ID: MRFR/AM/9136-HCR | 111 Pages | Published By Sejal Akre on April 2023
The automotive electronic expansion valve market is expected to growth ~6% CAGR during the forecast period.
The automotive electronic expansion valve market is expected to growat ~6% CAGR during the forecast period.
In heavy vehicles, an automobile electronic expansion valve is commonly employed as a cooling system. These cooling systems are used in a variety of applications, ranging from passenger cars to heavy and light commercial vehicles market. Regardless of the speed of the combustion engine, the automobile electronic expansion valve maintains the appropriate temperature for combustion engines. During the forecast period, the automotive electronic expansion valve market is expected to grow due to rising demand for silent, compact, and independent engine cooling systems, as well as various benefits such as ideal temperature control quality, flexible arrangement, reliability, low hysteresis, noise reduction, and compliance with exhaust emission norms.
The main drivers of the worldwide automotive electronic expansion valve market are technological advancements targeted at lowering carbon dioxide (CO2) emissions and quick engine production improvements. Furthermore, governments' efforts to minimize emissions are boosting the demand for vehicle electronic expansion valves. Electronic expansion valves in automobiles not only improve performance but also cut energy consumption. Precision control and a larger component load fluctuation than thermal expansion valves are some of the advantages of these valves. The electronic ON/OFF valve is a solenoid valve that may be operated electronically and serves as an expansion valve as well as a solenoid valve.
The major factors driving the growth of the global automotive electronic expansion valve market are the technological developments aimed at reducing carbon dioxide (CO2) emissionsandrapid innovations in engine manufacturing. Moreover, the focus of governments to reduce emissionsis further fueling the growth of the automotive electronic expansion valve market. However, thehigh initial & maintenance costs and the increased adoption of electric vehicles across the globearethefactors that are expected to hamper the growth of the global automotive electronic expansion valve market.
Automotive electronic expansion valves also offer various benefits, such as maintaining ideal temperatures and reducing CO2 emissions. With stringent rules and regulations by the government to reduce CO2 emissions to protect the environment, these systems have become the best alternative to be used since they reduce CO2 emissions. These benefits also act as drivers to the market and propel the demand for these valves. There are technological advancements that have enhanced these electronic expansion valves,causing an improvement in their demand.Several automotive OEMs are incorporating advanced technologies such as electromagnetic electronic expansion valves. Additionally, the shift from thermal to electronic valves, which is the costliest and most important component of a vehicle, is positively impacting the automotive electronic expansion valve market.
The key players operating in theglobal automotive electronic expansion valve market are Fujikoki, SANHUA, DunAn, Saginomiya, Parker, Emerson, Castel, CAREL INDUSTRIES, VOLGA, and Danfoss Group.
The global automotive electronic expansion valve market has been segmented based ontype, application,and region.Based ontype, the globalmarket is divided intoelectromagnetic electronic expansion valve and electric electronic expansion valve.The electromagnetic electronic expansion valvesegment is likely to hold the largershare of the market.The electromagnetic electronic expansion valve segment is expected to grow at thefaster rate during the forecast periodas it is programmed to measure differences in pressure and temperature at any given point across the vehicle.
Based on application, the global market is divided into commercial vehicle and passenger car. The commercial vehicle segment is expected to hold the larger share of the market share and it is expected to grow at the faster rate during the forecast period.
The global automotive electronic expansion valve industry is expected to witness high growth during the forecast perioddue tothe government regulations to reduce the emission of harmful gases, the high need for automotive electronic expansion valves, and growing demand for compact, silent, and independent engine cooling system. In many industrialized nations, there are legislations and directives governing the emission of pollutants such as carbon monoxide and dioxides, sulfur, and nitrogen oxide from diesel engines. For instance, governments in Asia-Pacific are actively promoting environment-friendly vehicles in their respective countries since the Climate Change agreement in Paris. Additionally, the U.S. Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA) jointly published the second phase of greenhouse gas (GHG) emissions and fuel efficiency standards for medium- and heavy-duty vehicles and engines through the model year 2027. Therefore, the government regulations to reduce the emission of harmful gasesare expected to create a demand for automotive electronic expansion valves during the forecast period.
The sales of HCVs are anticipated to be driven by the increased preference for transportation of freight across roadways, which is expected to have a notable influenceon boosting the growth of theautomotive electronic expansion valve market. Apart from this,in order to reduce the vehicle's operating costs, automakers are focused on raising fuel efficiency. Improving the engine's fuel economy drives the adoption of the automotive electronic expansion valve or vehicle engine expansion parts, which is also one of the keyfactors boosting the growth of the global automotive electronic expansion valve market.
During the operation, the internal combustion engine dissipates a large amount of energy in the form of heat, and due to this, only 30% of the input energy is converted to mechanical energy. Thus, the quest for reduced energy loss and emission from vehicles is posing a strong impact on the demand for sustainable automotive components, including technologically advanced automotive electronic expansion valves. In addition, the newly introduced temperature-activated, electronically controlledexpansion valve offers fine control and reduces emissions during times of low cooling demand. Therefore, the growing need forelectronically controlled expansion valves will drive the growth of the automotive electronic expansion valve market. For instance, Danfoss, a pioneer in electronic expansion valve products, announced that it added a new complete range of components to help OEMs develop new air conditioning systems incorporating R32. The range comprises the Colibri electronic expansion valves, TGE, TR6 expansion valves, and MCHE adapted for R32. Furthermore, the electronic expansion valve (EXV) provided by EGELHOF Group is used in vehicle air conditioning systems with multiple evaporators in front, rear, or roof air conditioning systems in conjunction with compressors with fixed or variable stroke, where the refrigerant flow to the individual air conditioning systems is to be completely shut off.Such trends are likely to significantly drive the growth of the automotive electronic expansion valve market.Additionally,this EXV is a control valve driven by a geared motor for use in A/C systems for the chemical refrigerants R134a and R1234yf. It is increasingly used in electric vehicles equipped with heat pumps. In addition to serving as an expansion valve, it can also be used as a shut-off valve.
Based on region, the global automotive electronic expansion valve market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific accounts for a considerable share of the automotive electronic expansion valve market. The rapid rise in per capita income in various developing countries in the region is driving several industries in the region. This, in turn, is expected to boost the automotive electronic expansion valve market during the forecast period.Moreover, the region is home to technologically advanced markets for vehicles such as South Korea and Japan, along with developing countries such as China and India. The growing demand for passenger carsdue to changing lifestyles is propelling the growth of the automotive electronic expansion valve market in the region.
At the beginning of 2020, COVID-19 began to spread around the world, millions of people worldwide were infected with the disease, and major countries around the world implemented foot prohibitions and work stoppage orders. Except for medical supplies and life support product manufacturers, most industries were greatly impacted.Automotive electronic expansion valve industries have also been greatly affected.Disruption in the supply chain due to COVID-19 has significantly affected the automotive electronic expansion valve market. Government-imposed lockdowns havehampered the growth of the automotive electronic expansion valve market due to halted manufacturing processes across the globe and the unavailability of skilled labor due to social distancing regulations.
|Market Size||2030: Significant Value|
|CAGR||6% CAGR : 2022-2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Fujikoki, SANHUA, DunAn, Saginomiya, Parker, Emerson, Castel, CAREL INDUSTRIES, VOLGA, and Danfoss Group|
|Key Market Opportunities||
|Key Market Drivers||
Automotive Electronic Expansion Valve market is predicted to grow at 6% through forecast period of 2023-2030.
The forecast period for Automotive Electronic Expansion Valve market research report is 2022-2030.
Global Automotive Electronic Expansion Valve market is dominated by APAC Region.