Electronic Expansion Valves Market Size & Share Analysis - Growth Trends And Forecast (2025 - 2032)

By Flow;

Electromagnetic Expansion Valves and Electric Expansion Valves

By Working Pressure;

Up To 30 Bar, 30-50 Bar, 50-200 Bar and Above 200 Bar

By Material;

Stainless Steel, Copper and Brass

By Application;

Air Conditioning, Refrigeration and Others

By End-User;

Industrial Facilities, Commercial Buildings, Retail Outlets & Warehousing, Residential Buildings and Automotive [OEM and Aftermarket]

By Geography;

North America, Europe, Asia Pacific, Middle East & Africa and Latin America - Report Timeline (2022 - 2032)
Report ID: Rn316036740 Published Date: April, 2026 Updated Date: May, 2026

Electronic Expansion Valves Market Overview

Electronic Expansion Valves Market (USD Million)

Electronic Expansion Valves Market was valued at USD 884.74 million in the year 2025. The size of this market is expected to increase to USD 1,576.25 million by the year 2032, while growing at a Compounded Annual Growth Rate (CAGR) of 8.6%.


Electronic Expansion Valves Market

*Market size in USD million

CAGR 8.6 %


Study Period2026 - 2032
Base Year2025
CAGR (%)8.6 %
Market Size (2025)USD 884.74 Million
Market Size (2032)USD 1,576.25 Million
Market ConcentrationMedium
Report Pages364
884.74
2025
1,576.25
2032

Major Players

  • Danfoss AS
  • Emerson Electric Co
  • Parker Hannifin Corporation
  • CAREL Industries SpA
  • Sanhua Holding Group
  • Fujikoki Corporation
  • DunAn Microstaq DunAn
  • Saginomiya Seisakusho Inc
  • Castel Srl
  • VOLGA
*Competitors List Not Exhaustive

Market Concentration

Consolidated - Market dominated by 1 - 5 major players

Electronic Expansion Valves Market

Fragmented - Highly competitive market without dominant players


Electronic Expansion Valves (EEV) Market is expanding rapidly with growing adoption in refrigeration and air-conditioning systems. Around 61% of modern cooling systems now feature EEVs for superior refrigerant flow control and enhanced energy efficiency compared to conventional valves.

Adoption Driven by Energy-Saving Benefits
Energy efficiency remains a core driver, with more than 54% of installations focused on reducing power consumption. By providing precise flow regulation, EEVs improve system reliability and deliver significant savings in both commercial and industrial applications.

Integration with Smart HVAC Systems
The shift toward smart HVAC solutions is boosting demand, as nearly 49% of new systems deploy EEVs connected to digital controllers and sensors. This integration supports real-time optimization, advanced climate management, and higher operational efficiency.

Rising Application in Refrigeration Equipment
Beyond HVAC, the use of EEVs is growing in refrigeration units, with almost 46% of demand linked to cold storage, retail, and pharmaceutical systems. Their ability to maintain precise temperature control ensures product quality and safety across sensitive industries.

Innovation and Future Growth Potential
With over 57% of innovation efforts dedicated to IoT-enabled designs, miniaturized valves, and refrigerant compatibility, the Electronic Expansion Valves Market is positioned for sustained growth. Collaborations between manufacturers and technology providers are driving next-generation cooling solutions for the future.

Electronic Expansion Valves Market Key Takeaways

  • The Electronic Expansion Valves (EEVs) Market is expanding rapidly due to the growing adoption of energy-efficient HVAC systems, precise refrigerant flow control, and demand for advanced cooling technologies.

  • Electronic expansion valves regulate refrigerant flow using electronic sensors, stepper motors, and control algorithms, offering higher accuracy and efficiency compared to traditional mechanical valves.

  • Key application areas include air conditioners, heat pumps, commercial refrigeration, cold storage, industrial cooling systems, and automotive HVAC.

  • Market growth is driven by rising HVAC system modernization, strict energy-efficiency standards, adoption of intelligent thermal management, and growth in refrigeration infrastructure.

  • Asia-Pacific dominates the market due to large-scale HVAC production and increasing building construction, while North America and Europe see growth supported by advanced refrigeration technologies and regulatory compliance.

  • Challenges include high installation and integration costs, technical complexity, and the need for compatible digital control systems.

