Published on : Feb 14, 2020
Expansion in the automotive industry together with rise in the number of middle class consumers is likely to boost the global automotive exhaust gas recirculation systems market. In addition, technological development has brought in several products that find use in a wide variety of applications, from household to industrial to commercial, is likely to open up new growth avenues for the market in years to come.
There has been a rise in the number of vehicles across the globe owing to modernization and augmented spending capacity of people across the globe. Consequently, this has resulted in the rise in the emission level from the automotive. This factor is likely to influence the global automotive exhaust gas recirculation systems market. These products assist in the reduction of emission from the vehicles. Augmented concern toward environmental pollution together with strict environmental regulations is anticipated to propel the growth of the market in the years to come.
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Eberspächer Climate Control Systems GmbH & Co. KG, DENSO Europe B.V, Airtex Vehicle Electronics, Delphi ANSYS Inc., Friedrich Boysen GmbH & Co. KG, and Automotive LLP are some of the well-known players that have been profiled in the report on global automotive exhaust gas recirculation systems market.
Asia Pacific to come up as a Rapidly Growing Region in the Market
The global automotive exhaust gas recirculation systems market has been divided into the major region of North America, Latin Africa, Europe, Middle East and Africa, and Asia Pacific. Regional segments provide an all-inclusive view of the market with local factors at play.
Considering regions, Asia pacific is likely to hold a prominent share of the global automotive exhaust gas recirculation systems market in foreseeable future. The region is home to nearly 60% of the world population, which stands at around 4.3 billion people. Huge population of the region makes it a highly lucrative market for several products, including automobiles, across the globe. There has been a significant rise in the purchasing capacity of the people of this region, which has led to a massive rise in the number of vehicles plying on the road. More the number of vehicles on road, higher the amount of automobile emissions. This escalates the need for automotive exhaust gas recirculation systems in the region. Countries like India, Indonesia, Japan, China, and Thailand are likely to drive the regional growth.
Rising Level of Air Pollution to Shoot up Demand in the Market
The expansion of the global automotive exhaust gas recirculation systems market is forecasted to be influenced by the growth of the automotive industry. The sale of commercial vehicles and passenger cars have been rising at a substantial pace all over the world. Rapid pace of urbanization and augmented household income has empowered customers with the ability to purchase premium products, including high priced passenger vehicles. These factors are likely to influence the future course of the global automotive exhaust gas recirculation systems market in near future.
Rapid economic development in regions like Asia Pacific and Middle East and Africa are estimated to contribute substantially to the expansion of the commercial and passenger vehicle market in years to come. This will further fuel the global automotive exhaust gas recirculation systems market.
Several countries in the world need the vehicles to adhere to the stringent emission standard as set out by various government bodies. Many countries necessitate the utilization of the exhaust gas recirculation system, which is estimated to shoot up the demand for automotive ECR system.
Furthermore, penetration of advanced Euro emission standards in several developing countries is expected to emerge as one of the vital trends in the market in the years to come. The rising level of air pollution, especially in countries like India and China have made headline in recent past, which is the demand for the product is likely to shoot during the timeframe of forecast.