PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1064978
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1064978
The global Automotive Exhaust Gas Recirculation Systems market was valued at USD 2,008.6 million in 2020, growing with 8.8% CAGR during the forecast period, 2021-2027.
Exhaust gas recirculation (EGR) is an emission control technology allowing significant NOx emission reductions from most types of diesel engines: from light-duty engines through medium- and heavy-duty engine applications right up to low-speed, two-stroke marine engines.
The increasing number of vehicles on road is one of the crucial factors that drive the growth of the EGR systems market during the forecast period. For instance, according to the Green Car Reports, around 1.2 billion cars are on road presently and is expected to reach 2 billion by 2035. Moreover, the stringent regulations by the government to reduce the impact of pollution is another essential factor that penetrates the growth of the market during the forecast period.
In addition to that, OEMs across the globe are focused to build fuel-efficient automobiles. These steps taken by the automotive industries are expected to boost market growth. However, major restraints and challenges in the growth of the exhaust gas recirculation systems market are the availability of substitutes, strict government, and pricing pressure regulations for certification of exhaust gas recirculation systems.
Based on type, the exhaust gas recirculation systems market is divided into pneumatic EGR valve and electric EGR valve. The pneumatic EGR valve category is likely to capture the maximum industry share during the study period. The growth in the segment is attributed to its advantages such as low cost, lack of mechanical transmission and simplicity. Moreover, it is resistant to high temperatures, especially in the absence of a position sensor (no electrical connection), and the small size and low mass of the overall valve.
Based on application, the exhaust gas recirculation systems market is segmented into diesel engines and gasoline engines. The diesel engines segment is expected to grow at the highest CAGR during the forecast period. Exhaust gas recirculation (EGR) systems are broadly utilized in diesel engine vehicles which include light-duty, medium-duty, and heavy-duty vehicles. In diesel-powered engine vehicles, EGR acts in decreasing nitrogen oxide emissions. Along with this, it additionally allows in improving vehicles performance and average per mile. Hence, the diesel segment is growing at a rapid pace in the global market.
Based on region, the global exhaust gas recirculation systems market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific region is expected to dominate the market during the forecast period. The growth in the region is attributed to the increasing demand for passenger and commercial vehicles. Moreover, several automakers have shifted their focus to the Asia Pacific, which in turn, drive the growth of the market in the region. Besides, Europe is expected to hold a significant market share during the forecast period owing to the increasing government initiatives and rising rules and regulations regarding the pollution which is generated from vehicles. Thus, this region is expected to hold the major market share during the forecast period.
The COVID-19 pandemic significantly impacted various industries such as oil & gas, manufacturing, retail and others due to the lockdown imposed by governments across the globe to limit the spread of the virus. Moreover, the disruption in the supply chain of the product and services is the main cause that affects the market growth during a pandemic. Similarly, the COVID-19 pandemic significantly impacted the growth of the exhaust gas recirculation systems market due to the decline in automotive sales. For instance, according to the International Organization of Motor Vehicle Manufacturers, global auto production in 2020 was severely hit by the COVID-19 crisis with a 16% drop in world auto production. However, due to the ease of the lockdown by the government across the globe, the market will gain momentum in the approaching years.
This proposed research study on the exhaust gas recirculation systems market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2021-2027), considering 2020 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains an attractive investment proposition matrix for the exhaust gas recirculation systems market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the exhaust gas recirculation systems market
The impact of COVID-19 on exhaust gas recirculation systems market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on the exhaust gas recirculation systems market post-COVID will also be covered.
In order to give the users of this report a comprehensive view of the exhaust gas recirculation systems market, we have also included a competitive landscape and key innovator analysis for the exhaust gas recirculation systems market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the exhaust gas recirculation systems market.
In addition, the report also unveils the important acquisitions & mergers, collaborations & joint ventures, new launches, research & development, regional expansion of major participants involved in the market on a global as well as regional level.
The global exhaust gas recirculation systems market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows: