Electric Vehicle Electronic Expansion Valve (EXV) Market Size, Share, Growth, and Industry Analysis, By Type (EXV for Air Conditioning Thermal Management and EXV for Battery Thermal Management), By Application (BEV, HEV and PHEV), Regional Forecast To 2032

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Electric Vehicle Electronic Expansion Valve (EXV) Market Report Overview

The global Electric Vehicle Electronic Expansion Valve (EXV) Market size is USD 0.3 billion in 2024 and is expected to reach USD 1.84 billion by 2032, growing at a compound annual growth rate (CAGR) of about 25.6% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Expansion valves are widely employed in refrigeration and air conditioning systems, including those seen in typical internal combustion engine vehicles with air conditioning. An expansion valve is a device that regulates the pressure and temperature of the refrigerant in the cooling system to ensure efficient cooling. The main components of the air conditioning system in electric vehicles are comparable to those in conventional cars. EVs, on the other hand, may use electronic control systems to improve the performance and energy efficiency of the air conditioning system. The term "electric vehicle electronic expansion valve" may refer to a specific type of expansion valve that combines electronic controls to better manage refrigerant flow and system performance in the air conditioning system of an electric car.

The technology may change the opening of the expansion valve based on real-time data such as cabin temperature, battery temperature, and outside temperature utilizing electronic controls. This level of control enables for more precise cooling process regulation, potentially boosting overall efficiency and lowering energy use. It's worth noting that technological improvements in the automotive sector are continually changing, and newer components and technologies may have been released after my last update. I recommend verifying with electric car makers, automotive experts, or industry journals that focus on EV technology for the most accurate and up-to-date information.

COVID-19 Impact: Reduced Demand for Electric Vehicles to Hinder Market Growth

COVID-19 had a substantial influence on global supply chains, resulting in factory closures, reduced output, and raw material and component shortages. This upheaval had an impact on several industries, including the automotive industry. If the production of electronic expansion valves or their components was concentrated in pandemic-affected areas, it could have resulted in manufacturing and supply delays. During the peak of the pandemic, numerous countries-imposed lockdowns and limits on commercial activity. People staying at home and commuting less may have temporarily reduced demand for new vehicles, especially electric ones. As a result, automakers may have reduced manufacturing, potentially affecting the availability of components such as electronic expansion valves.

LATEST TRENDS

"Advancements in Efficiency to Enhance Market Growth"

With more automakers offering new electric models and governments enacting laws to encourage electric vehicle electronic expansion valve (EXV) use, the electric vehicle market has been steadily rising. This expansion is likely to have raised demand for components such as electronic expansion valves. Electric car makers are constantly attempting to improve their vehicles' energy efficiency in order to increase driving range and optimise battery performance. Electronic expansion valves with intelligent and accurate control mechanisms can help improve the efficiency of a vehicle's air conditioning system. Smart technologies are increasingly being integrated into electric vehicle components, including HVAC (Heating, Ventilation, and Air Conditioning) systems. Electronic expansion valves can be connected with vehicle control systems, enabling smarter and more adaptive cooling solutions.

Electric Vehicle Electronic Expansion Valve (EXV) Market Segmentation

• By Type

Based on type market is classified as EXV for air conditioning thermal management and EXV for battery thermal management.

• By Application

Based on application market is classified as BEV, HEV and PHEV.

DRIVING FACTORS

"Growing Electric Vehicle Market to Augment Market Growth"

The growing global use of electric vehicles is a significant driving force in the electric vehicle electronic expansion valve industry. As demand for electric vehicles grows, so does demand for the components that comprise the vehicles' systems, such as the electronic expansion valve. Many governments are enacting rules and providing incentives to encourage the usage of electric vehicles and minimise greenhouse gas emissions. Incentives for electric vehicle electronic expansion valve (EXV) purchases, such as tax credits, rebates, and grants, can encourage consumers to acquire electric vehicles, creating demand for related components such as electronic expansion valves.

Consumers and governments are prioritising cleaner, more sustainable transportation alternatives as they become more aware of climate change and environmental challenges.

"Technological Advancements to Propel Market Growth"

Technological advancements, such as the development of more efficient and intelligent electronic expansion valves, are critical in driving electric vehicle electronic expansion valve (EXV) market growth. These developments have the potential to increase energy efficiency, temperature management, and performance in the vehicle's HVAC system. Automakers are working hard to improve the driving range and efficiency of electric vehicles. More accurate air conditioning system control via electronic expansion valves can help to optimise energy use and expand the driving range of electric vehicles. In electric vehicles, consumer aspirations for comfort and a pleasant driving experience drive the need for sophisticated air conditioning systems. Electronic expansion valves allow for precise and rapid adjustments to maintain the appropriate cabin temperature, resulting in a more enjoyable driving experience.

RESTRAINING FACTORS

"Infrastructure Limitations to Impede Market Expansion"

When compared to traditional components in internal combustion engine vehicles, the cost of electric vehicle components, particularly electronic expansion valves, can be considerably high. High manufacturing costs may cause electric vehicle prices to rise, making them unaffordable for some users. In many areas, a lack of adequate charging infrastructure for electric vehicles may prevent potential consumers from purchasing EVs. Limited charging alternatives may cause range anxiety and lower demand for electric vehicles, affecting the market for related components.

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Electric Vehicle Electronic Expansion Valve (EXV) Market Regional Insights

"Asia-Pacific to Dominate the Market Due to Large Productions"

In terms of both production and sales, Asia-Pacific, notably China, had the largest electric car market. With strong government backing and incentives for electric vehicle electronic expansion valve (EXV) market share, China has been a prominent player in the electric vehicle sector. Significant improvements in electric vehicle technology and components, such as HVAC systems and electronic expansion valves, have occurred in the region. Asian firms were at the forefront of applying new technologies due to considerable research and development investments. Many Asian cities experience air pollution and traffic congestion issues, making electric vehicles an appealing choice for cleaner and more sustainable mobility. In these heavily populated urban regions, the demand for efficient HVAC systems, particularly electronic expansion valves, in electric vehicles is greater.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

LIST OF TOP ELECTRIC VEHICLE ELECTRONIC EXPANSION VALVE (EXV) COMPANIES

• VITA ()
• 3M Espe ()
• Shofu Dental ()
• GC ()
• Ivoclar Vivadent ()

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.