Growing Demand for Diesel Commercial Vehicles to Drive Exhaust Heat Recovery System Market
The global exhaust heat recovery system market is expected to exhibit a strong 10.4% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global exhaust heat recovery system market is mainly driven by the growing awareness about the benefits of exhaust heat recovery systems in enhancing engine performance and reducing the carbon emissions from the vehicle.
Exhaust heat recovery systems are used to redirect the exhaust heat into the engine in order to improve engine performance. The use of exhaust heat recovery systems reduces the warmup time required for engines, enhancing the engine’s performance and reducing emissions. The use of exhaust heat recovery systems such as turbochargers also eliminates the need for larger engine components, allowing smaller engines to deliver comparable performance figures to larger engines operating without exhaust heat recovery systems.
The growing use of turbochargers in passenger cars as well as commercial vehicles is likely to be a major driver for the global exhaust heat recovery system market over the forecast period. The ability to use smaller engines to extract higher power figures with the help of exhaust heat recovery systems has resulted in a growing demand for exhaust heat recovery systems in passenger vehicles, whereas the benefits of exhaust heat recovery systems in terms of fuel consumption are the major driver for the use of these systems in commercial vehicles. The increasing use of diesel engines in passenger as well as commercial vehicles is likely to be a major driver for the global exhaust heat recovery system market over the forecast period.
Competitive Analysis:
Leading players in the global exhaust heat recovery system market include BorgWarner Inc., Tenneco Inc., Bosal, Hitachi Ltd., Mitsubishi Electric, Delphi Technologies, Calsonic Kansei, Dana, Valeo, Denso, Continental, Mahle, and Faurecia.
In July 2018, BorgWarner launched a new exhaust heat recovery system for use in hybrid and plug-in hybrid electric vehicles. The exhaust heat recovery system considerably reduces the emissions from the vehicles, as well as improving the mileage by up to 8.5%. The growing demand for hybrid electric cars is likely to be a major driver for the global exhaust heat recovery system market over the forecast period.
Segmentation:
The global exhaust heat recovery system market is segmented on the basis of component, technology, vehicle type, and region.
By component, the global exhaust heat recovery system market is segmented into EGR valve and cooler, compressor, turbine, evaporator, TEG module, condenser, and others. The EGR valve and cooler segment is the dominant segment in the global exhaust heat recovery system market, whereas the turbine segment is expected to exhibit the fastest growth over the forecast period.
By technology, the global exhaust heat recovery system market is segmented into turbocharger, EGR, ORC, TEG, and others. EGR is the dominant segment in the global exhaust heat recovery system market at present, whereas turbochargers are expected to exhibit the highest growth rate over the forecast period.
By vehicle type, the global exhaust heat recovery system market is segmented into PC, LCVs, trucks, buses, hybrid electric vehicles, and overhead valve engine. Hybrid electric vehicles are the dominant application channel for the exhaust heat recovery system market.
Regional Analysis:
The Americas is likely to be the major regional segment in the global exhaust heat recovery system market over the forecast period due to the growing technological development in the field of exhaust heat recovery systems in the region and the growing demand for diesel commercial vehicles in North America. The U.S. is likely to remain the leading market within the Americas. The growing government support for environmental viability in the automotive sector is likely to drive the exhaust heat recovery system market in the region over the forecast period.
Asia Pacific is likely to exhibit the fastest growth in the global exhaust heat recovery system market over the forecast period due to the growing demand for commercial vehicles in the region as well as the growing automotive manufacturing in the region.
Market reports linked to the automobile industry have been presented by Market Research Future which makes reports on other industry verticals that aims to analyze the current market scenarios better.
On the basis of component, the exhaust heat recovery system market is segmented into turbine, EGR valve & cooler, condenser, evaporator, TEG module, compressor, and others.
Based on technology, the exhaust heat recovery system market is segmented into turbocharger, EGR, ORC, TEG among others.
The segmentation of the market based on vehicle comprises of light commercial vehicle (LCV), PC, hybrid, truck, bus and overhead valve engine (OHV).
The regions included in the exhaust heat recovery system are Europe, Asia Pacific, the Americas, Africa, and the Middle East.Detailed Regional Analysis The regional analysis of the exhaust heat recovery system market globally is segmented into Europe, Asia Pacific, the Americas, Africa, and the Middle East.
Moreover, the flourishing manufacturing sector in the region is expected to profit the exhaust heat recovery system market in the region.
OverviewThe developments in stringent emission regulations globally are estimated to motivate the Global Exhaust Heat Recovery System Market 2020.
The automobile industry reports are produced by Market Research Future, which highlights market options for expansion.
Based on the components, the exhaust heat recovery system market is segmented into TEG module, condenser, EGR valve & cooler, turbine, compressor, evaporator, and others.
On the basis of technology, the exhaust heat recovery system market is segmented into ORC, EGR, turbocharger TEG among others.
Based on the regions, the exhaust heat recovery system market is segmented into Europe, the Americas, Africa, Asia Pacific, the Middle East, and the Rest of the World (ROW).Detailed Regional Analysis The regional investigation of the Exhaust Heat Recovery System Market Size includes regions such as Europe, the Americas, Africa, Asia Pacific, the Middle East, and the Rest of the World (ROW).
Also, the flourishing manufacturing sector in the region is expected to benefit the exhaust heat recovery system market in the region.
