According to our latest market study on "EGR Valves Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Application, and Vehicle Type," the 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.
Growing Automotive Industry Driving EGR Valves Market Growth
The vehicle manufacturing industry is an essential sector globally. It is growing due to several factors, such as increased sales of vehicles, a surge in manufacturing and sales of self-powered automobiles, and a rising demand for emission-free technologies. Automobile businesses often employ collaborations, mergers and acquisitions, expansions, and technology launches. Leading players invest in research and development as well as expansion plans. For instance, in August 2021, the Indian government introduced the Automotive Mission Plan, a unique program to increase the automotive sector's contribution to the national GDP to 12% and create approximately 50 million new employment opportunities. This plan is critical to India's goal of becoming a US$ 5 trillion economy, and the government is encouraging multinational car brands to promote alternative fuel vehicles in the Indian market. Therefore, the growth of the automotive industry is creating new opportunities for vehicle component manufacturers.
The COVID-19 pandemic has significantly impacted economies and industries across multiple countries due to lockdowns, travel bans, and company closures. The global material supplier business is experiencing significant disruptions caused by supply chain breakdowns and office closures. China, a global industrial hub and a major raw material exporter to various industries has been severely affected. The closure of Chinese companies and factories has resulted in delays in manufacturing, delivery schedules, and material sales, causing disruptions in worldwide supply chains. Many corporations have warned of possible product delivery delays and a decline in future revenues. These factors are expected to affect the worldwide automotive EGR valves market adversely.
Key Findings of Study:
The COVID-19 pandemic has significantly impacted economies and industries across multiple countries due to lockdowns, travel bans, and company closures. The global material supplier business is experiencing significant disruptions caused by supply chain breakdowns and office closures. China, a global industrial hub and a major raw material exporter to various industries has been severely affected. The closure of Chinese companies and factories has resulted in delays in manufacturing, delivery schedules, and material sales, causing disruptions in worldwide supply chains. Many corporations have warned of possible product delivery delays and declining future revenues. These factors are expected to affect the worldwide automotive EGR valves market adversely.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com