Exhaust System Market to Reach $40.6 Billion by 2030
According to a research report "Exhaust System Market by After-Treatment Device (DOC, DPF, LNT, SCR, GPF), Vehicle Type (LCV, Trucks, Buses, Tractor, Construction & Mining Equipment), Aftermarket, Component, Application, Fuel Type, Sales Channel and Region - Global Forecast to 2030" published by MarketsandMarkets, the global 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.
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.
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.
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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.
Key Market Players:
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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