EGR Valves Market to Reach US$ 1,183.21 Million, Globally, by 2028 at 3.8% CAGR: The Insight Partners

Pune, INDIA, MAY, 19, 2022 /MarketWatch/–The Insight Partners published the latest research study on “EGR Valves Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type (Electric EGR Valves and, Pneumatic EGR Valves), Application (Gasoline Engine, and Diesel Engine), and Vehicle Type (Passenger Cars, LCV, MCV, and HCV)”, the global EGR Valves market is expected to grow from US$ 909.19 million in 2021 to US$ 1,183.21 million by 2028; it is estimated to grow at a CAGR of 3.8% from 2021 to 2028.

Growing Demand for Commercial Vehicles Increasing Demand for Emission Reducing Technology

Vehicle manufacturing, one of the most important industries in the world, is growing due to the rising sales of vehicles, a surge in the manufacturing and sale of self-powered automobiles, and the increasing need for emission-free technologies. Collaborations, mergers and acquisitions, expansions, and technology launches are the common strategies adopted by automobile businesses.

Report Coverage: Details

Market Size Value in      US$ 909.19 Million in 2021

Market Size Value by     US$ 1,183.21 Million by 2028

Growth rate       CAGR of 3.8% from 2021 to 2028

Forecast Period 2021-2028

Base Year         2021

No. of Pages     291

No. Tables        88

No. of Charts & Figures 79

Historical data available Yes

Segments covered        Type, Application, and Vehicle Type

Regional scope North America; Europe; Asia Pacific; Latin America; MEA

Country scope   US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage           Revenue forecast, company ranking, competitive landscape, growth factors, and trends

EGR Valves Market: Competitive Landscape and Key Developments

BorgWarner Inc; Continental AG; Nissens Automotive A/S; Denso Corporation; KORENS. Co., LTD.; Mahle GmbH; Mitsubishi Electric Corporation; Rheinmetall Automotive AG; Tenneco Inc.; and Valeo are a few major players operating in the EGR valves market.

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Growing Automotive Industry Driving EGR Valves Market Growth

Vehicle manufacturing, one of the most important industries in the world, is growing due to the rising sales of vehicles, a surge in the manufacturing and sale of self-powered automobiles, and the increasing need for emission-free technologies. Collaborations, mergers and acquisitions, expansions, and technology launches are the common strategies adopted by automobile businesses. Leading players invest strategically in research and development, and expansion plans. For example, in August 2021, the Indian government unveiled a one-of-a-kind program called the Automotive Mission Plan to increase the automotive sector’s contribution to the national GDP to 12%, creating ~50 million new employments. The automobile industry in India is critical to the country’s goal of becoming a US$ 5-trillion economy. Several multinational car brands are now available in the Indian market, and the government is encouraging these companies to promote alternative fuel vehicles. Hence, the expansion of the automotive industry is opening new avenues for vehicle component manufacturers.

Due to lockdowns, travel bans, and company lockdowns, the COVID-19 situation is harming economies and industries in a number of countries. Supply chain breakdowns and office closures are causing major disruptions in the global material supplier business. China, for example, is a global industrial hub and a major exporter of raw materials to a variety of industries; it is also one of the most severely affected countries. The closure of several Chinese companies and factories has hampered worldwide supply chains, causing delays in manufacturing, delivery schedules, and material sales. Several corporations have warned of possible delays in product deliveries and a drop in future revenues. All of these reasons are expected to put a damper on the worldwide automotive EGR valves market.

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Key Findings of Study:

The EGR valves market is segmented on the basis of type, application, vehicle type, and geography. Based on type, the market is bifurcated into electric EGR valves and pneumatic EGR valves. The pneumatic EGR valves segment led the EGR valves market in 2021. Based on application, the EGR valves market is sub segmented into gasoline engine and diesel engine. The diesel segment led the market in 2021. On the basis of vehicle type, the EGR valves market is segmented into passenger cars, LCV, MCV, and HCV. In terms of geography, the EGR valves market is further segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2021, North America accounted for a significant share of the market.

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