Automotive Exhaust Gas Heat Recovery System to Grow at 45% CAGR Through 2022| Technavio
Technavio
market research analysts forecast the global
automotive exhaust gas heat recovery (EGHR) system market to
grow at a CAGR of over 45% during the period 2018-2022, according
to their latest report.
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Technavio has published a new market research report on the global automotive exhaust gas heat recovery (EGHR) system market from 2018-2022. (Graphic: Business Wire)
In this report, Technavio highlights the development of hybrid drive
system based on the Rankine cycle for energy regeneration as one of the
key emerging trends in the global
automotive exhaust gas heat recovery system market. In order to
improve the range of hybrid EVs, vehicle manufacturers are developing
energy regeneration systems. These vehicles come with internal
combustion powertrains, which are supported by electric drive
powertrains. ICEs increase the range of hybrid EVs. Vehicle
manufacturers are developing hybrid drive systems based on the Rankine
cycle to regenerate electric power by harnessing heat energy from the
vehicle exhaust and converting it into electrical energy for recharging
electric batteries. Companies such as Honda Motorcycle are developing
hybrid-EVs using the Rankine cycle system for regenerating electrical
energy from the exhaust heat.
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In this report, Technavio analysts highlight the increased preference
for fuel-efficient vehicles as a key factor contributing to the growth
of the global automotive exhaust gas heat recovery system market:
Increased preference for fuel-efficient vehicles
Governing bodies are implementing fuel-efficiency standards for
passenger cars and commercial vehicles owing to factors such as the
depleting global oil reserves and fluctuating crude oil prices. These
initiatives will help in decreasing the dependency on fossil fuels.
Automobile manufacturers are developing technologies to increase the
efficiency of gasoline and diesel engine vehicles. This resulted in the
development and adoption of EGHR technologies in passenger cars and
commercial vehicles.
According to a senior analyst at Technavio for automotive
components, “Engine operations create a large amount of heat.
Heat is used by vehicle engines to warm engine oils, selective catalytic
reduction technologies, cabin heaters, window defogging systems, and
other automotive systems. Car manufacturers are developing technologies
to recover heat generated during engine operations and use it for
warming and heating several automotive systems, which will increase
engine and fuel efficiency. The installation of EGHR systems during the
forecast period is expected to increase owing to the growing preference
for fuel-efficient vehicles.”
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Global automotive exhaust gas heat recovery
system market – segmentation analysis
This market research report segments the global
automotive exhaust gas heat recovery system market into the
following applications (passenger cars and commercial vehicles) and key
regions (the Americas, APAC, and EMEA).
Of the two major applications, the passenger cars segment held the
largest market share in 2017, accounting for nearly 69% of the market.
The market share for this application is expected to witness a
tremendous increase of nearly 24% by 2022. The fastest growing
application is passenger cars, which will account for nearly 93% of the
total market share by 2022.
The Americas was the leading region for the global automotive exhaust
gas heat recovery system market in 2017, accounting for a market share
of nearly 40%. By 2022, the Americas will continue dominating the market
and register a market growth of nearly 10%.
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