The global Exhaust Heat Recovery System Market, in terms of value, is expected to grow at a CAGR of 10.38% during the forecast period. The market in 2018 is estimated to be USD 32.54 billion and is projected to reach USD 64.94 billion by 2025. The increasing production of passenger cars, stringent emission regulations, and changing customer preferences for greater power generating vehicles will drive the global exhaust heat recovery system market.
Rising stringency in regulations for vehicular emissions, especially in North America, Western Europe, and Japan, is expected to drive the EHRS market. Hence, there has been a significant development in emission control technologies such as aftertreatment devices and EHRS in these regions. Automakers in North America have deployed advanced emission control technologies such as aftertreatment devices, turbochargers, and exhaust gas recovery systems. Also, the Corporate Average Fuel Economy (CAFE) regulations have set the fuel economy standards for vehicle fleet. Till 2016, CAFE average of 35.5 mpg was followed, which has now changed to 54.5 mpg with effect from 2017. Even in developing countries such as China and India, the respective governments are planning to implement emission norms named China IV and BS IV, which are equivalent to Euro norms. Leading manufacturers are focusing on reducing the overall vehicle weight to improve the fuel economy. Also, they are using emission control technologies such as EGR and turbocharger.
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The exhaust heat recovery technologies considered are EGR, turbocharger, ORC, and TEG. EGR and turbocharger are quite mature technologies as the majority of the diesel vehicles are equipped with EGR and turbocharger. In terms of conventional technologies, the turbocharger is expected to be the fastest growing technology. As per the industry experts, in Asia Oceania, implementation of BS-IV and in China, implementation of China IV will boost the market for the exhaust heat recovery system. Companies such as BorgWarner, Dana, Denso, and Continental can use their large customer base to generate revenue from the existing market.
Future technologies like ORC and TEG are under development stage and according to industry experts they are expected to get commercialized by 2020. ORC is expected to be the fastest growing market from 2022 to 2025 during the forecast period. Hence, these can be leveraged by tier1 players to have the upper hand before these technologies get commercialized. Companies like BorgWarner, Dana, Denso, and Continental can use their large customer base to generate revenue from future technologies.
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The US and China are the global leaders in automotive manufacturing. The automotive sectors of these countries are dominated by gasoline vehicles. With the implementation of stringent emission norms, EHRS technologies are being implemented in gasoline vehicles too. North America is expected to be the fastest growing market. In terms of conventional technologies, the installation rate of turbochargers and EGR in passenger cars is the highest in North America as strict emission regulations are in place in this region, and OEMs will have to use these technologies in order to comply with these regulations. Even North America is also a prominent market for future technologies such as ORC and TEG due to its advanced state of technology.
The exhaust heat recovery system manufacturers can tap future technologies such as ORC and TEG as they have a promising market in the near future. The manufacturers can have a significant revenue generation from the EHRS market in North America as well as Europe as these regions are technologically advanced and the high adoption rate of exhaust heat recovery technologies. However, in developing countries like China, and India, it can be a big opportunity for the EHRS manufacturers due to the upcoming stringent emission norms in these countries, which will lead to a higher adoption rate of EHRS technologies.
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