The global EGR valve market is anticipated to grow at substantial CAGR during the forecast period (2018 to 2023), according to a report available on Radiant Insights, Inc. Growing requirement for reduction in harmful emissions from engines of various vehicles is anticipated to propel demand for EGR valve. Exhaust gas recirculation (EGR) valve is likely to offer automobile producers compact, reliable, and cost-effective method to enhance fuel efficiency and reduce emissions. In addition, this valve can also minimize throttling losses, heat reduction, and chemical disassociation in automobiles.
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Increasing use of EGR valve in automobile engines to reduce high temperature and improve fuel efficiency can augment growth of market. Using cooled EGR valve can manage pumping gas to support engine run more efficiently. It thus improves combustion timing for slow burn without knocking and prevent using enriched air or fuel mixtures, which can further conserve fuel. In addition, ability of EGR valve to reduce carbon dioxide and nitrogen oxide emissions along with particulate matter from automobile engines can fuel market growth. Moreover, EGR valve can also deliver high accuracy by measuring valve lift directly. This, in turn can influence growth of market over the forecast period (2018 to 2023).
To cater to rising demand for EGR valve in vehicles, most companies are likely to invest in R&D activities to offer advanced products. For instance, BorgWarner recently introduced its new exhaust heat recovery system (EHRS) to harvest heat that would normally be wasted through heat exhaust system. This new system is expected to be developed for hybrid electric vehicles (HEV’s) and plug-in hybrid electric vehicles (PHEV’s). It is estimated to be compact, cost-effective, and lightweight so that it can be integrated easily into existing vehicles too. Moreover, this low pressure EGR valve can also control temperature in combustion chamber of vehicle’s engine to improve engine efficiency and combustion timing.
The EGR valve market can be segregated on the basis of product, application, and region. Based on product, the market can be categorized into gasoline and diesel. EGR valve is expected to be used more in diesel engines owing to high combustion temperature can compared to petrol engines. This, in turn is likely to surge demand for EGR valve compatible with diesel engines over the forecast period.
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Based on application, the market can be classified into passenger cars, light commercial vehicles (LCV), and heavy commercial vehicles (HCV).
Regional segmentation includes Europe, North America, Asia Pacific, South America, and Middle East & Africa. In past years, North America dominated the market and accounted for largest market share. It is expected to grow at similar pace during the forecast period attributed to prevalence of large number of vehicles in the region. In addition, rising demand for fuel-efficient vehicles in the region can augment growth.
Similarly, Asia Pacific is anticipated to witness significant growth during the forecast period attributed to growth of automobile sector in the region. In addition, growing requirement for fuel injectors that are cleaner can stimulate growth of market over the forecast period.
In Europe, the market is likely to witness remarkable CAGR over the forecast period owing to increasing use of EGR valve in local vehicles. In addition, rising adoption of advanced technologies by manufacturing companies to offer advanced products can stimulate growth of market in the region.
Some of the leading companies offering EGR valves are Mitsubishi Electric, KSPG Group, Continental, Denso, and Delphi.
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