The Innovative Automotive Solenoid Market
[Staff, 2023-03-18 00:45:37,
Published March 18, 2023
By 2023, the automotive solenoid market will produce US$10.44 billion in sales, predicts Persistence Market Research. The use of automotive soldenoids has significantly increased recently, and this growing trend is anticipated to continue over the coming years. Global demand for electric vehicles has expanded as a result of consumer demand, consumer behaviour, and the use of smart automation in automotive solenoids. By 2033, the global market for automotive solenoids is anticipated to have grown at a CAGR of 4.2%, reaching US$ 14.83 billion.
Conservation and resourceful use of electricity, without affecting fuel efficiency, makes the use of solenoids inevitable in the ever-growing automotive industry. Advancements in e-mobility and automobile architecture are expected to offer opportunities for the development of innovative and intelligent solutions. Most of these solutions necessitate the utilization of automotive solenoids, which is projected to further boost market growth.
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The automotive solenoid market refers to the market for solenoid valves and actuators used in the automotive industry. These devices are used in various automotive systems such as transmission, power steering, and emissions control. The market is driven by the increasing demand for fuel-efficient and emission-compliant vehicles, as well as the…
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