June 26, 2020
According to the research report titled ‘EGR Cooler Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type; Engine Type; Vehicle Type, available with Market Study Report LLC, the global EGR cooler market was worth USD 511.6 million in 2019 and is expected to amass USD 527.8 million by the year 2027, growing with a CAGR of 1.5% over 2020-2027.
With the advent of environmental issues like global warming, the automobile exhaust gas regulations have become stricter across the globe. Aa a result of this, several exhaust gas reduction technologies are developed to comply with emission mitigation regulations.
Earlier, the mass production of exhaust gas regulation coolers was done using stainless steel which is a costly and heavy material. Nowadays, the coolers are required to perform efficiently as well as be compact. Adding aluminum to stainless steel improves heat transfer and makes the products lightweight. Materials such as aluminum are likely to become an ideal choice for production of traditional exhaust gas regulation coolers in the future.
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The global exhaust gas regulation cooler market is bifurcated based on geography, vehicle type, engine type, and type. In terms of type, the global exhaust gas regulation cooler market is divided into finned exhaust gas regulation coolers and tube exhaust gas regulation coolers.
Considering the geographical landscape, the exhaust gas regulation cooler market is bifurcated into North America, Middle East & Africa, Asia Pacific, Europe, and South America.
North America exhaust gas regulation cooler market is majorly driven by increasing product awareness, expanding transportation infrastructure, and growing number of passenger cars.
According to OICA, US has recorded an increase in the production of commercial vehicles from the year 2018 to 2019 by 12,764,999 in numbers. This in turn is anticipated to boost the demand for exhaust gas regulation cooler in the region, cites the research report.
The global exhaust gas regulation market is highly competitive. The leading companies in this market are expanding their reach by broadening their client base. Various organizations in the market are developing new items for the purpose of retention, leading to availability of enhanced products for their customers.
Speaking of the engine type, the exhaust gas regulation market is segmented into gasoline and diesel. Based on the vehicle type, the market is divided into commercial vehicles and passenger vehicles.
The behemoths in global exhaust gas regulation cooler market are Valeo SA, Senior Flexonics, Rheinmetall Automotive AG, Tokyo Roki Co. Ltd., Tokyo Radiator MFG. Co., Ltd, Maruyasu Industries Co., Ltd., MAHILE GmbH, Korens Co. Ltd., Faurecia, Hanon Systems, erae Automotive Systems Co., Ltd., Denso Corporation, Continental AG, BorgWarner Inc., and Benteler Automotive among others.