Exhaust Heat Recovery System Market Size, Share, Growth Analysis, By Technology (Conventional and Future Technology), By Mode(Exhaust Gas Recirculation (EGR), Turbocharger), By Vehicle Type(Passenger Cars, Light Commercial Vehicles), By Component(EGR Component, Turbocharger Component), By Application(Automotive, Industrial) - Industry Forecast 2024-2031

Global Exhaust Heat Recovery System Market size was valued at USD 17.08 Billion in 2022 and is poised to grow from USD 18.12 Billion in 2023 to USD 29.11 Billion by 2031, growing at a CAGR of 6.1% in the forecast period (2024-2031).

Exhaust heat recovery system is a technology that uses wasted energy/heat to power an engine and improve engine efficiency by recycling exhaust gases Energy dissipation improves and reduces overall efficiency the greenhouse gas emissions of the vehicle. Exhaust heat recovery system uses various components such as turbochargers and exhaust gas recirculation systems, which have a high penetration in diesel & gasoline powered vehicles.

Factors such as increasing engine performance & fuel efficiency requirements and decreasing engine size to reduce vehicle weight are expected to drive the growth of the global exhaust heat recovery system market during the forecast period. However, increasing demand for battery electric vehicles and issues related to exhaust heat recovery systems are expected to restrain the growth of the global market during the forecast period. Furthermore, the demand for turbochargers in developing economies and increasing production of automobiles are anticipated to create a market opportunity soon manufacturing.