Exhaust Heat Recovery System Market: An Emerging Market with Attractive Growth Opportunities
The report "Exhaust
Heat Recovery System Market by Technology (EGR, Turbocharger, ORC,
TEG), Component (EGR Valve & Cooler, Turbine, Compressor, Evaporator,
Condenser, TEG Module), Vehicle (PC, LCV, Truck, Bus, Hybrid, OHV) and Region -
Global Forecast to 2025", The global exhaust heat recovery system market,
in terms of value, is expected to grow at a CAGR of 10.38% during the forecast
period. The market in 2018 is estimated to be USD 32.54 billion and is
projected to reach USD 64.94 billion by 2025. Technologies such as EGR and
turbocharger help in achieving reduced emissions and improvement in performance
of the vehicle without influencing the vehicle performance. The growth of the
exhaust heat recovery system market is influenced by factors such as the
increasing production of commercial vehicles where turbochargers and EGR are
standard fitments. Even future technology like ORC is expected to get
commercialized for commercial vehicles first. In addition to that, due to
stringent emission norms, EHRS technologies are getting rapid acceptance in
gasoline vehicles too.
“Hybrid electric vehicle segment is projected
to be the largest and fastest growing market for EHRS, by electric and hybrid
vehicle type”
The increasingly stringent
vehicle emission control regulations imposed by governments, growing
environmental concerns, volatile oil prices, and increasing consumer awareness
about hybrid vehicles are causing a paradigm shift in the automobile industry.
Automotive OEMs and tier-1 are investing a huge amount of money in research and
development to improve the efficiency of hybrid vehicles by developing new and
efficient technologies like the exhaust heat recovery system. The hybrid vehicle
has more scope for heat recovery as it has both ICE engine and batteries. The
technologies like thermoelectric generator can reuse the heat from the
batteries and it can be converted into electricity for auxiliary purposes. Due
to the scope of heat recovery, hybrid vehicles are expected to be the largest
market for the exhaust heat recovery system.
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“Passenger car is projected to
be the largest and fastest growing market for EHRS, by vehicle type”
Due to stringent emission norms,
the majority of diesel passenger cars are equipped with EHRS technologies such
as EGR and turbocharger, and the trend for gasoline vehicle is also increasing.
The passenger car segment is estimated to be the largest and the fastest
growing for the exhaust heat recovery system market because of the higher
production of passenger cars compared to commercial vehicles. The global
production of passenger cars increased by 20% from 2011 to 2016 from 59.9
million units to 72.1 million units. The production of passenger cars is also expected
to increase at a significant rate from 2018 to 2025. The production of
passenger cars in Asia Oceania is the highest with more than 46.0 million
units, followed by Europe with more than 17.6 million units. The rapidly
growing vehicle production and stringent emission norms will boost the EHRS
market for the passenger car segment particularly in countries such as China,
Germany, and India among others.
“EGR cooler is projected to be
the largest market for EHRS, by component”
EGR consists of 2 components,
namely, EGR valve and EGR cooler. EGR cooler cools the exhaust gases before
they are recirculated into the intake manifold, which reduces the combustion
temperature, preventing valve clatter, and detonation. Since NOx gases are
mainly produced at a high temperature, EGR cooler allows a reduction in the NOx
gas generation. EGR cooler contributes the major share of the total EGR cost,
which is higher than other components. Due to these reasons, EGR cooler is
expected to be the largest market for EHRS. EGR coolers are more costly for
heavy-duty vehicles as the temperature of exhaust gas is very high compared to
that in passenger cars and LCVs.
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Key Market Players:
The exhaust heat recovery system
market for automotive is dominated by a few globally established players such
as BorgWarner (US), Continental (Germany), Faurecia (France), Denso (Japan),
and MAHLE (Germany). These companies developed new products, adopted expansion
strategies, obtained supply contracts, established collaborations &
partnerships, and used mergers & acquisitions to gain traction in the
exhaust heat recovery system market.
Critical Questions:
- How would OEM see the exhaust heat recovery system
technology as a product differentiator?
- How are the industry players addressing the challenge
of EHRS technology?
- Does the addition of electric fleets impact EHRS
sales?
- What are the top strategies adopted by key
manufacturers to increase their revenues?
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