Automotive Solenoid Market Size, Share, Industry Trends and Forecast to 2033
This report provides a detailed analysis of the Automotive Solenoid market, covering insights from 2023 to 2033, including market size forecasts, segment performance, regional trends, and key technological advances that shape the industry.
| Metric | Value |
|---|---|
| Study Period | 2023 - 2033 |
| 2023 Market Size | $6.20 Billion |
| CAGR (2023-2033) | 5.6% |
| 2033 Market Size | $10.83 Billion |
| Top Companies | Bosch, ITT Corporation, Denso Corporation, Magneti Marelli |
| Last Modified Date | 15 Nov 2024 |
Automotive Solenoid Market Report (2023 - 2033)
Automotive Solenoid Market Overview
What is the Market Size & CAGR of Automotive Solenoid market in 2023?
Automotive Solenoid Industry Analysis
Automotive Solenoid Market Segmentation and Scope
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Automotive Solenoid Market Analysis Report by Region
Europe Automotive Solenoid Market Report:
The European market is also set for growth, expanding from $1.62 billion in 2023 to $2.83 billion by 2033. This increase is supported by stringent regulations concerning vehicle emissions and safety, leading to higher demand for advanced solenoid systems.Asia Pacific Automotive Solenoid Market Report:
The Asia Pacific region is anticipated to witness significant growth, with the market reaching $2.06 billion by 2033 from $1.18 billion in 2023. This growth is attributed to the increasing production of vehicles in countries like China and India, coupled with advancements in automotive technology that emphasize electrical systems.North America Automotive Solenoid Market Report:
North America is projected to see substantial growth from $2.36 billion in 2023 to $4.12 billion by 2033. This growth is driven by a robust automotive manufacturing sector and an increasing focus on safety and efficiency in vehicles, which promotes the use of solenoids.South America Automotive Solenoid Market Report:
In South America, the automotive solenoid market is expected to grow from $0.52 billion in 2023 to $0.90 billion by 2033. Increased demand for automotive components and the growth of the automotive industry in countries like Brazil are contributing factors to this growth.Middle East & Africa Automotive Solenoid Market Report:
The Middle East and Africa market will grow from $0.52 billion in 2023 to $0.91 billion by 2033, primarily driven by evolving automotive markets and increasing investments in vehicle manufacturing.Request a custom research report for industry.
Automotive Solenoid Market Analysis By Product Type
Global Automotive Solenoid Market, By Product Type Market Analysis (2023 - 2033)
In 2023, the market for DC solenoids is valued at $5.41 billion with an 87.18% market share. This segment will continue to dominate through 2033, when its market size is expected to reach $9.44 billion. Conversely, AC solenoids comprise a smaller share, valued at $0.79 billion in 2023 with a 12.82% share, growing to $1.39 billion by 2033.
Automotive Solenoid Market Analysis By Application Area
Global Automotive Solenoid Market, By Application Area Market Analysis (2023 - 2033)
Engine control solenoids currently hold the largest portion of the market at $3.10 billion (50.02%). Forecast growth shows it reaching $5.42 billion by 2033. Transmission systems and braking systems represent $1.55 billion (24.99%) and $0.91 billion (14.61%) respectively in 2023, indicating significant contributions to overall market growth.
Automotive Solenoid Market Analysis By Technology
Global Automotive Solenoid Market, By Technology Market Analysis (2023 - 2033)
The market insights reveal electromagnetic solenoids leading with a revenue of $3.80 billion in 2023 (61.24%), while pneumatic solenoids, with a $1.59 billion valuation (25.67%), support notable growth as well. By 2033, both are expected to grow significantly, with electromagnetic solenoids reaching $6.63 billion, maintaining their leading position.
Automotive Solenoid Market Analysis By End User Segment
Global Automotive Solenoid Market, By End-User Segment Market Analysis (2023 - 2033)
The market for original equipment manufacturers (OEMs) was valued at $5.41 billion (87.18%) in 2023 and is projected to be $9.44 billion by 2033. The aftermarket segment, although smaller at $0.79 billion (12.82%), shows potential growth to $1.39 billion by 2033, reflecting ongoing demand for replacement parts.
Automotive Solenoid Market Analysis By Form Factor
Global Automotive Solenoid Market, By Form Factor Market Analysis (2023 - 2033)
The industry encompasses various form factors such as compact solenoids and heavy-duty solenoids. The compact solenoids dominate the market with $5.41 billion in 2023 (87.18%) and are expected to achieve $9.44 billion by 2033, while heavy-duty solenoids show modest growth from $0.79 billion (12.82%) to $1.39 billion.
Automotive Solenoid Market Trends and Future Forecast
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Global Market Leaders and Top Companies in Automotive Solenoid Industry
Bosch:
Bosch is a leading supplier of automotive components globally, renowned for its innovative solenoid systems that enhance vehicle performance and safety.ITT Corporation:
ITT Corporation excels in manufacturing quality solenoids tailored for automotive applications, contributing to improved vehicle control systems.Denso Corporation:
Denso offers advanced automotive solenoid solutions, emphasizing efficiency in combustion and electric vehicles, positioning themselves at the forefront of the industry’s shift towards hybrid technology.Magneti Marelli:
Magneti Marelli specializes in technological innovations within the automotive industry, including advanced solenoids for various automotive functions.We're grateful to work with incredible clients.
