Automotive Electronic Expansion Valve Market Size Present Scenario And The Growth Prospects With Forecast 2023 - 2030
The Automotive Electronic Expansion Valve Market Size demonstrates notable growth potential. The increased demand for fuel-efficient vehicles led by stringent government regulations to minimize CO2 emissions would support the market growth. Market Research Future (MRFR) confirms that the global Automotive Electronic Expansion Valve Market Size would register approximately 6% CAGR during the assessment period (2022–2030).
Electronic expansion valves are used in electric vehicles to heat pump circuits for precise flow regulation for efficient and reliable operation. They offer efficient and reliable operation, covering any air conditioning system demand. Designed for precise liquid injection in evaporators, these valves provide precise flow regulation. Automotive Electronic Expansion Valves (EXVs) can improve the refrigerant system COP of passenger vehicles.
EXVs are rapidly replacing conventional mechanical thermal expansion valve (TXV) devices. EXVs can effectively maximize internal heat exchanger system performances. The quality and durability of EXVs are enhanced by self-lubricating features and the use of stainless material, resulting in improving fuel economy, compressor reliability, and the quality of the refrigerant NVH system.
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The global automobile industry is making significant strides, witnessing growing pressure to build more lightweight vehicles. The rising demand for silent compact independent engine cooling systems with superior temperature control quality and flexible arrangement drives the market growth. Besides, stringent regulations to minimize CO2 emissions and initiatives to promote fuel-efficient vehicles offer huge growth opportunities.
On the flip side, volatile prices and the demand-supply gap in raw materials required in manufacturing automotive electronic expansion are significant factors impeding market growth. However, the growing environmental awareness and increased demand for low-noise vehicles would support market growth during the forecast period.
Global Automotive EXV Market - Segmentations
The market is segmented into type, application, and region. The type segment is sub-segmented into electromagnetic and electric electronic expansion valves. Of these, the electromagnetic EXV segment accounts for a larger market share due to its capability to measure differences in the pressure and temperature of vehicles. The segment is further projected to grow at a faster rate during the forecast period.
The application segment is sub-segmented into commercial vehicles and passenger cars. Among these, the commercial vehicle segment holds the larger market share, and it is expected to grow further at a faster rate during the forecast period. The region segment is sub-segmented into the Asia-Pacific, Americas, MEA, Europe, and rest-of-the-world.
Automotive Electronic Expansion Valve Market Size - Geographical Analysis
APAC dominates the global Automotive Electronic Expansion Valve Market Size. The rapid increase in the economy and consecutive rise in per capita income, and improved lifestyles of people in various developing countries in the region boost the market size. Moreover, the growing demand for passenger cars due to changing lifestyles boosts the market demand. Also, government initiatives to actively promote environment-friendly vehicles influence market growth.
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Automotive Electronic Expansion Valve (EXV) Market – Competitive Landscape
The highly competitive Automotive Electronic Expansion Valve Market Size appears fragmented, with several well-established players forming a competitive landscape. Major players initiate strategic approaches such as mergers & acquisitions, collaborations, and product/technology development to gain a larger competitive share. Substantial investments are transpired to develop products and expand global footprints.
Major Players
Active market players are SANHUA, DunAn, Fujikoki, Parker, Emerson, Saginomiya, Carel Industries, VOLGA, Castel, and Danfoss Group, among others.
Industry/Innovation/Related News
Mar.28, 2022 --- Danfoss introduced its new electric expansion valve, ETS 8M, for enhanced efficiency in heat pumps. The ETS 8M offers additional options in the lower capacity end, enabling OEMs & end users to leverage the benefits of greater efficiency and reliability at lower applied costs. Danfoss' ETS electric expansion valves are designed to deliver high performance, accuracy, and energy efficiency and are ideal for applications where steady temperature consistency is critical.
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