According to the new research report titled "EGR Cooler Market - Market Forecast to 2027- COVID-19 and Global Analysis," published by The Insight Partners, the market is projected to reach US$ 527.8 million by 2027, registering a CAGR of 1.5% during 2020-2027, the forecast period.
APAC Accounted for Highest Share ofEGR CoolerMarket in 2019
The EGR coolers market in Asia Pacific has been analyzed in the basis of historical, current, and future trends in various countries, including China, Japan, India, South Korea, and Rest of APAC. The EGR coolers market players in the region are experiencing significant demand for their products, the automotive sector being the major contributor to this demand. Most of the countries in the region are economically developing and are focusing majorly on the rising environmental issue; thus, they are focusing their investment in advanced technologies, including EGR sysrems, to precisely deal with this concern.
China and Japan are the frontrunnners in the EGR coolers market in APAC. The key factors raising significant demand in these countries include the steep rise in the production of the passenger as well as commercial vehicles in the region. However, the recent occurrence of the COVID-19 pandemic is impacting the production, export, and sale of vehicles, majorly in China. Previously, in 2019, the automotive manufacturers focused extensively on the development and integration of advanced automotive components to meet the customer requirements, along with tackling the growing environmental issues. For instance, in 2019, Toyota partnered with Chinese automotive major-BYD-for the development of electric vehicles across China. The two automotive manufacturers are working together on the production of electric sedans and sports utility vehicles (SUVs), while collaborating on developing EGR coolers.
A few of the key EGR coolers market players in APAC are ERAE Automotive System, HANAN System, Korens, MARUYASU Industries, and Radiator Mfg. Apart from these market players, several other multinational EGR cooler providers are also operating in the region, and all these companies are together enabling the APAC EGR coolers market growth over the years.
Key findings of study:
Every vehicle requires the specific design of EGR cooler to accommodate in the engine bay. Unlike conventional solutions that must be specially designed for each application, a modular EGR cooler embeds an adaptable standard design for the highest flexibility, covering a wide range of engine sizes from 2.0 to 16.0 L displacement. This type of cooler can be a perfect match for the commercial vehiclessegment, which is a low-production and high-durability segment. This segment also needs highly durable and less complex systems that are easy to mend.
With the continuous growth in the demands for improving fuel consumption, passenger comfort, emissions, and engine, the complexities of thermal management during the cooling task are progressively increasing. The market players are constantly focusing on developing as well as implementing all-inclusive cooling circuit solutions for engines, interior air conditioning systems, and charge air as well as hybrid components, which include the electric motor, power electronics, and battery. Also, with the rising emission standards globally, the implementation of EGR coolers is gradually increasing as these coolers permit the extraction of a portion of the gasses that flow between main exhaust, engine outlet, and turbine, thus cooling the heat exchangers and transferringthe portion back to the intake air downstream of the charge air cooler. Consequently, it lowers the combustion temperature of the engine, thereby decreasing the formation of nitrogen oxides (NOx).