Growth of the automotive sector, increase in adoption of electric vehicles, and surge in demand for automated system drive the global automotive solenoid market.
PORTLAND, Ore., June 28, 2022 /PRNewswire/ -- 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 industry generated $4.59 billion in 2021, and is projected to reach $7.64 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.
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.
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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.
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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.
Key market players
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