LONDON--(BUSINESS WIRE)--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.
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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