Chicago, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Exhaust System Market size 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, according to a new report by MarketsandMarkets™. Upcoming stringent emission regulations with reduced emission limits and fuel economy regulations with increased limits are boosting the automotive Exhaust System Market.
Browse and in-depth TOC on "Exhaust System Market" 230 – Tables 59 – Figures 292 – Pages
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SCR segment would be the largest segment during the forecast period
The SCR technology reduces NOx emissions by nearly 90% by trapping NOx more efficiently than LNTs in vehicles with large engine capacities. Hence, passenger cars and LCVs with an engine capacity of above 2.0 liters are generally equipped with SCRs as they emit more NOx than vehicles with smaller engine capacities. European countries have followed Euro VI since 2014, and in December 2021, EPA finalized revised National Greenhouse Gas (GHG) emissions standards for passenger cars and light trucks for Model Years 2023- 2026. India has switched to BS-VI emission regulations in 2021, and China to China-VI emission regulations. All vehicles complying with these regulations must be equipped with SCR systems to meet the upgraded NOx limits in respective regulations. This makes SCR the technology with the largest demand in coming years.
The sensors segment to hold the largest market share in 2021
Most key countries with the highest vehicle productions are due for emission regulation upgrades from 2019 to 2022/23. With decreased emission limits in the updated regulations, the demand for after-treatment devices like SCR, ASC, EGR, and DPF would grow, increasing the demand for sensors. Oxygen and temperature sensors are the most used sensors in automotive exhaust systems. However, with the introduction of the SCR system and DPF in new vehicles, the demand for NOx and PM sensors will show market opportunities in the coming years. The NOx sensors would be the fastest-growing sensors in terms of value.
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The Asia Pacific is estimated to be the dominant regional market
Asia Pacific is 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 the Asia Pacific is mainly attributed to the increasing vehicle production and upgradations in emission regulations in countries such as China, Japan, and India.
The Exhaust System Market is dominated by global players such Tenneco Inc.(US), Faurecia (France), Eberspächer (Germany), Friedrich Boysen GMBH & CO. KG (Germany), and BENTELER International (Austria). These companies adopted new product development and expansion strategies to gain traction in the Exhaust System Market.
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