As per the study, the global automotive solenoid market was valued approximately US$4.9 billion in 2019. The market is anticipated to rise at an exponential CAGR of more than 8.82% over the forecast period of 2020-2027.
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The automotive solenoid market is driven by the increase in the demand for advanced automation systems, which provides high fuel efficiency and decreases the engine pressure without affecting the overall efficacy of the engine. The rise in demand to conserve and utilize electricity in a way that does not affect fuel efficiency is also supporting the growth of this market. Further, the market is influenced by the engine downsizing trend. The rise in the manufacturing of passenger vehicles is likely to add to the progress of this market in the near future. According to the Organization of Motor Vehicle Manufacturers, 70,498,388 units of passenger cars were produced in 2018 as compare to 73,456,531 units in 2017.
Although the future of global automotive solenoid market looks bright, the low global preference for diesel passenger cars may prove to be a disruption in the growth trajectory of this market in the coming years.
The regional analysis of the global automotive solenoid market has also been presented in this research report. The study considers Asia Pacific, North America, Europe, Latin America, and the Rest of the World as the key regional markets for automotive solenoid. North America is the leading regional market for automotive solenoid across the world, thanks to the increased awareness among consumers regarding conservation of electricity and its utilization in a way that does not affect fuel efficiency. Analysts expect the North America solenoid market to continue its leadership over the next few years. Among others, Asia Pacific is projected to showcase a high growth rate over the forecast period from 2020 to 2027. Factors, such as the increased demand for advanced automation systems, providing high fuel efficiency, are projected to create lucrative growth prospects for the players in the automotive solenoid market across the Asia Pacific region.
Impact of Covid 19 on Global Automotive Solenoid Market
The growth trajectory of the global automotive solenoid market has been declining for the last few months. While the first quarter of 2020 showed favorable prospects, the market witnessed a significant decline in the second and third quarter. The production of automobiles stopped across the world, which impacted the market badly. Also, restrictions on movement resulted in disrupted supply chain of automotive components and delayed delivery, which is likely to hinder the market’s growth to some extent over the next few months.
Key Findings:
The global automotive solenoid market is segmented as:
By Valve Design
By Application
By Function
By Vehicle Type
By Electric Vehicle Type
By Region
Companies Mentioned in the Report
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