According to a new report published by Allied Market Research, titled, “Exhaust Heat Recovery System Market,” The exhaust heat recovery system market was valued at $16.1 billion in 2021, and is estimated to reach $28.7 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.
Asia-Pacific dominated the market in terms of revenue, followed by Europe, North America, and LAMEA. China dominated the exhaust heat recovery system market in 2021. The rapid growth of the automobile sector across all segments along with growing customer inclination toward advanced fuel-efficient vehicles propels the growth of the market.
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COVID-19 Impact Analysis
- The COVID-19 outbreak forced governments across the globe to implement stringent lockdowns and ban import–export of essential raw material items for most of 2020, and few months in 2021. This led to sudden decline in availability of important raw materials for vehicle components.
- As a result of interrupted supply chains and production schedules caused by the COVID-19 pandemic, aviation production and sales suffered severely, which, in turn, negatively impacted the market for exhaust heat recovery system market in 2020.
- The sales of exhaust heat recovery system are inextricably linked to global automotive manufacturing and sales operations. If the global lockdowns are extended, production losses are expected to grow. In the third quarter of 2020, global automobile production fell by 22.3% compared to the third quarter of 2019. Furthermore, global light vehicle sales have decreased by almost 20% from 6,335 thousand units in February 2019 to 5,077 thousand units in February 2020. The pandemic has had a negative impact on exhaust heat recovery system suppliers due to the decreased sales and manufacturing of vehicles.
- However, vaccination enabled lowering of barriers to economic activity, as well as domestic and international travel. As the restrictions lifted, travel recovered quickly leading to increase in vehicle commutation, which is expected to boost the exhaust heat recovery system market
- Severe measures and restrictions across the world were slowly eased as COVID-19 cases started declining worldwide. The production of vehicles was stunted globally, owing to the pandemic yet the automotive manufacturers focused on development of new products and announced strategic expansion and collaboration across the industry.
- These factors were responsible for fluctuation in sales of exhaust heat recovery system across the world. The progressive reduction in severe restrictions measures is anticipated to promote growth in sales of the exhaust heat recovery system market and aid to bounce back the demand for exhaust heat recovery system.
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KEY FINDINGS OF THE STUDY
- By technology, the future technology segment is expected to register a significant growth during the forecast period.
- By mode, the thermoelectric generator segment is projected to lead the global exhaust heat recovery system market
- By vehicle type, the Buses segment is projected to lead the global exhaust heat recovery system market
- By component, the thermoelectric generator component segment is projected to lead the global exhaust heat recovery system market
- Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
The key players that operate in this exhaust heat recovery system market are Aisin Corporation, Borgwarner Inc., Calsonic Kansei Corporation (Marelli Holdings Co., Ltd.), CDTi Advanced Materials Inc., Continental AG, Dana Limited, Denso Corporation, Eberspächer Gruppe GmbH & Co. KG, Faurecia, Garrett Motion Inc., IHI Corporation, Katcon SA de C.V., MAHLE GmbH, Mitsubishi Heavy Industries, Ltd., Schaeffler AG, Tenneco Inc., and Valeo.
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About Allied Market Research
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