DUBLIN–(BUSINESS WIRE)–The “EGR Valves Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type, Application, and Vehicle Type” report has been added to ResearchAndMarkets.com’s offering.
The EGR valves market is projected to reach US$ 1,183.21 million by 2028 from US$ 909.19 million in 2021; it is expected to grow at a CAGR of 3.8% from 2021 to 2028.
Vehicle manufacturing, one of the most important industries in the world, is growing due to the rising sales of vehicles, a surge in the manufacturing and sale of self-powered automobiles, and the increasing need for emission-free technologies.
Collaborations, mergers and acquisitions, expansions, and technology launches are the common strategies adopted by automobile businesses. Leading players invest strategically in research and development, and expansion plans.
For example, in August 2021, the Indian government unveiled a one-of-a-kind program called the Automotive Mission Plan to increase the automotive sector’s contribution to the national GDP to 12%, creating ~50 million new employments. The automobile industry in India is critical to the country’s goal of becoming a US$ 5-trillion economy.
Several multinational car brands are now available in the Indian market, and the government is encouraging these companies to promote alternative fuel vehicles. Hence, the expansion of the automotive industry is opening new avenues for vehicle component manufacturers.
Key Market Dynamics
Market Drivers
- Growing Demand for Commercial Vehicles
- Increasing Demand for Emission Reducing Technology
Market Restraints
- Stringent Rules Imposed by Governments
Market Opportunities
- Growing Automotive Industry
Future Trends
- Technological Innovations
Company Profiles
- BorgWarner Inc
- Continental AG
- Nissens Automotive A/S
- Denso Corporation
- KORENS. Co., LTD
- Mahle GmbH
- Mitsubishi Electric Corporation
- Rheinmetall Automotive AG
- Tenneco Inc.
- Valeo
For more information about this report visit https://www.researchandmarkets.com/r/a50l9w
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