Global Exhaust System Market (2021 to 2026) - Lightweight Emission Systems Presents Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global 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 - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The exhaust system (OE) market, by vehicle type is projected to grow from USD 36.9 billion in 2021 to USD 47.9 billion by 2026, at a CAGR of 5.3% during the forecast period.

The particle mass and particle number standards for diesel cars in Euro 6 are the same as those in Euro 5. Limits on particle mass emissions for diesel cars have been reduced by large amounts since the Euro 1 standards were introduced. The Euro 6 particle mass limits for diesel cars represent a reduction of 96% from Euro 1 limits. Euro 6 is a significant advancement over Euro 5 with regard to NOX limits.

The NOX limit declines from 0.18 g/km to 0.08 g/km, a reduction of 56%. Explicit NOX limits were introduced at the Euro 3 level, and in the Euro 6 standards, the NOX limit is 84% lower than the Euro 3 level. Emerging economies with higher vehicle production like India launched new standards of BS 6 emission standards on April 1, 2020; the diesel vehicle nitrogen oxide (NOx) limit was declined from 250 mg/Km in BS5 to 80 mg/km in BS6.

Countries adhering to the Paris Agreement for a reduction in vehicle emissions are planning to introduce more stringent emission regulations. Countries such as Brazil, Russia, and South Africa are planning to introduce emission regulations like Euro 5 and Euro 6 post-2023. This will result in more emission stringency and a reduction in vehicle weight.

Manufacturers are shifting toward exhaust after-treatment devices through advanced components and technologies to comply with the emission standards. Thus, this is expected to fuel the demand for exhaust systems in on-highway vehicles.

The Corporate Average Fuel Economy (CAFE) regulations have set standards related to fuel economy. These regulations mainly aim to lower fuel consumption (or improve fuel efficiency) of vehicles by lowering carbon dioxide (CO2) emissions, hence serving the twin purposes of reducing dependence on oil for fuel and controlling pollution.

The EPA and the Department of Transportation issued a proposed ruling that, if enacted, would roll back some of the goals set in 2012, in August 2018. This issue ruling-freezes the fuel economy goals to the 2021 target of 37 miles per gallon.

China has Phase V standards with an average fleet target of 4.0 L/100 km (NEDC) by 2025 for passenger vehicles produced in or imported to China, a 20% reduction from the previous 5.0L/100 km target in 2020. In India, mandates that the average corporate CO2 emission must be less than 130 gm per km till 2022 and below 113 gm per km thereafter as per the CAFE regulation.

The passenger car segment is expected to lead the vehicle type segment due to the increased global vehicle production

The production of these vehicles is growing rapidly in emerging countries such as China and India. In China and India, the production of diesel vehicles is significant as consumers prefer gasoline and diesel vehicles.

Automotive manufacturers are increasingly investing in these countries due to the availability of cheap labor, suitable infrastructure for production, and attractive government policies for the automotive industry. Key OEMs are Toyota, Volkswagen, Hyundai, General Motors, and Ford.

Asia Pacific is projected to be the largest 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.

In-depth interviews were conducted with CEOs, marketing directors, other innovation and strategy directors, and executives from various key organizations operating in this market.

Market Dynamics

Drivers

• Growing vehicle emission is leading to stringent emission and fuel economy regulations
• Growing penetration of after-treatment devices in Combinations

Restraints

• Growing sales of clean vehicles

Opportunities

• Lightweight emission systems
• Growing demand for gasoline particulate filters (GPF) in GDI engines
• Advanced exhaust heat recovery systems

Challenges

• Impact of Covid-19 on Exhaust system market
• Real drive emission test

Companies Mentioned

• Asmet
• Benteler International
• Bosal
• Chongqing Height Automobile Exhaust System Co Ltd
• Continental AG
• Crefact Corporation
• Denso
• Dinex A/S
• Eberspacher
• Eisenmann Exhaust Systems
• Eminox
• European Exhaust and Catalyst Ltd
• Faurecia
• Friedrich Boysen GmbH & Co. Kg
• Futaba Industrial Co., Ltd.
• Grand Rock Co., Inc.
• Harbin Airui Emissions Control Technology Co., Ltd.
• Hirotec Corporation
• Katcon Global
• Magnaflow
• Marelli Holdings Co., Ltd.
• Sango Co., Ltd.
• Sejong Industrial Co., Ltd.
• Sharda Motor Industries Ltd.
• Tenneco Inc.
• Vibracoustic Se
• Yutaka Giken Company Limited

For more information about this report visit https://www.researchandmarkets.com/r/k3bodx