  • Future opportunities lie in IoT-enabled EEVs, smart refrigeration systems, eco-friendly refrigerant compatibility, automotive electrification, and adoption in next-generation heat pumps.

Electronic Expansion Valves Market Recent Developments

  • In 2023, CAREL acquired Eurotec, a move to strengthen its reach and systems integration capabilities for expansion valve and HVAC control solutions.

  • In May 2023, CAREL launched the E5V electronic expansion valve for CO₂-based HVAC systems, delivering high flow rates and two-way flow control for improved pressure balance.

Electronic Expansion Valves Market Segment Analysis

In this report, Electronic Expansion Valves Market has been segmented by Flow, Working Pressure, Material, Application, End-User and Geography.

Electronic Expansion Valves Market, Segmentation by Flow

Based on Flow, the market is classified into Electromagnetic Expansion Valves and Electric Expansion Valves. Each technology caters to specific operational dynamics and efficiency requirements. Manufacturers focus on enhancing response precision, control algorithms, and durability under varying load conditions to support energy conservation and refrigerant compatibility in modern HVACR systems.

Electromagnetic Expansion Valves

Electromagnetic Expansion Valves operate using solenoid-based actuation that delivers rapid response and precise modulation of refrigerant flow. These valves are widely used in compact systems where reliability, low cost, and quick switching are critical. Their adoption is strengthened by continuous innovations in coil efficiency and low-leakage sealing for environmental compliance.

Electric Expansion Valves

Electric Expansion Valves use stepper motors for superior flow regulation, ensuring optimal superheat control and high system efficiency. They dominate advanced HVAC applications that require stable and precise modulation under variable conditions. Integration with microcontrollers and real-time monitoring systems improves reliability and enables predictive maintenance.

Electronic Expansion Valves Market, Segmentation by Working Pressure

By Working Pressure, the market includes Up to 30 Bar, 30–50 Bar, 50–200 Bar, and Above 200 Bar. This segmentation reflects the adaptability of valve designs across refrigerants and system architectures. Key focus areas include pressure resilience, optimized flow geometry, and material coatings that enhance long-term performance in diverse environments.

Up to 30 Bar

Up to 30 Bar valves are typically employed in low-pressure systems such as residential air conditioners and smaller refrigeration units. They offer high energy efficiency and consistent control for moderate-duty applications. Manufacturers emphasize cost-effective production and compact design to increase accessibility in mass-market products.

30–50 Bar

30–50 Bar valves cater to mid-pressure applications in light commercial refrigeration and variable-speed air conditioning. This segment benefits from ongoing enhancements in sealing performance and actuator durability. Integration with electronic controllers enables adaptive response to load changes for improved system reliability.

50–200 Bar

50–200 Bar systems dominate industrial and automotive HVAC domains where high-pressure refrigerants and robust flow regulation are essential. These valves are engineered for demanding thermal cycles, featuring reinforced bodies and corrosion-resistant finishes. The segment’s growth aligns with the shift toward low-GWP refrigerants that operate under elevated pressures.

Above 200 Bar

Above 200 Bar valves serve specialized industrial cooling and high-pressure testing systems requiring exceptional safety margins. Manufacturers invest in advanced alloys and precision machining to ensure leak-tight operation and endurance under extreme conditions. Demand is bolstered by aerospace, defense, and high-performance R&D installations.

Electronic Expansion Valves Market, Segmentation by Material

By Material, the market is divided into Stainless Steel, Copper, and Brass. Material selection directly impacts durability, corrosion resistance, and compatibility with refrigerants. Global suppliers are optimizing alloy compositions and manufacturing techniques to balance weight, cost, and thermal conductivity while ensuring environmental compliance.

Stainless Steel

Stainless Steel valves deliver superior corrosion resistance and mechanical strength, making them ideal for high-pressure and industrial environments. They ensure long service life even in chemically aggressive conditions. Adoption continues to rise as industries prioritize hygienic design and lifecycle performance.

Copper

Copper valves offer excellent thermal conductivity and ease of fabrication, supporting efficient heat exchange and system integration. They are common in residential and light commercial systems. However, ongoing material optimization aims to mitigate oxidation and enhance durability without compromising cost efficiency.

