of supporting the development of eco-friendly vehicles.

Major companies operating in the automotive solenoid market include Robert Bosch GmbH, Mitsubishi Electric Corporation, Johnson Electric Holdings Limited, BorgWarner Inc., Hitachi Ltd., Continental AG, Mahle GmbH, ASCO Valve Inc., Norgren Inc., Danfoss A/S, Delphi Technologies PLC, Denso Corporation, ZF Friedrichshafen AG, Nidec Corporation, Schaeffler AG, Rheinmetall Automotive AG, Stoneridge Inc., TLX Technologies LLC, Gideon Automotive Industries Ltd., Kendrion N.V., MZW Motor GmbH, Bicolex Enterprises Ltd., Zonhen Electric Appliances Co. Ltd., Padmini VNA Mechatronics Pvt. Ltd., Jaksa d.o.o., Global Point Magnetics Asia Co. Ltd., Endicott Coil Company Inc., Able Coil & Electronics Co. Inc., Hybrid Electronics Corp., Jewell Instruments LLC, Datatronics Inc., Plast-O-Matic Valves Inc., Magnatrol Valve Corp., Texas Industrial Remcor Inc., Electricsolenoidvalves.com, American Precision Supply Inc., Liberty Industries Inc., Infineon Technologies AG

Asia-Pacific was the largest region in the automotive solenoid market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive solenoid market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the automotive solenoid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The automotive solenoid market consists of sales of solenoid switches, solenoid valves coils, engine solenoids, automatic transmission solenoids, miscellaneous switches. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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