Exhaust System Market worth $47.9 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 23, 2021 /PRNewswire/ -- According to the new market research report "Exhaust System Market by After-Treatment Device (DOC, DPF, LNT, SCR, GPF), Vehicle Type (PC, LCV, Trucks, Buses, Ag Tractor, Construction & Mining Equipment), Aftermarket, Component, Sensor, Application, Sales Channel and Region - Global Forecast to 2026," published by MarketsandMarkets™, the Automotive Exhaust System Market is projected to grow at a CAGR of 5.3% during the forecast period, from an estimated USD 36.9 billion in 2021 to USD 47.9 billion by 2026.
Growing vehicle emission is leading to the stringent emission and fuel economy regulations and growing penetration of aftertreatment devices in combinations are boosting the growth of the market for automotive exhaust system.
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320 – Tables
59 – Figures
292 – Pages
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SCR segment is expected to be the largest segment during the forecast period
SCR is one of the latest emission control devices that breaks down the hydrocarbons and NOx into water and nitrogen. It uses expensive metals such as palladium, rhodium, and platinum combined with ceramic bricks that act as a catalyst and the injection of automotive ammonia, more commonly known as diesel exhaust fluid (DEF) or AdBlue, to achieve low emission levels. The SCR technology reduces NOx emissions by nearly 90%. Therefore, its usage in most diesel vehicles across the globe is mandated under the new emission norms. SCRs trap NOx more efficiently compared to LNTs in vehicles with large engine capacities. Hence, passenger cars and LCVs with an engine capacity of above 2.0 liters are generally equipped with SCRs as they emit more NOx than vehicles with smaller engine capacities.
The growing penetration of after-treatment devices due to stringent emission norms for reducing NOx emission is a major factor driving the demand for SCR in all vehicle segments.
The sensors segment by component is expected to hold the largest market share in 2021
The demand for components of exhaust systems significantly reduced, owing to the sudden outbreak of COVID-19 and lockdowns, causing a decline in vehicle production and sales in 2020. Thus, the exhaust system (OE) market by component witnessed negative growth in 2020.
The reducing emission targets all over the world are expected to increase the use of exhaust sensors in vehicle exhaust systems to capture, monitor, and analyze the emission gasses and their quantity, driving the demand for sensors during the forecast period.
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Asia Pacific is estimated to be the dominant regional market
Asia Pacific is estimated to be the largest OE market for exhaust systems and after-treatment devices during the forecast period, followed by Europe. The growth of the Exhaust System Market in Asia Pacific is mainly attributed to the increasing vehicle production and constant upgradations in emission norms, especially in countries such as China, Japan, and India.
Tenneco Inc. (US), Faurecia (France), Eberspächer (Germany), Friedrich Boysen GMBH & CO. KG (Germany), and BENTELER International (Austria) are the major companies operating in the global Exhaust System Market. These companies adopted new product development, and expansion strategies to gain traction in the Exhaust System Market.
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