The global automotive solenoid market to grow at a CAGR of 4.55% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global automotive solenoid market for 2017-2021. To calculate the market size, the report considers the automotive solenoids of engine and control systems, fuel emission control system, chassis, safety, and security system and HVAC, body control and interiors.
The report also includes a discussion of the key vendors operating in this market.
According to the report, one of the major drivers for this market is Increase in vehicle production year-over-year. Innovation in terms of design and technology in the automobile industry is a major driver for the increase in the overall production of automobiles. In 2016, the overall production of automobiles was recorded to be 94.29 million units, an increase of 1.98% when compared with that of the previous year. The global automotive production is expected to reach 110 million units by 2021.
The latest trend gaining momentum in the market is Customized automotive solenoids. A wide variety of solenoids are used in automotive components. The size of the solenoid varies depending on the functionality of the component. As the automotive solenoid market is fragmented, there is a high level of competition between the vendors. As the requirements of the OEMs vary, customization of the solenoids provides technical benefits that help the various teams, such as design and engineering teams, to deliver better products to their customers. To stay ahead of the competition and abide by the specifications set by the automotive manufacturers, automotive solenoid manufacturers are customizing their products.
Further, the report states that one of the major factors hindering the growth of this market is Improper functioning of solenoid valves. The solenoid valves help in controlling the flow of liquid or gas present in the system. The different types of valves (such as two-way valves, three-way valves, and four-way valves) are used for different applications. Different types of materials used for manufacturing solenoid valves are stainless steel, Teflon, and brass. The material is selected based on the properties, such as corrosion level, heating, reliability, and durability.
Customized automotive solenoids
Increased use of solenoids for various applications in automobiles
Increased demand for vehicles that operate on alternative fuels