Exhaust Systems Market worth 59.02 Billion USD by 2021

Published: Thu Aug 30 2018

The Exhaust Systems Market is primarily driven by the adoption of newer and stringent emission regulations from different regulatory bodies at a global level. The market is projected to grow at a CAGR of 8.45%, to reach USD 59.02 Billion by 2021.

The implementation of the new lowered emissions limits for vehicular exhaust emissions specifically in the North America and European regions has impacted exhaust system market in terms of technology and developments.

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For instance in Europe, as of 2015, Euro VI emissions norms are followed. These norms mandate that heavy-duty vehicles are required to reduce NOx exhaust emissions by up to 80% and particulate matter (PM) exhaust emissions up to 50%. This would create an opportunity for suppliers of exhaust systems and after-treatment devices for heavy commercial vehicles.

Asia-Oceania and North America are estimated to dominate the market for exhaust systems and its related components. The factors responsible for growth in the Asia-Oceania market are rising urbanization and increased demand for personal vehicles. Additionally, the Indian government has recently proposed to implement BS VI stage (skipping BS V regulations) from 2019 onwards which will create an opportunity for all exhaust system as well as after-treatment device suppliers in next few years. The growth of the North American region can be credited to the stringency of the emission norms. In the U.S., compared to current Tier-2 standards, the proposed light-duty vehicle emission standards demand up to 80% reduction in NMOG+NOx and up to 70% in per-vehicle PM. This would create an opportunity for all after-treatment device manufactures in the near future.

The market for Gasoline Particulate Filter (GPF) is expected to rise in the exhaust after-treatment segment where it accounts to have the highest CAGR. The growth is observed owing to the advantages it offers in terms of efficiency, and reliability. The system accounts to be the fastest market because of its increased use in the GDI engines. The GPF device eliminates the aftereffects of the GDI engines and reduces the PM emission level from the gasoline engines. In the coming years, there is a potential opportunity for the after-treatment devices manufacturers, given to the stringency in the emission norms and also increased usage of the GDI engines, there will be a high requirement for the GPF devices to meet the emission standards.

Owing to the growing demand for comfort and leisure, there has been substantial growth in the passenger car segment which in turn has fueled the demand for exhaust system and its components market. Also, with the introduction of the new emission limits such as the introduction of EPA Tier 3 regulation which is focused on reducing both tailpipe and evaporative emissions has resulted in increased usage of the advanced and efficient exhaust system and components to meet the desired exhaust emission targets. This gives an opportunity to the exhaust system manufacturers to leverage their business in the passenger car segment as it holds the largest share and has a significant impact on the exhaust system market.

With the introduction of Tier 4 emission regulation for locomotives, the permissible limits have become more stringent. Approximately 70% reduction has been observed in the emission limits for NOX and PM from Tier 3 to Tier 4 locomotive emission standards. To meet these standards either electrification of the locomotive can be done or the low fuel sulfur can be used along with after-treatment devices. As the electrification process requires infrastructural development and incurs a high cost, the new emission norms will have a significant impact on the locomotive segment and will boost the usage of after-treatment devices.

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The exhaust systems market is dominated by a few global players such as Faurecia (France), Tenneco Inc. (U.S.), Eberspächer (Germany), Futaba Industrial Co. Ltd. (Japan), Sango Co. Ltd (Japan), Benteler International AG (Austria), Friedrich Boysen GmbH & Co. KG (Germany), Yutaka Giken Co., Ltd. (Japan), Sejong Industrial Co., Ltd. (South Korea), and Bosal (Belgium).

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