New York, US, Oct. 18, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Automotive Electronic Expansion Valve Market Research Report: Information by Application, Type, and Region– Forecast till 2030”, the global market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy growth rate of approximately 6%.
Automotive Electronic Expansion Valve Market Overview:
An automobile electronic expansion valve is generally used in heavy vehicles as a cooling system. These cooling systems are utilized in various applications, varying from passenger cars to heavy and light commercial vehicles. Irrespective of the speed of the combustion engine, these valves hold the proper temperature for combustion engines. The global automotive electronic expansion valve market has recently shown tremendous development. The increasing demand for silent, independent, compact engine cooling systems is the main factor supporting the market's growth.
Automotive Electronic Expansion Valve Market Competitive Analysis
The catalog for prominent players across the global market for automotive electronic expansion valves includes companies such as:
- Fujikoki
- Emerson
- SANHUA
- Castel
- DunAn
- CAREL INDUSTRIES
- Saginomiya
- VOLGA
- Parker
- Danfoss Group
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Furthermore, several advantages like compliance, noise reduction, reliability, ideal temperature control quality, low hysteresis, and flexible arrangement with exhaust emission norms. The sector has witnessed several technological advancements focused on reducing carbon dioxide (CO2) emissions. Rapid engine production improvements are also predicted to influence the market's growth over the review era.
Moreover, the government's efforts to lower emissions will catalyze the market's growth over the coming years. Automotive electronic expansion valves not just boost performance but also lower energy consumption. A larger component load fluctuation and accurate control than thermal expansion valves are some of the benefits of these valves. The electronic ON/OFF valve refers to a solenoid valve that functions electronically and caters as an expansion valve and solenoid valve.
Automotive Electronic Expansion Valve Market USP Covered
Automotive Electronic Expansion Valve Market Drivers
The global market for automotive electronic expansion valves has shown tremendous development in the last few years owing to factors like the flexibility of the electronic valve & extensive product customization availability, and the growing deployment of air conditioning systems in commercial spaces.
Automotive Electronic Expansion Valve Market Report Scope:
| Report Metrics | Details |
| CAGR during 2022-2030 | 6% |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Temperature control quality Flexible arrangement |
| Key Market Drivers | The rising demand for silent, compact Independent engine cooling systems |
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Automotive Electronic Expansion Valve Market Restraints
On the other hand, the higher cost of electronic expansion valves compared to thermostatic expansion valves may hamper the market's growth. Furthermore, the growing incidence of refrigerant bleeding from electronic expansion valves to the condenser, causing some liquid into the compressor, is also predicted to restrict the market's growth.
Automotive Electronic Expansion Valve Market COVID-19 Impact
At the start of 2020, the global health crisis in the form of COVID-19 started to spread across the globe. Millions of people globally were infected with the disease, and critical nations across the globe-imposed foot prohibitions and work stoppage orders. Life support product manufacturers and medical supplies were some of the few industry sectors that experienced a positive impact during the pandemic. Apart from these, the industrial areas faced several unexpected changes in the last few years. Like all the other market areas, the automotive electronic expansion valve market also faced a significant impact because of the arrival of the global health crisis. The travel restrictions and social distancing norms implemented by governments across the globe led to causing a significant disturbance in the supply chain networks for the major market areas across the globe. The partial or complete lockdowns implemented by governments worldwide also had a massive impact on the growth of the automotive electronic expansion valve industry because of the paused manufacturing processes across the world. Furthermore, the lack of skilled labor because of the social distancing regulations has also significantly affected the development and sales of these valves across the globe. On the other hand, with the financial and industrial operations getting back on track, the global market for automotive electronic expansion valves is anticipated to show massive growth over the coming years.
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Automotive Electronic Expansion Valve Market Segment Analysis
Among all the types, the electromagnetic electronic expansion valve segment is predicted to secure the top spot across the global market for automotive electronic expansion valves over the assessment timeframe. These valves are programmed to measure changes in temperature and pressure at any given point across the vehicle, which is likely to be the main driver for the segment's growth.
Among all the applications, the commercial vehicle segment is predicted to ensure the top spot across the global market for automotive electronic expansion valves during the review era, given the government regulations to lower the emission of harmful gases.
Automotive Electronic Expansion Valve Market Regional Analysis
The global market for automotive electronic expansion valves is analyzed across five main geographies: South America, the Middle East & Africa, Europe, North America, and Asia-Pacific.
According to the research reports by MRFR, the Asia-Pacific region is anticipated to ensure the lead across the global market for automotive electronic expansion valves over the assessment timeframe. The main factor supporting the growth of the regional market is the rapid growth in per capita income in several emerging economies across the region. Furthermore, the region is known for being the home to technologically advanced vehicle markets, such as Japan and South Korea. Moreover, emerging economies such as India and China are another crucial aspect supporting regional market growth. The region has experienced massive growth in demand for passenger cars because the changing lifestyles across the region are considered to be fuelling the growth of the regional market over the assessment timeframe.
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The automotive electronic expansion valves market for the North American region is anticipated to increase over the coming years. the growing number of government initiatives across the region to encourage the adoption of more energy-efficient air conditioning systems and lower energy intake is likely to fuel the growth of the regional market over the coming years.
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