Exhaust System Market worth $40.6 billion by 2030 | MarketsandMarkets

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.

MarketsandMarkets Logo

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=87800437

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.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=87800437

Exhaust System Market Dynamics:

Drivers:

  1. Increasing use of after-treatment device combination

Restraints:

  1. Increasing Sales of Cleaner Vehicles

Opportunities:

  1. Increasing demand for lightweight and efficient exhaust systems to reduce vehicle weight

Challenge:

  1. 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% 

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=87800437

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).

Related Reports:

Catalytic Converter MarketGlobal Forecast to 2025

Diesel Particulate Filter Market – Global Forecast to 2025

Fluid Transfer System MarketGlobal Forecast to 2027

Construction Equipment MarketGlobal Forecast to 2030

Get access to the latest updates on Exhaust System Companies and Exhaust System Industry Growth

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr.
Rohan Salgarkar MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: sales@marketsandmarkets.com

Visit Our Website: https://www.marketsandmarkets.com/

Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg

 

Cision View original content:https://www.prnewswire.co.uk/news-releases/exhaust-system-market-worth-40-6-billion-by-2030–marketsandmarkets-302189439.html

Disclaimer: The above press release comes to you under an arrangement with PR Newswire. TheNewsThisWeek.co.uk takes no editorial responsibility for the same.