Brass

Brass combines mechanical strength with corrosion resistance, making it a versatile choice for diverse HVAC applications. Its machinability supports complex valve geometries for improved flow control. Brass continues to be favored in mid-range pressure systems for its balance between durability and affordability.

Electronic Expansion Valves Market, Segmentation by Application

By Application, the market includes Air Conditioning, Refrigeration, and Others. Each application emphasizes energy optimization, reliability, and adaptability to variable refrigerant loads. Innovation trends focus on enhancing dynamic response and control precision to meet evolving environmental and performance standards.

Air Conditioning

Air Conditioning systems leverage electronic expansion valves to maintain precise superheat levels and optimize cooling efficiency. Adoption is driven by stringent energy-efficiency regulations and the transition to low-GWP refrigerants. Integration with variable-speed compressors further enhances performance stability.

Refrigeration

Refrigeration applications depend on electronic expansion valves for consistent temperature control across cold chains and retail environments. Improved refrigerant metering supports higher system efficiency and product preservation. The integration of IoT-enabled sensors facilitates remote monitoring and predictive maintenance.

Others

The Others category includes niche cooling and dehumidification systems where compactness and precision flow regulation are required. Demand stems from specialized laboratories and process cooling applications prioritizing reliability and compact control integration.

Electronic Expansion Valves Market, Segmentation by End-User

By End-User, the market covers Industrial Facilities, Commercial Buildings, Retail Outlets & Warehousing, Residential Buildings and Automotive [OEM and Aftermarket]. Each segment emphasizes operational efficiency, refrigerant compatibility, and ease of integration into broader control architectures.

Industrial Facilities

Industrial Facilities utilize high-performance valves for process cooling, cold storage, and heavy-duty air systems. The focus lies on reliability and precision flow management under continuous load conditions. Vendors offer customized solutions to meet plant-level automation and energy audit requirements.

Commercial Buildings

Commercial Buildings depend on electronic expansion valves for centralized HVAC systems delivering comfort and efficiency. Adoption is fueled by green-building standards and energy codes promoting intelligent control systems. Integration with building management software enhances responsiveness and reduces downtime.

Retail Outlets & Warehousing

Retail Outlets & Warehousing applications prioritize temperature uniformity for product preservation. Electronic expansion valves improve system adaptability to load fluctuations and minimize operational costs. Smart controllers and sensor fusion boost reliability in dynamic environments.

Residential Buildings

Residential Buildings incorporate compact, quiet, and energy-efficient valves in split and ductless systems. Emphasis on cost reduction and environmentally friendly refrigerants supports strong market uptake. Manufacturers target retrofit markets with plug-and-play electronic solutions.

Automotive [OEM and Aftermarket]

Automotive applications, both OEM and Aftermarket, deploy advanced valves in vehicle air conditioning and thermal management systems. The focus is on fast response, vibration resistance, and adaptability to electric vehicle architectures. Partnerships between Tier-1 suppliers and automakers accelerate product validation and deployment.

Electronic Expansion Valves Market, Segmentation by Geography

In this report, Electronic Expansion Valves Market has been segmented by Geography into five regions: North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Regions and Countries Analyzed in this Report

Legend
North America
Rest of North America
Europe
Rest of Europe
Asia Pacific
Rest of Asia Pacific
Middle East and Africa
Rest of Middle East and Africa
Latin America
Rest of Latin America
Rest of the World

North America

North America leads through strong HVAC infrastructure, adoption of smart building technologies, and regulatory emphasis on efficiency and environmental performance. Investments in retrofit projects and the automotive aftermarket sustain steady demand. Vendors prioritize domestic manufacturing and advanced controller integration.

Europe

Europe benefits from stringent energy efficiency and refrigerant emission standards driving advanced valve adoption. Focus on sustainability and green retrofits across commercial and industrial assets fuels innovation. Regional manufacturers invest heavily in eco-friendly refrigerant compatibility and intelligent flow systems.

Asia Pacific

Asia Pacific dominates production and consumption due to rapid industrialization, expanding construction, and growth in cold-chain logistics. Strong OEM presence and demand for automated HVAC solutions support market expansion. Countries like China, Japan, and India invest in R&D for cost-effective, high-precision control systems.

