What is Global Electronic Expansion Valves in EV Market?
The Global Electronic Expansion Valves in EV Market is a rapidly growing sector that plays a crucial role in the electric vehicle industry. These valves are integral components in the thermal management systems of electric vehicles, controlling the flow of refrigerant to maintain optimal operating temperatures. The market for these valves is driven by the increasing demand for electric vehicles worldwide, as they offer a more sustainable and efficient alternative to traditional combustion engines. The electronic expansion valves are designed to provide precise control over the refrigerant flow, ensuring optimal performance and longevity of the electric vehicle's battery and air conditioning systems. They are also crucial in maintaining the battery's temperature, preventing overheating and ensuring the safety and efficiency of the vehicle.
Air Conditioning Thermal Management, Battery Thermal Management System in the Global Electronic Expansion Valves in EV Market:
Air Conditioning Thermal Management and Battery Thermal Management Systems are two key applications of Global Electronic Expansion Valves in the EV Market. The air conditioning system in an electric vehicle relies on these valves to regulate the flow of refrigerant, ensuring a comfortable cabin temperature. On the other hand, the battery thermal management system uses these valves to maintain the battery's temperature within a safe operating range. This is crucial as extreme temperatures can lead to reduced battery life and performance. The electronic expansion valves play a pivotal role in these systems, providing precise control and contributing to the overall efficiency and performance of the electric vehicle.
Battery EV, Hybrid EV in the Global Electronic Expansion Valves in EV Market:
The Global Electronic Expansion Valves are extensively used in both Battery Electric Vehicles (BEVs) and Hybrid Electric Vehicles (HEVs). In BEVs, these valves are crucial in managing the thermal conditions of the battery, which is the sole source of power for the vehicle. They ensure that the battery operates within a safe temperature range, thereby enhancing its performance and lifespan. In HEVs, the electronic expansion valves play a dual role. They not only manage the thermal conditions of the battery but also regulate the temperature of the internal combustion engine. This dual functionality makes them an indispensable component in HEVs, contributing to their efficiency and performance.
Global Electronic Expansion Valves in EV Market Outlook:
Looking at the market outlook, the Global Electronic Expansion Valves in EV Market has shown significant growth in recent years. In 2023, the market was valued at US$ 141 million. However, it is projected to reach a staggering US$ 737.2 million by 2030. This represents a Compound Annual Growth Rate (CAGR) of 25.6% during the forecast period from 2024 to 2030. This substantial growth can be attributed to the increasing demand for electric vehicles and the crucial role these valves play in their operation. It's also worth noting that the top 5 players in this market hold a combined market share of about 98%, indicating a high level of market concentration.
| Report Metric | Details |
| Report Name | Electronic Expansion Valves in EV Market |
| Accounted market size in 2023 | US$ 141 million |
| Forecasted market size in 2030 | US$ 737.2 million |
| CAGR | 25.6% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
|
| Segment by Application |
|
| Production by Region |
|
| Consumption by Region |
|
| By Company | Zhejiang Sanhua Automotive Components, Fujikoki, Dun An, TGK, HANON, Zhejiang Xinjing, Tuo Pu |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
