The global Exhaust System Market 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. Growing vehicle emission is leading to stringent emission and fuel economy regulations and growing penetration of after treatment devices in combinations are the major factors driving the growth of the Exhaust System Market.
Passenger cars, light commercial vehicles, and heavy commercial vehicles are classified as on-road vehicles. Most countries follow Euro standards such as Euro 5 and Euro 6. 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 nonetheless 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 9
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6% 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. Thus, this is expected to fuel the demand for exhaust systems.
European countries, along with China and India, have introduced stringent emission regulations to reduce the emissions of nitrogen oxide as per the International Council on Clean Transportation (ICCT), approximately 80% of deaths (for both excess NOx and total diesel NOx) occurred in three geographies—the EU, China, and India. For example, India introduced BS 6 regulations in 2020 to reduce the NOx emission limits to 80mg/KM 6. The demand for exhaust systems with after-treatment devices is growing across the globe due to continuous requirements of decreasing vehicle emissions. With the growing vehicle production and recent and upcoming emission regulations in other countries (BS-VI in India, Euro 7 in Europe, whereas China is planning to upgrade its emission regulations to China 6 by 2021), these are the potential growth drivers for exhaust system suppliers 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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