Middle East & Africa

Middle East & Africa experience rising adoption driven by urbanization and infrastructure expansion in extreme climate zones. Emphasis on high-efficiency air conditioning and industrial refrigeration supports sustainable growth. Partnerships with global players enhance regional technical capabilities and service networks.

Latin America

Latin America shows steady growth supported by commercial construction and modernization of cold storage facilities. Local production initiatives and favorable government incentives encourage energy-efficient HVAC adoption. The region’s focus on durability and cost optimization shapes product design trends.

Electronic Expansion Valves Market Forces

This report provides an in depth analysis of various factors that impact the dynamics of Electronic Expansion Valves Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Comprehensive Market Impact Matrix

This matrix outlines how core market forces Drivers, Restraints and Opportunities affect key business dimensions including Growth, Competition, Customer Behavior, Regulation, and Innovation.

Market Forces ↓ / Impact Areas → Market Growth Rate Competitive Landscape Customer Behavior Regulatory Influence Innovation Potential
Drivers High impact (e.g., tech adoption, rising demand) Encourages new entrants and fosters expansion Increases usage and enhances demand elasticity Often aligns with progressive policy trends Fuels R&D initiatives and product development
Restraints Slows growth (e.g., high costs, supply chain issues) Raises entry barriers and may drive market consolidation Deters consumption due to friction or low awareness Introduces compliance hurdles and regulatory risks Limits innovation appetite and risk tolerance
Opportunities Unlocks new segments or untapped geographies Creates white space for innovation and M&A Opens new use cases and shifts consumer preferences Policy shifts may offer strategic advantages Sparks disruptive innovation and strategic alliances

Drivers, Restraints and Opportunity Analysis

Drivers:

  • Rising Awareness About Environmental Sustainability
  • Government Regulations and Policies

  • Technological Advancements in HVAC and Refrigeration: Technological advancements in HVAC (Heating, Ventilation, and Air Conditioning) and refrigeration systems have revolutionized the industry by enhancing energy efficiency, performance, and user comfort. One of the significant breakthroughs is the integration of IoT (Internet of Things) and smart technologies. Modern HVAC systems are now equipped with sensors and connectivity features that allow for real-time monitoring, remote control, and predictive maintenance. These smart systems can adjust settings automatically based on occupancy and ambient conditions, leading to substantial energy savings and improved indoor air quality. Additionally, advancements in variable refrigerant flow (VRF) technology and inverter-driven compressors have enabled more precise temperature control and reduced energy consumption, making HVAC systems more responsive and efficient.

    In refrigeration, technological innovations have focused on improving the efficiency and reliability of cooling systems, particularly in commercial and industrial applications. The development of advanced refrigerants with lower global warming potential (GWP) has been a critical area of research, driven by regulatory requirements to reduce environmental impact. Moreover, the adoption of electronic expansion valves (EEVs) has significantly improved the performance of refrigeration systems by providing precise control over refrigerant flow, thereby optimizing cooling efficiency and reducing energy usage. Other notable advancements include the use of digital scroll compressors, which offer better modulation and load matching capabilities, and the integration of advanced defrosting technologies that enhance system performance and reliability. These technological advancements collectively contribute to more sustainable and efficient HVAC and refrigeration solutions, addressing both environmental concerns and the growing demand for energy-efficient systems.

Restraints:

  • Complexity of Installation and Maintenance
  • Limited Awareness in Developing Regions

  • Availability of Alternative Technologies: The availability of alternative technologies in HVAC and refrigeration has expanded significantly in recent years, driven by the need for more environmentally friendly and energy-efficient solutions. One notable alternative is the adoption of natural refrigerants such as ammonia, propane, and carbon dioxide (CO2). These refrigerants have lower global warming potential (GWP) compared to traditional synthetic refrigerants like hydrofluorocarbons (HFCs) and chlorofluorocarbons (CFCs), making them attractive choices for sustainable cooling applications. Natural refrigerants are also more energy-efficient and comply with stringent environmental regulations, driving their adoption across various sectors, including supermarkets, food processing, and industrial refrigeration.

