According to our latest market study on “EGR Valves Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Application, and Vehicle Type,” the market is projected to reach US$ 1,183.21 million by 2028 from US$ 909.19 million in 2021; it is expected to grow at a CAGR of 3.8% from 2021 to 2028.
The exhaust gas recirculation (EGR) technology is being utilized in a large number of vehicles as it helps reduce their emission levels. It is a cost-effective, compact, and dependable technique of increasing fuel efficiency, in addition to lowering vehicle emissions. It is quickly gaining traction as a go-to solution for improving the efficiency of gasoline and hybrid propulsion systems. Furthermore, its capacity to improve the efficiency of internal combustion engines in terms of power and fuel economy, and stringent regulations specifying emission limits for automobiles are projected to boost the growth of the EGR valve market. The EGR optimizes intake and exhaust gases, circulating them in the cylinder until they burn completely, thus lowering emissions. Automakers are also replacing traditional systems with EGR systems to meet strict standards rolled out for pollution control.
Further, as the EGR reduces the temperature of the combustion chambers, various tactics aimed at boosting engine efficiency and fuel economy can be implemented. Using cooled EGR valves helps the engines run more efficiently by managing pumping gas, improving combustion timing for a steady burn without knocking, and avoiding the use of enriched fuel/air mixtures, which saves gasoline. Carbon monoxide (CO) and nitrogen oxide (NOx) emissions, as well as particulate matter, are reduced via the EGR valve technology. The EGR valves provide exceptional precision by directly detecting valve lift. They also feature a simple, low-leak design that utilizes fewer parts in the gear train, and operate by reducing sticking. Thus, these valves are emerging as compact, cost-effective solutions with a 25% quicker speed. Hence, the demand for EGR valves is likely to increase in the coming years.
The EGR valves market is segmented on the basis of type, application, vehicle type, and geography. Based on type, the market is segmented into electric EGR valves and pneumatic EGR valves. Based on application, the EGR valves market is further segmented into gasoline engine and diesel engine. The EGR valves market, based on vehicle type, is subsegmented into passenger cars, LCV, and MCV & HCV. Based on geography, the EGR valves market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for a significant share of the overall market.
The emergence and rapid spread of SARS-CoV-2 have paralyzed numerous countries, including developed as well as developing ones. A continuous surge in the count of infected patients has been hampering the progress of several industries worldwide. The COVID-19 pandemic has been affecting economies and industries in various countries as the government authorities had to enact lockdowns, travel bans, and business shutdowns in 2020 to contain the disease spread. The demand for EGR valves also decreased as the key countries purchasing EGR valves avoided investments in these components to be able to utilize a fair percentage of their budget to combat the economic consequences of the pandemic. The temporary shutdown of manufacturing facilities also hindered the EGR valves market growth in 2020. The automotive industry requires a significant number of human laborers; on the other hand, the mode of spread of SARS-CoV-2 through human gathering hampered the operations of the sector. Thus, the overall declining trajectory in the automotive sector reflects in the limited growth of the EGR valves market.
A few of the key players operating in the EGR valves market are BorgWarner Inc; Continental AG; Nissens Automotive A/S; Denso Corporation; KORENS. Co., LTD.; Mahle GmbH; Mitsubishi Electric Corporation; Rheinmetall Automotive AG; Tenneco Inc.; and Valeo.
Report : EGR Valves Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Electric EGR Valves and, Pneumatic EGR Valves), Application (Gasoline Engine, and Diesel Engine), and Vehicle Type (Passenger Cars, LCV, MCV, and HCV)
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