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“The increasing vehicle production and stringency in emission norms will drive the exhaust system market.”
The exhaust system market is estimated to be USD 84.8 billion in 2018 and is projected to reach USD 128.2 billion by 2025, at a CAGR of 6.08%. The demand for exhaust systems is driven by the increasing vehicle production, stringency in emission norms, and technological partnership between OEMs and Tier I players. However, increasing sales of BEVs and the high cost of lightweight exhaust components are acting as restrains for the exhaust system market.
“Catalytic converter market is estimated to have the largest share in exhaust system market by component.”
The catalytic converter accounted the largest share for the exhaust system market, by component. The growth can be attributed to the increased production of passenger cars and commercial vehicles around the world. The catalytic converter is a standard fitment across all vehicle categories, and thus, the growth of catalytic converter is directly proportional to the rise in vehicle production. Also, exhaust system manufacturers have been continuously investing in R&D activities to develop technologically advanced products that comply with new guidelines. As a result, the three-way type is mostly preferred catalytic converter as it minimizes critical gaseous pollutants through a single system and becomes cost effective among the other types. Hence, automotive OEMs are offering this three-way catalytic converter in the vehicles to meet the stringent emission standards that spur the demand for this type in the coming years.
“Agricultural tractor is estimated to be the largest and fastest growing market for off-highway vehicle exhaust system.”
Agriculture tractors hold the maximum share in the overall off-highway vehicle segment. The demand for agricultural tractors is driven by increasing mechanization rate, rising global population, shortage of skilled farm labor, increasing labor cost, and the growing need for operational efficiency and profitability. With the rising demand for tractors, the demand for several after-treatment devices will also grow simultaneously. DOC and DPF devices are fitted in most of the agricultural tractors to comply with off-highway vehicle emission norms. The deployment of these devices is more prominent in Europe and North America, and will eventually boost up in the Asian countries also. Alternatively, deployment of SCRs is dependent on the engine capacity. For instance, <200 kW agricultural tractors are mostly equipped with DOC and DPF, whereas >200 kW tractors are equipped with DOC, DPF, and SCR. Thus, with the growing demand for agricultural tractors and the governments’ push toward lower emissions would drive the exhaust system market in the coming years.
“Asia Oceania is estimated to be the largest in exhaust system market during the forecast period.”
The exhaust system market in Asia Oceania is expected to be the largest during the forecast period. The major driving factors are huge vehicle production and upcoming emission norms in developing countries such as China and India. China and India are currently following China IV and BS IV respectively, and are planning to launch China VI and BS VI directly which will fuel the growth of various after-treatment devices. However, the adoption rate of after-treatment devices is comparatively low against the European countries, the US, and Canada.
In-depth interviews were conducted with CEOs, marketing directors, innovation and technology directors, and executives from various key organizations operating in the exhaust system marketplace
- By Company Type: Tier I - 69%, Tier II - 21%, and OEMs - 10%
- By Designation: C level - 45%, D level - 39%, Other - 16%
- By Region: North America - 33%, Europe - 48%, Asia Oceania ? 19%
Note: Others includes sales managers, marketing managers, and product managers.
Note: OEMs are vehicle manufacturers, Tier-1 companies are exhaust system manufacturer, and Tier-2 companies are exhaust component & after-treatment device manufacturer.
Some of the key players in the exhaust system market are Faurecia (France), Tenneco (US), Continental (Germany), Ebersp?cher (Germany), Futaba Industrial (Japan), Benteler International (Austria), Friedrich Boysen (Germany), Yutaka Giken (Japan), Sejong Industrial (South Korea), and Bosal (Belgium). The study includes an in-depth competitive analysis of these key players in the exhaust system market, with their company profiles, SWOT analysis of the top 5 companies, recent developments, and key market strategies.
The exhaust system market has been segmented on the basis of after-treatment device (DPF, DOC, LNT, SCR, and GPF), component (exhaust manifold, downpipe, catalytic converter, muffler, sensors, and tailpipe), aftermarket (light-duty vehicle and heavy-duty vehicle), vehicle type (passenger car, LCV, truck, and bus), off-highway (agricultural tractor and construction equipment), and region [Asia Oceania (China, Japan, India, South Korea, Thailand, and Rest of Asia Oceania), Europe (UK, Germany, France, Spain, Russia, Turkey, and Rest of Europe), and North America (US, Canada, and Mexico), and Rest of the world (Brazil, Iran, and Rest of RoW).
Key Benefits of Buying the Report:
This report provides insights with reference to the following points:
- OE Market Size, by after-treatment device: The report offers in-depth market sizing and forecast up to 2025, by after-treatment devices such as DPF, DOC, LNT, SCR, and GPF. The market sizing for after-treatment devices is covered at the country and regional levels that are considered under this study.
- OE Market Size, by component: The report offers in-depth market sizing and forecast up to 2025, by components such as exhaust manifold, downpipe, catalytic converter, muffler, sensors, and tailpipe. The market sizing for components is covered at a regional level considered in the study
- OE Market Size, by Off-highway vehicle type: The report offers in-depth market sizing and forecast up to 2025, by off-highway vehicles types such as agricultural tractor and construction equipment. The market sizing for off-highway vehicle is covered for regions considered in the study
- Aftermarket Size, by after-treatment device: The report offers in-depth aftermarket sizing and forecast up to 2025, by after-treatment devices such as DPF, DOC, and SCR.
- The report provides “Market Share” of the leading players in the exhaust system market.
- Market Development: The report provides comprehensive information about lucrative emerging markets for exhaust system across regions.
- Product Development/Innovation: The report gives detailed insights into R&D activities, upcoming technologies, and new product launches in the exhaust system market.
- Market Diversification: The report offers detailed information about untapped markets, investments, new products, and recent developments in the exhaust system market.