    Another alternative technology gaining traction is magnetic refrigeration. This technology utilizes the magnetocaloric effect to achieve cooling without the use of traditional refrigerants. Magnetic refrigeration systems are known for their high efficiency, low noise levels, and reduced environmental impact. Although still in the development and early commercialization stages, magnetic refrigeration holds promise for future applications in residential and commercial cooling, especially as research continues to improve efficiency and scalability. Additionally, advancements in thermal storage systems and phase change materials (PCMs) offer alternative approaches to energy storage and temperature regulation in HVAC systems, providing flexibility and enhancing overall system efficiency. These alternative technologies contribute to a diverse and rapidly evolving landscape in HVAC and refrigeration, offering solutions that address both environmental concerns and energy efficiency requirements.

Opportunities:

  • Growing Adoption of Renewable Energy Sources
  • Innovations in EEV Technology

  • Integration with IoT and Smart Home Devices: Integration with IoT (Internet of Things) and smart home devices is transforming the HVAC and refrigeration industry by enabling unprecedented levels of control, efficiency, and convenience for consumers and businesses alike. IoT technology allows HVAC and refrigeration systems to connect to the internet, enabling remote monitoring, management, and optimization of these systems from anywhere via smartphones, tablets, or computers. This connectivity facilitates real-time data collection and analysis, which can be used to adjust settings, detect anomalies, and predict maintenance needs proactively. For consumers, smart thermostats equipped with IoT capabilities offer personalized comfort settings and energy-saving features, such as scheduling and occupancy sensing, to optimize energy use while maintaining indoor comfort levels.

    In commercial applications, IoT integration in HVAC and refrigeration systems enables facility managers to monitor and control multiple systems across different locations from a centralized platform. This centralized control allows for efficient management of energy consumption, preventive maintenance scheduling, and compliance with regulatory standards. Moreover, IoT-enabled sensors and actuators provide valuable insights into equipment performance and energy usage patterns, empowering businesses to make data-driven decisions to improve operational efficiency and reduce costs. As IoT technology continues to advance, the integration of HVAC and refrigeration systems with smart home devices and IoT platforms is expected to further enhance system intelligence, responsiveness, and sustainability across residential, commercial, and industrial sectors.

Electronic Expansion Valves Market Competitive Landscape Analysis

Electronic Expansion Valves Market showcases a competitive landscape shaped by HVAC system innovation, energy-efficiency strategies, and robust partnerships among component manufacturers and system integrators. Leading players hold nearly 65% of total market share, focusing on precision flow control, smart regulation, and eco-friendly refrigerant compatibility. Expanding collaboration with refrigeration and air-conditioning OEMs continues to drive growth in intelligent thermal management systems.

Market Structure and Concentration
The market demonstrates moderate consolidation, with major producers contributing about 60% of global sales. Companies implement strategies centered on compact design, digital modulation, and multi-refrigerant support. Ongoing collaboration with automation firms supports technological advancements in microcontroller integration, variable expansion systems, and optimized electronic feedback for enhanced performance.

Brand and Channel Strategies
Manufacturers are strengthening brand positioning through efficient distribution channels and OEM collaborations. Nearly 55% of suppliers establish partnerships with HVAC distributors, building contractors, and refrigeration system manufacturers. These strategies enhance global availability, ensure service support, and expand adoption in residential, commercial, and industrial cooling applications.

Innovation Drivers and Technological Advancements
Nearly 70% of R&D investments are directed toward technological advancements in electronic actuation, data sensing, and real-time pressure regulation. Continuous innovation improves system responsiveness, reduces power consumption, and enhances refrigerant efficiency. Strategic collaboration with IoT developers and sensor manufacturers drives growth in connected, automated, and energy-optimized HVAC ecosystems.

Regional Momentum and Expansion
Asia-Pacific dominates with over 45% of total market share, supported by rapid expansion in smart building construction and industrial cooling demand. Europe contributes nearly 25%, focusing on innovation in green refrigeration and emission-reduction technologies. North America accounts for about 20%, strengthened by partnerships in commercial HVAC retrofits and high-efficiency climate control solutions.

Future Outlook
Electronic Expansion Valves Market is expected to witness steady growth driven by sustainability-focused strategies and advanced automation integration. Around 35% of upcoming partnerships and mergers will focus on product miniaturization, sensor intelligence, and global distribution expansion. Continued technological advancements will redefine energy management, refrigeration precision, and operational reliability across HVAC industries worldwide.

