Press release
Automotive Exhaust Gas Recirculation Market Set To Hit $19242 Million By 2023: Industry Size, Share, Competitive Landscape, and Regional Analysis Report
Global Automotive Exhaust Gas Recirculation Market Highlights:
Automotive Exhaust Gas Recirculation system is a technique, which helps in reducing and controlling the nitrogen oxide emission in gasoline and diesel powered vehicles. The global Automotive Exhaust Gas Recirculation system market has experienced a potential growth over the past few years. It has been projected that the market will grow at the same pace during the forecast period. The market looks promising during the forecast period due to the major factors such as booming automotive industry, expansion of global players into emerging nations and growing urbanization. The major trends and opportunities in the Automotive Exhaust Gas Recirculation system market are the combination of Automotive Exhaust Gas Recirculation and selective catalytic reduction (SCR) systems and emerging economies. However, the major challenges that restrain the market growth are the availability of substitute, pricing pressure, and strict government regulations for certification of Automotive Exhaust Gas Recirculation systems.
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The Automotive Exhaust Gas Recirculation systems market is completely dependent on the automobile industry. Thus, the rise or decline in demand of the automotive industry directly has an impact on the market. The total volume of four wheeler production, across the globe, in 2015, was almost 90 million units and is expected to witness further boost, and reach more than 100 million units, by the year 2020. Moreover, the increase in sales of new vehicles has mainly been because of competitive and diverse options available for finance. The availability of finance has eased the purchase of vehicles, due to which there has been a rise in the use of Automotive Exhaust Gas Recirculation systems. Other factors responsible for the increase in vehicle sales, are the macroeconomic development and the rise in the global middle class consumers. These factors primarily drive the Automotive Exhaust Gas Recirculation systems market growth, gaining prevalence in recent times, with technological developments and rapidly increasing disposable income among consumers.
Global Automotive Exhaust Gas Recirculation systems are expected to have a very broad market in the coming years. MRFR analysts have predicted that the passenger car segment is about to be valued at USD 19,242.3 million by the year 2023. Geographically, Asia Pacific is a major revenue generator in the global Automotive Exhaust Gas Recirculation systems market, China being one of the most attractive markets for manufacturers. North America is the second leading region in terms of revenue, whereas Europe stood as the third leading region.
The global Automotive Exhaust Gas Recirculation system market has been segmented based on product type, vehicle type and application. On the basis of product type the market is segmented as EGR valve, EGR cooler and EGR pipe. Of all product types EGR valve segment is expected to dominate the market. On the basis of vehicle type, it is segmented as passenger car, light commercial vehicle and heavy commercial vehicle. Rising demand of passenger car among large pool of population, and expansion of global auto-manufacturers into new emerging markets, act as major factors for the growth of this segment. By applications the market has been segmented as diesel-powered vehicle and gasoline-powered vehicle.
Geographic Analysis:
The global Automotive Exhaust Gas Recirculation system, by region, has been segmented into the four major regions of North America, Europe, Asia Pacific and Rest of the World. Over the last couple of years, the automotive industry has flourished globally, with several technologies emerging in the market. Geographically, Asia Pacific region has been the largest market for automotive exhaust gas recirculation system in 2016, followed by North America and Europe. Asia Pacific region has registered the fastest growing region due to the presence of emerging economies such as China, India, South Korea, and Japan. Moreover, several automotive giants have been focusing on this region, and have planned to expand their operations in the Asia Pacific region. By the end of forecast year, the global market is expected to witness cut throat competition between North America and Europe, in terms of revenue and market share.
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