Market Overview:
The Global Electronic Expansion Valve for Electric Vehicles Market size is expected to grow from USD 308.30 million in 2022 to USD 808.07 million by 2030, at a CAGR of 12.8% during the forecast period (2023-2030).
An electronic expansion valve is a device utilized to precisely control the flow of refrigerant into the evaporator. It consists of various components, including a controller, actuator, and sensor. The temperature sensing component, such as a thermocouple or thermal resistance, plays a crucial role in the electronic expansion valve by accurately detecting changes in superheat at low temperatures, enabling precise adjustment of the flow. This valve offers a wide range of flow control, exhibits sensitive reactions, and operates quickly. It finds applications in heat pumps, air conditioners, water chilling facilities, deep freezers, and other refrigeration cycle-based equipment.
Top Key Players for Electronic Expansion Valve For Electric Vehicles Market:
- Sanhua Europe (China)
- CAREL INDUSTRIES S.p.A. (Italy)
- VOLGA, Danfoss Group (Denmark)
- Fujikoki Corporation (Japan)
- Zhejiang DUNAN Artificial Environment Co. Ltd. (China)
- Parker-Hannifin Corporation (US)
- Emerson Electric Co. (US) and Other Major Players
Market Dynamics and Factors:
The rise of industrialization and urbanization worldwide serves as a significant catalyst for the electric vehicles market, specifically driving the demand for electronic expansion valves. With industrialization gaining momentum, there is a heightened need for electric vehicles with advanced air conditioning systems across various sectors such as transportation, logistics, and manufacturing. Electric vehicles are being increasingly embraced as an eco-friendly alternative to conventional combustion engine vehicles. By incorporating electronic expansion valves into the air conditioning systems of electric vehicles, precise regulation of refrigerant flow is achieved, enabling efficient cooling and optimal energy management. These valves play a vital role in enhancing the performance and environmental sustainability of vehicle air conditioning systems.
The rapid growth of the automobile industry, particularly in the electric vehicle sector, presents a lucrative opportunity for electronic expansion valves. Electronic expansion valves play a vital role in ensuring optimal refrigerant flow and efficient performance of the air conditioning system. With the global adoption of electric vehicles on the rise and consumers placing greater emphasis on comfort and climate control, the market potential for electronic expansion valves in this sector is substantial. These valves offer precise flow control, quick response times, and reliable operation, making them essential for maintaining effective and comfortable air conditioning in electric vehicles. Consequently, manufacturers of electronic expansion valves have a unique chance to meet the growing demand in the electric vehicle market and contribute to the advancement of sustainable transportation.
Electronic Expansion Valve For Electric Vehicles Market Report Highlight:
- By Type, the EEV For the Heat Pump Air Conditioner segment is anticipated to dominate the market over the forecast period. They regulate the flow of refrigerant to ensure efficient and precise heating and cooling. EEVs improve system performance, energy efficiency, and temperature control in HVAC systems.
- By Application, the battery electric vehicle segment is anticipated to dominate the market over the forecast period. EEVs are used in battery electric vehicles (BEVs) to regulate refrigerant flow in the air conditioning system. They help maintain efficient cooling and energy usage, ensuring a comfortable cabin environment in BEVs.
- Asia Pacific region is anticipated to dominate the market over the forecast period. The APAC market for Electronic Expansion Valves (EEVs) in electric vehicles (EVs) is growing rapidly. With the increasing adoption of EVs in countries like China, Japan, and South Korea, the demand for advanced air conditioning systems with EEVs is rising. EEVs offer precise refrigerant flow control for efficient cooling in EVs.
Key Industry Development:
- In February 2023, CAREL bound an agreement to acquire the entire share capital of Eurotec, a distributor and system integrator located in Auckland, New Zealand. Eurotec has generated revenues of around NZD 10.9 million (approximately EUR 6 million).
- In March 2023, Sanhuang Intelligent Controls (SHIC) unveils its HSX-EV series EEV, boasting high-precision control and optimized flow characteristics for efficient thermal management in EV battery packs and power electronics. (Image of SHIC HSX-EV EEV)
Electronic Expansion Valve For Electric Vehicles Market Segmentation:
By Type
- EEV For Heat Pump Air Conditioner
- EEV For Battery Thermal Management System
By Application
- Battery Electric Vehicle
- Plug-In Hybrid Electric Vehicle
For this report, Introspective Market Research has segmented the Electronic Expansion Valve For Electric Vehicles Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
