EGR Valves Market Growth Parameters, Opportunities and Demand Analysis By 2028

The EGR valves 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 accelerated pace of industrialization and commercialization in developing countries such as India, China, and Brazil owing to the rising number of infrastructural and industrial projects has led to a huge market for ICE-based commercial vehicles such as heavy-duty trucks, bulldozers, and trailers. Since commercial vehicles are a major source of emissions from the automotive industry, their remarkable sales create a high demand for components such as EGR valves to control the quality and volume of emissions, and increase the fuel efficiency of these vehicles.

The global EGR valves market is dominated by major players that collectively account for a huge share of the overall market. These companies are strategically focused on the introduction of innovative, high-efficiency products, as well as merger and acquisition activities.

The List of Companies - EGR Valves Market
BorgWarner Inc
Continental AG
Nissens Automotive A/S
Denso Corporation
KORENS. Co., LTD
Mahle GmbH
Mitsubishi Electric Corporation
Rheinmetall Automotive AG
Tenneco Inc.
Valeo

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The expansion of the industrial sector, particularly in developing countries, generated a large number of employment positions in various industries, including construction, mining, and tourism. The increase in job opportunities also leads to increased commuters, which significantly impacts public transportation demand and boosts vehicle manufacturing. These factors are fueling the growth of EGR valve providers.

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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.

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This release was published on openPR.