Global Automotive Solenoid Valve Market
Automotive Solenoid Valve Market size is estimated to reach USD 11.85 Billion by the end of 2036, growing at a CAGR of 6.41% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of automotive solenoid valve was USD 5.31 Billion. The major factor contributing to the global increase in the use of automotive solenoids is the expansion of government programmes for fuel-efficient automobiles. For example, in March 2023, the European Union recommended the Net Zero Industry Act, which aims to meet the goals of the European Battery Alliance by having domestic producers meet nearly 90% of the EU's annual battery demand by 2030, with a paired production capacity of no less than 550 GWh. Aiming to achieve a total of 50 GWh in local manufacture, the Indian Production Linked Incentive Scheme on Advanced Chemistry Cell Battery Storage was also established in late 2021. The need for automotive solenoids rises as a result of all these measures, which increase the manufacturing of electric cars worldwide.
In addition to these, the functionality and dependability of solenoid valves are improved by the integration of sensors and electronics. Solenoid valves may now offer real-time data, enhanced control capabilities, and diagnostics thanks to this connection. Manufacturers can take advantage of this by creating novel solenoid valves that incorporate sensors and electronics.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.41% |
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Base Year Market Size (2023) |
USD 5.31 Billion |
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Forecast Year Market Size (2036) |
USD 11.85 Billion |
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Regional Scope |
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Vehicle Type (Passenger Cars, Commercial Vehicles, Electric Vehicles)
The passenger cars segment in the automotive solenoid valve market is expected to reach USD 6.82 billion by 2036, rising at a substantial CAGR of 5.90% between 2023 and 2036. In 2023, the segment was worth USD 3.25 billion. The market is fueled by a substantial uptake of inexpensive, and luxury automobiles. The growing number of electronic parts used in automobiles and the rising need for vehicle safety systems were the main factors driving the market. Over the course of the projection period, it is anticipated that the growing use of electrical components in the engine and gearbox compartment over the past few decades would enhance demand for automotive solenoid valves. This is particularly common in commercial vehicles, as the quantity of electronic components is increasing at a notable pace. Over 57 million passenger automobiles were produced globally in 2021.
Function (Fluid Control, Gas Control, Motion Control)
Automotive solenoid valve market from the fluid control segment was assessed at USD 2.36 billion in 2023 and is expected to have a value of USD 5.32 billion by 2036, rising at a substantial CAGR of 6.47% over the projected time frame. The growth of the segment is because of the various applications such as moving fluids and/or particles through a pipe across a system and can be found in the manufacturing, healthcare, or automotive industries. The medium could be commercial gas, compressed air, or other materials like fuel, alkalis, acids, or steam. Solenoids for fluid control are important devices that regulate fluid flow or activate pumps to generate pressure for many uses, including steering and braking. Aside from this, the motion control market is anticipated to grow as more people choose electric automobiles.
Our in-depth analysis of the global automotive solenoid valve market includes the following segments:
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Type |
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Protocol |
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Function |
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Vehicle Type |
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Application |
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APEJ Market Forecast
The automotive solenoid valve market in APEJ is projected to be the largest with the largest revenue of USD 4.18 billion by the end of 2036 by growing at a CAGR of 6.64% over the forecast period. The market's expansion is driven by the strong presence of significant automakers like China, India, and others. For example, China continues to be the world's largest automobile market in terms of annual sales and manufacturing capacity, by 2025, it is expected to produce more than 35 million vehicles domestically.
North American Market Statistics
The North America automotive solenoid valve market is estimated to be the second-largest by developing at a CAGR of 6.54% in the given time frame. The North American market is expected to be worth USD 2.85 billion by the end of 2036, up from USD 1.26 billion in 2023. The market is expanding as a result of major OEMs investing more in vehicle production and rising car demand in North America. Furthermore, the US has one of the largest automobile markets in the world. In 2020, 14.5 million light vehicles are anticipated to be sold in the US. By 2020, foreign automakers will reportedly create 5 million cars in the US, according to Autos Drive America. Consequently, there is a growing need for automotive solenoids due to the region's increasing vehicle sales. Additionally, North American manufacturers are investing more in the production of electric vehicles (EVs) and batteries, according to the Centre for Automotive Research.
Author Credits: Harshita Srivastava, Saima Khursheed
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