Exhaust Heat Recovery System Market: Industry Size, Growth, Revenue, Statistics and Forecast 2022-2030
Exhaust Heat Recovery System Market-Overview
The developments in stringent emission regulations globally are estimated to motivate the Exhaust Heat Recovery System Market in 2022. The exhaust heat recovery system market, in terms of value, is projected to reach USD 44,617.48 million, registering an 8.1% CAGR during the forecast period. The upsurge in demand for diesel vehicles is projected to bolster the exhaust heat recovery system market share considerably in the forecast period. The increased inclination towards the commercial vehicle segment is estimated to bolster the exhaust heat recovery system market stake.
Exhaust Heat Recovery System Market Competitive Analysis
The expansion of the market has currently come close to a standstill with government agencies and trade bodies, introducing a stimulus to pick up the pace of development in the global market. Current disequilibrium in the market forces has led to the market players adopting a more cautious approach to growth and development strategies. The planning and forecasting for human capital in the market is estimated to be a crucial area for focus in the years ahead.
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Advances in production style and technologies are estimated to gain precedence in the coming years as areas of innovation. The support provided by regulations is estimated to stave off the effects of the downturn considerably in the coming period. The recalibration of the supply chain is estimated to be another area for market expansion in the upcoming period. The currency inflow is estimated to be restricted in the upcoming period, which may create further problems for the overall market growth.
Continental (Germany), Tenneco Inc. (U.S.), Denso (Japan), Valeo (France), Dana (U.S.), Mitsubishi Electric (Japan), Delphi Technologies (U.K.), Faurecia (France), Mahle (Germany), Calsonic Kansei (Japan), Hitachi Ltd. (Japan), Bosal (Belgium), Borgwarner Inc. (U.S.) are a few of the illustrious companies competing in the exhaust heat recovery system market.
Exhaust Heat Recovery System Market Segmental Analysis
The stringent government emission regulations and a rising focus on reducing carbon footprints in various countries across the globewill spur market growth. The global market for exhaust heat recovery systems has been segmented based on components, vehicle type, and technology.Based on component, the global exhaust heat recovery system market has been segmented into turbine, teg module, compressor, evaporator, EGR valve & cooler, condenser, and others.
The turbine segment is expected to grow at the fastest rate during the forecast period. In 2019, the turbine segment held 22.4% of the global exhaust heat recovery systems market.
Based on vehicle type, the global exhaust heat recovery system market has been segmented into passenger car, HCV, and LCV. The HCV segment is expected to grow at the fastest rate during the forecast period. In 2019, the passenger car segment held a 70.4% share of the global exhaust heat recovery systems market.
Based on technology, the global exhaust heat recovery system market has been segmented into exhaust gas recirculation (EGR), thermoelectric generator (TEG), organic rankine cycle (ORC), turbocharger, and others. The other segment is expected to grow at the fastest rate during the forecast period. In 2019, the EGR segment held 35.4% of the global exhaust heat recovery systems market.
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Regional Analysis
Based on region, the global exhaust heat recovery system market report has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
China is one of the leading vehicle manufacturers in the world. In addition to this, the country also focuses on reducing vehicle emissions. For instance, China’s current nationwide light-duty vehicle emission standard is China 5 (Euro V). In December 2016, the Ministry of Environmental Protection issued the final version of the China 6 standard for gasoline and diesel vehicles. All these factors are boosting the exhaust heat recovery system market in the region.
The presence of leading exhaust heat recovery system manufacturers such as Denso Corporation, Mitsubishi Electric, and Calsonic Kansei is boosting the growth of the exhaust heat recovery system in the region. The large automotive industry of the country is also contributing to the growth of the market in Japan. India’s automotive industry contributes a considerable amount to the country’s GDP. Consumers are becoming increasingly aware of fuel-efficient vehicles and the environmental impact of vehicle emissions. This is consequently boosting the growth of the market for exhaust heat recovery systems in the country.
The continuous focus of the US Government to reduce the carbon footprints is projected to boost the market for exhaust heat recovery systems. According to the US Energy Information Administration, the US CO2 emissions in 2019 were the lowest they have been since 1992. The per capita emissions were lower in 2019 than they have been at any time since 1950. In addition to this, the strict regulations on vehicle emissions are also fueling the market growth in the US.
The exhaust heat recovery system market is driven by the focus on reducing greenhouse gas in Canada. For instance, the first mandatory program was introduced in October 2010, when Environment Canada published the Passenger Automobile and Light Truck Greenhouse Gas Emission Regulations. The regulations introduced progressively more stringent annual emission standards for light-duty vehicles of model years 2011–2016, in alignment with those of the US EPA/NHTSA.
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