The Exhaust System Market is projected to grow at a CAGR of 8.45%, to reach a market size of USD 59.02 billion by 2021.
Major driving factors for the exhaust system market are an increase in vehicle production and the stringency in the emission norms. However, some of the key restraints such as an increase in demand for the substitutes such as electric vehicles and the high cost of the lightweight components could affect the growth of exhaust system market.
Browse 96 market data tables and 72 figures spread through 202 pages and in-depth TOC on “Exhaust Systems Market by After-Treatment Device (DOC, DPF, LNT, SCR & GPF), Fuel Type, Component (Manifold, Downpipe, Catalytic Converter, Muffler, Tailpipe, Sensor), and Region, Aftermarket by Component & After Treatment Device – Global Forecast to 2021”
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“Increase in need for Advanced After-treatment devices will give rise to the demand for exhaust systems -”
With regards to the after-treatment devices, the gasoline particulate filter (GPF) which is used for GDI engines is observed as the fastest growing market. The system accounts to be the fastest market because of its increased use in the GDI engines. The system nullifies the aftereffects of the GDI engines and reduces the emissions from the gasoline engines. The selective catalytic reduction (SCR) accounted to be the fastest market for diesel variants. The growth is observed owing to the advantages to meet the new emission standards and helps the manufacturer to accomplish the set emission targets by the regional authorities.
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“Passengers cars have the largest growing market in vehicle type segment for exhaust system”
The passenger cars accounted to have the largest market size in terms of components of exhaust systems. The growth is attributed to the increase in demand for passenger cars across the globe which has directly resulted to the increase in the demand for the exhaust system and its components.
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“Asia-Oceania & North America: the Fastest-growing market for the exhaust system and its components”
The Asia-Oceania and North America are estimated to dominate the market for the exhaust system and its related components and is projected to grow at the highest CAGR during the forecast period. The Asia-Oceania market is growing because of rising urbanization, and increased demand for the individual vehicle which has resulted to the increase in demand for the exhaust system. The growth of North American region can be credited to the stringency in the emission norms and increase in the vehicle production across the region.
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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