Exhaust System Market Size, Share, Growth, Trends and Forecast by 2025

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%. Increasing vehicle production, continuous upgrades in emission regulation, upcoming emission-related regulatory compliances in developing countries, and technological partnerships between OEMs and Tier I players are projected to drive the exhaust system market.

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Key players in the exhaust system market are Faurecia (France), Tenneco (US), Continental (Germany), Eberspächer (Germany), Futaba Industrial (Japan), Benteler International (Austria), Friedrich Boysen (Germany), Yutaka Giken (Japan), Sejong Industrial (South Korea), and Bosal (Belgium).

Opportunities:
o Advanced Exhaust Heat Recovery Systems
o Increase in Use of Gasoline Particulate Filter (GPF) With the Advancement in Gdi Engine
o Introduction of Real Drive Emission (Rde) Tests

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The SCR segment is expected to be the largest contributor in the exhaust system market, by after-treatment device, during the forecast period

The SCR technology offers benefits including enhanced nitrogen oxide (NOx) reduction than LNT by nearly 90%, and hence, it is mostly preferred in diesel vehicles across the globe. SCR has a maximum installation rate in European and North American countries owing to the ongoing emission norms such as Euro 6 and Tier 3 respectively. Europe has a large adoption rate of diesel passenger cars and LCVs. Thus, it has a higher installation rate of SCRs compared to other regions such as Asia Oceania and North America in these vehicle types. Further, the newer trucks and buses of developed countries must withstand the NOx permissible limits and should be fitted with SCRs. Moreover, owing to the ongoing and upcoming stringent emission norms in developing countries such as China, India, and Thailand, the demand for SCRs is expected to increase significantly across all diesel vehicle types by 2022 at a global level.

Light-duty vehicle (LDV) is estimated to be the fastest-growing aftermarket during the forecast period

LDVs comprise passenger cars and LCVs. In LDV, passenger cars hold the largest market share for the after-treatment devices owing to the maximum vehicle parc. According to MarketsandMarkets analysis, the contribution of passenger cars in the overall vehicle parc stood at nearly 70-75% in 2017 which is anticipated to grow at a prominent rate in the coming years. Also, emission regulations are getting more stringent for all vehicles. Between the Euro 4 to Euro 6, PM and NOx levels have reduced significantly. This has prompted the installation of DOC, DPF, and SCR in older vehicles which has further spurred the demand for after-treatment devices in the aftermarket for passenger cars. On the other hand, along with the passenger cars, the emission norms are getting tighter for LCVs that further lead to the implementation of after-treatment devices.

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The exhaust systems aftermarket is dominated by the heady-duty vehicles (HDVs) by after-treatment device and vehicle type

According to OICA, commercial vehicle parc has shown a significant rise of almost 33% from 2008-2015. As HDVs are used for long road trips for goods and passenger commute, the probability of replacing after-treatment devices is higher than passenger cars and LCVs. The HDVs comprise of heavy trucks and buses generally powered by large diesel engines that lead to higher emissions as compare to light-duty vehicles (LDVs). The dominant position of HDVs is observed because of the increased vehicle parc and total miles traveled in recent years. This, in turn, drives the usage of after-treatment devices to comply with new emission standards and modifications in the new as well as on-road HDVs.

Asia Oceania exhaust system market is estimated to be the largest market due to the factors such as the largest vehicle production and upcoming emission norms

Various upcoming emission norms such as China 6 and BS-VI for China and India respectively are anticipated to drive the exhaust systems market in Asia Oceania. The region is estimated to be the largest market for exhaust systems during the forecast period owing to its highest vehicle production. The adoption rate of various after-treatment devices for passenger cars and commercial vehicles is lower compared to countries from Europe and North America.

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Key Questions addressed by the report:

o Which after-treatment device is going to dominate in the future?
o How are the industry players addressing the challenge of maintaining a balance between performance and low-cost diesel after-treatment devices?
o When is SCR going to get mass adoption in the exhaust system market for all vehicle types?
o What could be the market size of exhaust systems for off-highway vehicles?
o What could be the market size of exhaust systems for the aftermarket?

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