Automotive Electric Coolant Valve Market to Reach $10.06 Billion, Globally, by 2032 at 8.53% CAGR: Allied Market Research
Rise in emission norms and fuel efficiency standards, growth in demand for hybrid and electric vehicles, and an increase in demand for hybrid and electric vehicles drive the growth of the global automotive electric coolant valve market.
Wilmington, Delaware, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled,* *“Automotive Electric Coolant Valve Market by Type (Two Way, Three Way, Four Way, Five Way, and Others), Modulation Type (Pre-Configured Electric Coolant Valves and Field-Configurable Electric Coolant Valves), Communication Protocol (Direct Analog, Analog W/ Voltage Feedback, CAN, LIN, and Others), Vehicle Type (Passenger Vehicle, Light Duty Vehicle, Medium And Heavy Duty Trucks, Buses and Coaches, and Off-Highway Vehicles), and Voltage (12V and 24V): Global Opportunity Analysis And Industry Forecast, 2023-2032”.* *According to the report, the global automotive electric coolant valve industry size generated $3,914.5 million in 2020 and is projected to reach $10,061.1 million by 2032, registering a CAGR of 8.53% from 2023 to 2032.
(We are providing automotive electric coolant valve industry report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and Russia-Ukraine War Impact Analysis)
· 370 - Tables
· 98 - Charts
· 389 – Pages
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*Prime determinants of growth*
The automotive electric coolant valve market is experiencing noteworthy growth driven by advancements in automotive and industrial technologies. These valves, integral components of thermal management systems, play a crucial role in regulating coolant flow to maintain optimal temperatures in various applications. One key trend shaping the market is the increasing adoption of electric and hybrid vehicles, where precise temperature control is essential for efficient battery performance and overall system reliability. The demand for electric coolant valves is also rising in industrial processes, such as manufacturing and power generation, where effective thermal management is critical. Opportunities abound in the integration of smart and connected technologies within these valves, enabling real-time monitoring and control for enhanced efficiency. Additionally, the market benefits from the global emphasis on sustainability, with electric coolant valves contributing to energy conservation and reduced environmental impact. Factors such as stringent emission standards and a growing focus on green technologies further drive the market's expansion.
*Report Coverage and Details:*
*Report Coverage* *Details*
Forecast Period 2023–2032
Base Year 2020
Market Size In 2020 $3.91 Billion
Market Size In 2032 $10.06 Billion
CAGR 8.53%
No. Of Pages in Report 398
Segments Covered Type, Modulation Type, Communication Protocol, Vehicle Type, Voltage, And Region
Drivers Increase In Emission Norms and Fuel Efficiency Standards
Increase In Demand for Hybrid and Electric Vehicles
Increase In Need for Advanced Thermal Management
Opportunities Advancements In Smart Cooling Technology
Growth In Aftermarket Demand
Restraints Rise In Cost of Raw Materials
Decrease In ICE Vehicle Sales
*The two-way segment to maintain its leadership status throughout the forecast period*
Based on type, the two-way segment held the highest market share in 2020 and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, due to it providing precise control over the coolant flow that can help to optimize the engine performance and efficiency. However, the four-way segment is projected to manifest the highest CAGR of 9.48% from 2023 to 2032, due to an increase in the adoption of electric vehicles and the demand for advanced thermal solutions. The four-way electric coolant valves have become instrumental in enhancing energy efficiency, extending battery life, and overall improving the performance of automotive cooling systems.
*The pre-configured electric coolant valves segment to maintain its leadership status throughout the forecast period*
Based on modulation type, the pre-configured electric coolant valves segment held the highest market share in 2020 and is estimated to maintain its leadership status throughout the forecast period, owing to these pre-configured valves come with predefined settings and specifications, simplifying the installation process and reducing complexity for manufacturers. However, the field-configurable electric coolant valves segment is projected to manifest the highest CAGR of 8.94% from 2023 to 2032, owing to valves that allow on-the-fly adjustments to coolant flow, enabling precise temperature control tailored to specific vehicle and operational requirements.
*Noteworthy Advancements in the Automotive Electric Coolant Valve Sector*
Leading firms employ diverse strategies, including acquisition, agreements, expansion, partnerships, contracts, and product launches, to fortify their market standing.
· In *December 2023*, Hanon Systems invested USD $129 million to enhance facilities in Hungary, focusing on EV thermo parts manufacturing and digital integration in Székesfehérvár, Pécs, and Rétság.
