Exhaust System Market is projected to grow at a CAGR of 5.3% during the forecast period, from an estimated USD 36.9 billion in 2021 to USD 47.9 billion by 2026. Growing vehicle emission is leading to stringent emission and fuel economy regulations and growing penetration of aftertreatment devices in combinations are boosting the growth of the market for exhaust systems.
The sensors segment is projected to lead the exhaust system component market
PM sensors are installed only in diesel vehicles equipped with a DPF. Temperature, NOx sensors, and oxygen sensors are used in both gasoline and diesel engines. In an exhaust system, a single unit of temperature in gasoline, and two units in diesel are used, whereas two oxygen sensors are used for each catalytic converter present in the exhaust system for all vehicle types considered under the study. The reducing emission targets all over the world are expected to increase the use of exhaust sensors in vehicle exhaust systems to capture, monitor, and analyze the emission gasses and their quantity, driving the demand for sensors during the forecast period.
SCR segment is expected to be the largest segment during the forecast period
SCR is one of the latest emission control devices that breaks down hydrocarbons and NOx into water and nitrogen. It uses expensive metals such as palladium, rhodium, and platinum combined with ceramic bricks that act as a catalyst and the injection of automotive ammonia, more commonly known as diesel exhaust fluid (DEF) or AdBlue, to achieve low emission levels. The SCR technology reduces NOx emissions by nearly 90%. Therefore, its usage in most diesel vehicles across the globe is mandated under the new emission norms. SCRs trap NOx more efficiently compared to LNTs in vehicles with large engine capacities. Hence, passenger cars and LCVs with an engine capacity of above 2.0 litres are generally equipped with SCRs as they emit more NOx than vehicles with smaller engine capacities.
The growing penetration of after-treatment devices due to stringent emission norms for reducing NOx emission is a major factor driving the demand for SCR in all vehicle segments.
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The Asia Pacific is estimated to be the largest market in 2021
The upcoming emission norms in the Asia Pacific are a major factor driving the exhaust system market.
In the Asia Pacific, China is the largest market for exhaust systems owing to the increased vehicle production. With China V emission norms, the average adoption rate of DOC and DPF for all vehicle types is 100% since 2019. However, the adoption rate of SCR is lower compared to European countries. The growth of various after-treatment devices during the forecast period can be attributed to the upcoming emission norms of China VI.
Japan is the second-largest market for exhaust systems in the Asia Pacific. Japan follows its own emission norms, and it is stricter than other countries in the region. It is estimated to have a 100% adoption rate of DOCs and DPFs since 2018, respectively, for all vehicle types. The adoption rate of SCR in passenger cars and LCVs is expected to be 100% by 2025 and in buses and trucks in 2021.
India is expected to be one of the fastest-growing markets in the Asia Pacific. As of 2020, the adoption rate of all after-treatment devices such as SCR, LNT, and GPF is lower than in other countries in the region. However, the adoption rate of DPF and DOC increased to 100% in all vehicle types with BS Vi emission norms implemented in 2020. The adoption rate of LNT is higher in India as the production of A, B, and C-segment vehicles are high. The adoption rate of various after-treatment devices is expected to increase in the coming years, owing to the introduction of stringent emission regulations in the coming years.
Faurecia (France), Tenneco Inc.(US), Eberspächer (Germany), Friedrich Boysen GMBH & CO. KG (Germany), and BENTELER International (Austria) are the prominent players in the exhaust system market.
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Recent Developments:
1. In May 2021, Futaba Industrial Co., Ltd announced to exhibit its products at the Automotive Engineering Exposition 2021 Online. The company will introduce exhaust and body system components that will reduce the release of substances of environmental concern, improve fuel efficiency, and reduce weight for SDGs (Sustainable Development Goals).
2. In April 2021, Faurecia announced to start the operation of its Koriyama Plant (Koriyama City, Fukushima Prefecture), which is the production base of the Clean Mobility Division, in the latter half of 2021. The Koriyama Plant was scheduled to start operations around September 2020, but it was postponed due to a temporary drop in production by the automakers to whom it delivered products due to the spread of the coronavirus (COVID-19).
3. In March 2021, Eberspächer announced that its exhaust technology started a series production of tunnel mixers for exhaust-emission conversion in passenger cars and commercial vehicles. The mixer ensures optimum evaporation and mixing of the aqueous urea solution with the exhaust gas.
4. In March 2021, Tenneco’s Clean Air business group entered into a partnership with Eaton's Vehicle Group to produce an integrated exhaust thermal management system that will enable manufacturers of commercial trucks and light vehicles to meet upcoming emissions regulations.
5. In February 2019, Eberspächer and Sharda Motor Industries Ltd. signed an agreement for a 50:50 joint venture. The new joint venture will develop, produce and sell exhaust after-treatment systems for the Indian commercial vehicle manufacturers to comply with the highest emission standard Bharat Stage VI.
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