CHICAGO, July 4, 2024 /PRNewswire/ -- Exhaust System
Market is projected to grow at a CAGR of 3.6% during the forecast
period, from an estimated USD 32.9
billion in 2024 to USD 40.6
billion by 2030, according to a new report by
MarketsandMarkets. Growing vehicle emissions are leading to
stringent emission and fuel economy regulations, and the growing
penetration of after-treatment devices in combinations is boosting
the growth of the exhaust system market. Further, With an
increasing focus on fuel efficiency and performance optimization,
automakers continuously strive to improve fuel economy and reduce
emissions to meet consumer demands and regulatory requirements. As
a result, there is a growing demand for lightweight and
high-performance exhaust systems that can enhance vehicle
performance while minimizing fuel consumption and emissions.
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Browse in-depth TOC on "Exhaust System
Market"
355 - Tables
66 - Figures
339 -
Pages
Exhaust System Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
USD 32.9
billion
|
Estimated Value by
2030
|
USD 40.6
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 3.6%
|
Market Size Available
for
|
2019–2030
|
Forecast
Period
|
2024-2030
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
OE by after-treatment
device, OE by component, OE by vehicle type, aftermarket by
after-treatment device, OE by off-highway vehicle, off-highway by
after-treatment device, OE by fuel type, By sales channel and By
region
|
Geographies
Covered
|
Asia Pacific, North
America, Europe, and the Rest of the World [RoW]
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Increasing use of
after-treatment device combination
|
Key Market
Drivers
|
Increasing demand for
lightweight and efficient exhaust systems to reduce vehicle
weight
|
SCR segment accounted for the largest market share during the
forecast period.
The SCR segment is estimated to lead the exhaust system market
during the forecast period.
Selective Catalytic Reduction (SCR) is a modern emission control
technology that decomposes hydrocarbons and nitrogen oxides (NOX)
into water and nitrogen. This process utilizes costly metals like
palladium, rhodium, and platinum, which are integrated with ceramic
bricks and serve as catalysts. Additionally, the system employs the
injection of diesel exhaust fluid (DEF), also known as AdBlue, to
attain minimal emission levels. The growth of the SCR segment is
mainly attributed to the rising stringent emission norms at the
global level. This technology significantly reduces nitrogen oxide
(NOx) emissions by nearly 90%, making it a vital component in
diesel vehicles worldwide. It is now mandatory to install SCR in
vehicles due to its effectiveness. Compared to LNT, SCR efficiently
traps NOx, making it the preferred choice for vehicles with larger
engine capacities, such as passenger cars and LCVs above 2.0
liters, emitting higher NOx levels. Further, stringent regulations
have driven OEMs to adopt more efficient and advanced technologies.
There has been a significant increase in R&D activities to meet
updated standards like Euro 6,
China 6b, or BS-VI Phase 2. Technologies such as SCR
and LNT are being combined to meet emission requirements. OEMs are
also exploring materials for exhaust systems and testing different
catalysts to ensure compliance with regulations. For instance,
Kailong High-Technology Co., Ltd. (China) and The CMM Group (US) offer
exhaust systems featuring vanadium-based catalysts. These
catalysts, containing vanadium, are utilized in vehicle exhaust
systems to lower NOx emissions and enhance the environmental
performance of cars.
The rising penetration of after-treatment devices, owing to
stringent emission norms to reduce NOx and hydrocarbon emissions,
is a key factor driving the demand for SCR in all vehicle
segments.
Agricultural tractors accounted for the largest and
fastest-growing segment in the off-highway exhaust system market
during the forecast period.
Agricultural tractors hold the largest market share and
are expected to grow at the fastest CAGR in the off-highway exhaust
system market during the forecast period. The increase in demand
for farm food and government support and subsidies have fueled the
demand for agricultural tractors. The rising spending power and
favorable loan schemes for purchasing tractors are also expected to
drive the market. In Europe and
North America, the demand for more
than 60 HP tractors is higher compared to Asia Pacific due to the bigger size of land,
whereas in Asia Pacific, most of
the farmers have mid-sized farms, due to which demand for 31-60 HP
tractors is high. With growing sales of agricultural tractors, the
global government is also focusing on strengthing the
emission regulations related to off-highway vehicles. Currently,
Europe has Stage V emission
standards for farming tractors. Due to this stage V regulation, all
agricultural tractor manufacturers must install DPF and SCR
technology to reduce emissions. Manufacturers of agricultural
tractors are constantly innovating and looking to go one step
further with their technological advancements related to exhaust
systems.
