Automotive Solenoid Market Share

APAC Market Forecast

The automotive solenoid market share in APAC is projected to be 37% by 2037. 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 market is estimated to be the second-largest with 24% revenue share by 2037. 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.