Automotive Solenoid Market Trends

Growth Drivers

• Growing Electric Vehicle Usage Fuels Market Expansion- Electric Vehicles in particular need solenoids that optimize every possible joule. Solenoids are widely used in in-vehicle systems. The technology that is most needed to decarbonize road transportation, which is responsible for about 15% of global energy-related emissions is electric automobiles. Due to improved economy, wider model availability, and longer range, sales of electric cars have increased dramatically in recent years. The IEA predicts that over 18% of new cars sold in 2023 will be electric, a sign of the growing popularity of passenger electric vehicles. The need for automotive solenoids is anticipated to rise as electric vehicles gain popularity.
• Growth in the Market is Supported by the Automobile Industry's Growing Need for Automated Systems- Solenoids are used in the automotive industry for a number of purposes, such as gearbox shifting and engine starting. Solenoids have been utilized to secure the vehicle's doors, turn on the four-wheel drive and combustion systems, and control the airflow in the air conditioning system. In addition, solenoids regulate a large number of the vehicle's valves. Pneumatic solenoid valves are widely employed in the automotive sector as an automated system. An internal piston or actuator receives the linear motion generated by a solenoid through the use of a pneumatic control valve. Electronic liquid or gas flow control is made possible by this. Since the electromagnetic field diminishes and the valve returns to its starting position in the absence of current, pneumatic solenoid valves require a steady flow of current in order to remain open. This suggests that scenarios needing automated valve operation, quick valve response, or fail-safe systems can benefit from the use of pneumatic control valves.
• Rise in Government Programmes Encouraging the Use of Electric Vehicles- In the upcoming year, there was a rise in government programmes aimed at promoting the production of electric vehicles, which in turn raised the demand for automotive solenoids. Electric car sales continued to break records in 2022, reaching a 14% market share, despite supply chain disruptions, unstable financial and geopolitical conditions, and higher commodity and energy prices. The rise in electric vehicle sales happened against the backdrop of a global auto industry that was losing ground global car sales in 2022 fell 3% from 2021. Sales of electric vehicles, which comprise plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs), exceeded 10 million last year, a 55% increase from 2021.

Challenges

• Technological Failures- The issue of technological failure is one that major participants in the solenoid valves industry, particularly the direct acting solenoid valves market, frequently encounter. Its acceptance in the automobile sector has been hampered by the possibility of power outages or unequal pressure causing the direct solenoid valves to malfunction and cause serious automotive problems. The causes of malfunctions differ based on the application and kind of solenoid valve. Inadequate or excessive voltage, incorrect valve capacity, media contaminants, pressure drop, incorrect material, or even a poor installation can all be the cause.
• Tight emission standards could prevent the market from expanding.
• The recent decline in car production could hinder the market's expansion.