According to a white paper published in February 2023 in MDPI (scientific journal), the
most widely used after-treatment device in agricultural tractors is
the Selective Catalytic Reduction (SCR) system. This system, often
used in conjunction with Diesel Oxidation Catalysts (DOC) and
Diesel Particulate Filters (DPF), is crucial for reducing nitrogen
oxide (NOx) emissions to comply with stringent environmental
regulations like the European Union's Stage VI standards. These
regulations require substantial reductions in emissions, making SCR
systems essential for meeting the necessary NOx limits in
agricultural equipment.
Asia Pacific is estimated to
be the dominant regional market.
Asia Pacific is expected to
dominate the global exhaust market during the forecast period. The
market dominance of Asia Pacific
can be attributed to the growing production of vehicles. The
increasing production volume of automobiles in recent years,
combined with current emission regulations in countries like
China (China VI) and India (BS-VI) and upcoming regulations like
China VII and BS VII, is expected to fuel the growth of the exhaust
system market in the Asia Pacific
during the forecast period.
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Exhaust System Market Dynamics:
Drivers:
- Increasing use of after-treatment device combination
Restraints:
- Increasing Sales of Cleaner Vehicles
Opportunities:
- Increasing demand for lightweight and efficient exhaust systems
to reduce vehicle weight
Challenge:
- Lack of uniformity in emission regulations across different
regions
Key Market Players Exhaust System
Industry:
Prominent players in the Exhaust System Market include Futaba
Industrial Co., Ltd. (Japan),
Sango Co. Ltd. (Japan), Yutaka
Giken Company Limited (Japan),
Sejong Industrial Co., Ltd. (South
Korea), Hirotec Corporation (Japan), Sharada Motor Industries Limited
(India), and Marelli Holdings Co.
Ltd. (Japan).
The break-down of primary participants is as mentioned
below:
- By Company Type: Tier1 – 50%, Tier2–30%, and OEMs –
20%
- By Designation: C-Level Executives - 30%, Director
Level- 40%, and Others – 30%
- By Region: North
America –30%, Europe - 25%,
Asia Pacific - 45%
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Exhaust System Industry Recent
Developments:
- In January 2024, Continental AG
revealed plans for a new hydraulic hose production plant in
Mexico. The proposed investment is
approximately USD 90 million, marking
one of the company's significant investments in 2024. This upcoming
facility will serve industrial purposes and is poised to enhance
Continental's regional manufacturing capabilities. The plant is
expected to create over 200 employment opportunities in its initial
phase.
- In November 2023, Eberspächer's
facility, spanning over 7,000 square meters, will manufacture
exhaust gas after-treatment systems for passenger cars and
commercial vehicles intended for Chinese automotive brands. This
encompasses hot-end systems comprising catalytic converters,
particulate filters, and cold-end components such as mufflers and
pipes.
- In October 2023, Purem AAPICO, a
joint venture between Eberspaecher and AAPICO Hitech, inaugurated
its new facility in Rayong, Thailand. Situated 100 km southeast of
Bangkok, the production site will
manufacture exhaust systems for a pickup truck model of a prominent
US automotive company.
Exhaust System Market Size - Key Benefits of
Buying the Report:
This report offers comprehensive analyses of market share and
supply chains and detailed information on component manufacturers.
It is designed to aid market leaders and new entrants by providing
precise revenue estimates for the overall automotive exhaust
systems market. Additionally, the report helps stakeholders
understand the market dynamics, highlighting key drivers,
restraints, challenges, and opportunities.
This report provides insights on:
- Analysis of key drivers (Vehicle pollution leading to
stringent emission and fuel economy rules and regulations, growing
penetration of after-treatment devices in combination), restraints
(Increasing sales of clean vehicles), opportunities (Lightweight
and efficient emission system supplementing the vehicle weight
reduction, Growing demand for gasoline particulate filter in GDI
engine), and challenges (Different emission regulations in
different regulations) are fueling the demand of the exhaust
systems.
- Product Development/Innovation: Detailed insights on
upcoming technologies, research & development activities, and
new product & service launches in the automotive exhaust
systems market, such as the use of various kinds of metals in
exhaust systems such as Titanium, stainless steel, etc.
- Market Development: Comprehensive information about
lucrative markets – the report analyses the automotive exhaust
systems market across varied regions.
- Market Diversification: Exhaustive information about new
products & services, untapped geographies, recent developments,
and investments in the automotive exhaust systems market
- Competitive Assessment: In-depth assessment of market
shares, growth strategies, and service offerings of leading players
in the automotive exhaust systems market, such as Tenneco Inc.(US),
Faurecia (France), Eberspächer
(Germany), Continental AG
(Germany), and Futaba Industrial
Co.Ltd. (Japan).
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2025
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Forecast to 2025
Fluid Transfer System Market - Global Forecast to
2027
Construction Equipment Market - Global Forecast to
2030
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Companies and Exhaust System Industry Growth
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