Press release
Exhaust Heat Recovery System Market Expected to Reach $28.7 Billion by 2031
According to a new report published by Allied Market Research, titled, "Exhaust Heat Recovery System Market," The exhaust heat recovery system market was valued at $16.1 billion in 2021, and is estimated to reach $28.7 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.Asia-Pacific dominated the market in terms of revenue, followed by Europe, North America, and LAMEA. China dominated the exhaust heat recovery system market in 2021. The rapid growth of the automobile sector across all segments along with growing customer inclination toward advanced fuel-efficient vehicles propels the growth of the market.
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The prominent key factors that drive the growth of the exhaust heat recovery system market are increase in demand for engine performance and fuel efficiency and engine downsizing to reduce vehicle weight. The market economy is also responsible for the growth of the market. Countries such as China, India, Brazil, and South Africa are developing economies. Thus, the manufacturing sector witnessed prominent growth in these countries, which is expected to provide lucrative opportunities for the growth of the automotive industry which in turn is expected fuel the market. In addition, in some undeveloped countries, there is an increase in the production and sales of vehicles, which is expected to boost the exhaust heat recovery system market.
Exhaust heat recovery system market is segmented on the basis of technology, mode, vehicle type, component, and region. On the basis of technology, it is divided into conventional technology, and future technology. By mode, it is divided into exhaust gas recirculation (EGR), turbocharger, organic Rankine cycle, and thermoelectric generator. By vehicle type, it is segmented into passenger car, light commercial vehicle, truck, and buses. By component, it is divided into EGR component, turbocharger component, organic Rankine cycle component, and thermoelectric generator component. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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KEY FINDINGS OF THE STUDY
By technology, the future technology segment is expected to register a significant growth during the forecast period.
By mode, the thermoelectric generator segment is projected to lead the global exhaust heat recovery system market
By vehicle type, the Buses segment is projected to lead the global exhaust heat recovery system market
By component, the thermoelectric generator component segment is projected to lead the global exhaust heat recovery system market
Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
The key players that operate in this exhaust heat recovery system market are Aisin Corporation, Borgwarner Inc., Calsonic Kansei Corporation (Marelli Holdings Co., Ltd.), CDTi Advanced Materials Inc., Continental AG, Dana Limited, Denso Corporation, Eberspächer Gruppe GmbH & Co. KG, Faurecia, Garrett Motion Inc., IHI Corporation, Katcon SA de C.V., MAHLE GmbH, Mitsubishi Heavy Industries, Ltd., Schaeffler AG, Tenneco Inc., and Valeo.
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About Allied Market Research
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of ""Market Research Reports"" and ""Business Intelligence Solutions."" AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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