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Subject: MRR

Automotive Solenoid Market to Reach $7.64 Billion by 2031 at 5.3% CAGR: Allied Market Research


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.

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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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Similar Reports We Have on Automotive Industry:

Car Generated Data Market by Application (Advance Driver Assisted System (ADAS), Human Machine Interface Data (HMI), Technical Sensor Data, Infotainment Data, Infrastructure Data, Diagnostic Data, and Others), Type (Descriptive, Predictive, and Prescriptive), Fuel Type (Battery Electric Vehicle (BEV), Internal Combustion Engine (ICE), and Others (Hybrid Vehicles)), and Level of Autonomous (Conventional and Semi-Autonomous): Global Opportunity Analysis and Industry Forecast, 2018?2030.

In-Car Infotainment Market by Installation Type (OEM and Aftermarket) and Component (Hardware and Software): Global Opportunity Analysis and Industry Forecast, 2021?2030.

Motorcycle Infotainment Market by Application (Two-wheeler Motorcycles, Trikes) and Sales Channel (Original Equipment Manufacturer (OEM), Aftermarket): Global Opportunity Analysis and Industry Forecast, 2020?2030.

Automotive Head Up Display Market by Vehicle type (Passenger car, Commercial car, and Electric vehicle), HUD type (Combiner and Windshield), and Technology (Augmented HUD and Conventional HUD) global opportunities analysis and industry forecast, 2018?2030.

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. 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. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. 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.

concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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