· *October 2023* witnessed Modine Manufacturing Company expanding the production of EVantage thermal management systems in Pontevico, Italy, catering to heavy-duty, commercial, and specialty vehicles in Europe.
· In *November 2021*, Hanon Systems inaugurated a dedicated eco-friendly vehicle components plant in Gyeongju-si, Korea, producing solutions for electric vehicles, including heat pump systems and coolant valve assemblies.
· Voss Fluid GmbH's strategic acquisition of HENZEL Automotive GmbH in *September 2020* strengthens Voss Group's automotive unit, fostering growth in thermal management with an enriched product portfolio encompassing thermostats, integrated sensors, and advanced function modules.
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*The LIN segment to maintain its lead position during the forecast period*
Based on communication protocol, the LIN segment held the highest market share in 2020 and is estimated to maintain its leadership status throughout the forecast period, due to its simplicity, low complexity, and reduced implementation costs. LIN offers a streamlined communication interface, making it ideal for components that require basic and deterministic communication within the vehicle's network. However, the CAN segment is projected to manifest the highest CAGR of 9.34% from 2023 to 2032, owing to offering a reliable and high-speed communication network that enables real-time data exchange among different systems, including the electric coolant valve. This efficiency is crucial for precise control of coolant flow and temperature regulation in modern vehicles, particularly electric and hybrid ones.
*The passenger vehicle segment to maintain its leadership status throughout the forecast period*
Based on vehicle type, the passenger vehicle segment held the highest market share in 2020 and is estimated to maintain its leadership status throughout the forecast period, due to the increasing adoption of electric and hybrid vehicles. As the automotive industry undergoes a significant shift toward cleaner and more sustainable transportation solutions, electric coolant valves play a crucial role in managing the thermal dynamics of electric vehicle systems. However, the buses and coaches segment is projected to manifest the highest CAGR of 9.56% from 2023 to 2032, due to the increasing adoption of electric and hybrid propulsion systems in the public transportation sector. As cities and regions worldwide prioritize sustainable and environment-friendly transportation solutions, electric buses and coaches have gained prominence.
*The 12V segment to maintain its leadership status throughout the forecast period*
Based on voltage, the 12V segment held the highest market share in 2020 and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, owing to the reliable and energy-efficient solution, aligning with the industry's focus on sustainability and meeting the specific requirements of modern automotive applications. However, the 24V segment is projected to manifest the highest CAGR of 9.22% from 2023 to 2032, owing to higher voltage ensuring efficient and rapid control of coolant flow, meeting the demands of advanced automotive systems, and contributing to overall vehicle performance and sustainability.
*North America to maintain its dominance by 2032*
Based on region, North America held the highest market share in terms of revenue in 2020 and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, owing to the reliable and energy-efficient solution, aligning with the industry's focus on sustainability and meeting the specific requirements of modern automotive applications. However, LAMEA is projected to manifest the highest CAGR of 10.16% from 2023 to 2032, owing to the automotive industry in these regions undergoing modernization and technological upgrades, the demand for efficient thermal management systems, where electric coolant valves play a vital role, is on the rise, fostering market expansion.
*Key Highlights of the Automotive Electric Coolant Valve Market Study:*
· Spanning 14 countries, this study offers regional and segment analysis, projecting values ($million) from 2020 to 2032.
· The approach combines top-tier data, professional insights, and independent perspectives, aiming for a comprehensive view.
· Drawing from 3,700+ materials, including product literature and annual reports, enriches the understanding of this dynamic market. The goal is to empower stakeholders in making informed decisions for ambitious growth objectives.
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*Leading Market Players: -*
· Continental AG
· Emerson Electric Co. (Asco Valve Inc)
· Hanon Systems
· Honeywell International Inc.
· Modine Manufacturing Company
· Parker-Hannifin Corporation
· PV Clean Mobility Technologies
· Rheinmetall AG
· Robert Bosch GmbH
· Robertshaw
· Rotex Automation Limited
· Schrader-Bridgeport International, Inc.
· Siemens AG
· Thermal Management Solutions Group Ltd.
· Vitesco Technologies GmbH
· VOSS Fluid GmbH
· Zhejiang Sanhua Auto Motive Co., Ltd
The report provides a detailed analysis of these key players in the global automotive electric coolant valve market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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