Key players in Electronic Expansion Valves Market include:

  • Danfoss A/S
  • Emerson Electric Co.
  • Parker Hannifin Corporation
  • CAREL Industries S.p.A.
  • Sanhua
  • Fujikoki Corporation
  • DunAn Microstaq
  • Saginomiya Seisakusho, Inc.
  • Castel S.r.l.
  • VOLGA
  • Zhejiang DUNAN Artificial Environment Co., Ltd.
  • Keihin Corporation
  • Siemens AG
  • TGK Co., Ltd.
  • Denso Corporation

In this report, the profile of each market player provides following information:

  • Market Share Analysis
  • Company Overview and Product Portfolio
  • Key Developments
  • Financial Overview
  • Strategies
  • Company SWOT Analysis
  1. Introduction
    1. Research Objectives and Assumptions
    2. Research Methodology
    3. Abbreviations
  2. Market Definition & Study Scope
  3. Executive Summary
    1. Market Snapshot, By Flow
    2. Market Snapshot, By Working Pressure
    3. Market Snapshot, By Material
    4. Market Snapshot, By Application
    5. Market Snapshot, By End-User
    6. Market Snapshot, By Region
  4. Electronic Expansion Valves Market Forces
    1. Drivers, Restraints and Opportunities
      1. Drivers

        1. Rising Awareness About Environmental Sustainability

        2. Government Regulations and Policies

        3. Technological Advancements in HVAC and Refrigeration

      2. Restraints

        1. Complexity of Installation and Maintenance

        2. Limited Awareness in Developing Regions

        3. Availability of Alternative Technologies

      3. Opportunities

        1. Growing Adoption of Renewable Energy Sources

        2. Innovations in EEV Technology

        3. Integration with IoT and Smart Home Devices

    2. PEST Analysis
      1. Political Analysis
      2. Economic Analysis
      3. Social Analysis
      4. Technological Analysis
    3. Porter's Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitutes
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Segmentation
    1. Electronic Expansion Valves Market, By Flow, 2022 - 2032 (USD Million)
      1. Electromagnetic Expansion Valves
      2. Electric Expansion Valves
    2. Electronic Expansion Valves Market, By Working Pressure, 2022 - 2032 (USD Million)
      1. Up To 30 Bar
      2. 30-50 Bar
      3. 50-200 Bar
      4. Above 200 Bar
    3. Electronic Expansion Valves Market, By Material, 2022 - 2032 (USD Million)
      1. Stainless Steel
      2. Copper
      3. Brass
    4. Electronic Expansion Valves Market, By Application, 2022 - 2032 (USD Million)
      1. Air Conditioning
      2. Refrigeration
      3. Others
    5. Electronic Expansion Valves Market, By End-User, 2022 - 2032 (USD Million)
      1. Industrial Facilities
      2. Commercial Buildings
      3. Retail Outlets & Warehousing
      4. Residential Buildings
      5. Automotive
        1. OEM
        2. Aftermarket
    6. Electronic Expansion Valves Market, By Geography, 2022 - 2032 (USD Million)
      1. North America
        1. United States
        2. Canada
      2. Europe
        1. Germany
        2. United Kingdom
        3. France
        4. Italy
        5. Spain
        6. Nordic
        7. Benelux
        8. Rest of Europe
      3. Asia Pacific
        1. Japan
        2. China
        3. India
        4. Australia & New Zealand
        5. South Korea
        6. ASEAN (Association of South East Asian Countries)
        7. Rest of Asia Pacific
      4. Middle East & Africa
        1. GCC
        2. Israel
        3. South Africa
        4. Rest of Middle East & Africa
      5. Latin America
        1. Brazil
        2. Mexico
        3. Argentina
        4. Rest of Latin America
  6. Competitive Landscape
    1. Company Profiles
      1. Danfoss A/S
      2. Emerson Electric Co.
      3. Parker Hannifin Corporation
      4. CAREL Industries S.p.A.
      5. Sanhua
      6. Fujikoki Corporation
      7. DunAn Microstaq
      8. Saginomiya Seisakusho, Inc.
      9. Castel S.r.l.
      10. VOLGA
      11. Zhejiang DUNAN Artificial Environment Co., Ltd.
      12. Keihin Corporation
      13. Siemens AG
      14. TGK Co., Ltd.
      15. Denso Corporation
  7. Analyst Views
  8. Future Outlook of the Market