Research Nester Analytics LLC ’s recent market research analysis on “Automotive Solenoid Valve Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitor’s analysis and a detailed overview of the global umbrella market in terms of segmentation by type, protocol, function, vehicle type, application, and by region
Increasing Adoption of Electric Vehicles to Drive Growth of the Global Automotive Solenoid Valve Market
The expansion of government schemes for fuel-efficient cars is the main reason driving the global increase in the use of automotive solenoids. The European Battery Alliance, for instance, seeks to have domestic producers meet roughly 90% of the EU's yearly battery demand by 2030, with a paired manufacturing capacity of no less than 550 GWh. To that purpose, the European Union recommended the Net Zero Industry Act in March 2023. The Indian Production Linked Incentive Scheme on Advanced Chemistry Cell Battery Storage was also formed in late 2021, with the goal of achieving a total of 50 GWh in local manufacture. All of these actions result in an increase in the production of electric automobiles globally, which increases the requirement for automotive solenoids.
In addition to these, the combination of sensors and electronics enhances the performance and reliability of solenoid valves. Due to this connection, solenoid valves may now provide real-time data, improved control capabilities, and diagnostics. This is an opportunity for manufacturers to develop innovative solenoid valves that integrate sensors and electronics.
Some of the major growth factors and challenges that are associated with the growth of the global automotive solenoid valve Market are:
Growth Drivers:
• Surging electric vehicle usage
• Automobile Industry’s Growing Need for Automated System
Challenges:
Major players in the automotive solenoid valves market, especially the direct-acting solenoid valves market, regularly deal with the problem of technological failure. The potential for power outages or uneven pressure to cause the direct solenoid valves to malfunction and because of major automotive issues has hindered its popularity in the automotive industry. The kind and use of solenoid valves determine the many reasons for problems. The cause may be due to media impurities, improper material, pressure loss, inadequate or excessive voltage, improper valve capacity, improper material selection, or even a subpar installation. Technical malfunctions, stringent pollution regulations, and a decrease in automobile manufacturing are some of the factors that could impede the market's expansion.
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The global automotive solenoid valve market is segmented into type, protocol, function, vehicle type, and application, where vehicle type is sub-segmented into passenger cars, commercial vehicles and electric vehicles. By the end of 2036, the passenger cars segment is anticipated to garner the largest revenue of USD 6.82 billion with a CAGR of 5.90 over the forecast period. The market is expected to increase as a result of the growing requirement for car safety systems. Moreover, solenoid values are used in passenger cars for different functions such as emission systems, and controlling fuel injection.
Over the forecast period of 2024-2036, the Europe automotive solenoid valve market is predicted to develop at a CAGR of 6.46%. The Europe market was worth USD 1.13 billion in 2023, and it is expected to be worth USD 2.55 billion by the end of 2036. Manufacturers are a major force in the European market, contributing to its expansion. The European Commission claims that the automobile industry is critical to the continent's economic expansion. 13.8 million Europeans are directly or indirectly employed in the automotive sector, making up 6.1% of all employment in the EU. 2.6 million people are employed directly in the motor vehicle industry in the EU, making up 8.5% of all manufacturing jobs. The automotive industry represents the largest private investment in research and development (R&D), and the EU is among the world's largest automakers. The EU automobile industry needs to show that the rate of digitization and greening is entirely in line with the general policy recommendations of the European Commission, and the EU Industrial Policy in particular. The demand for automotive solenoids is expected to rise in the forecasted years due to the robust growth of the European automotive sector.
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