CHICAGO, October 29, 2018
CHICAGO, October 29, 2018 /PRNewswire/ --
According to the new market research report "Exhaust System Market by After-Treatment Device (DOC, DPF, LNT, SCR, and GPF), Aftermarket (DOC, DPF, and SCR), Vehicle Type (Passenger Car, LCV, HCV, Construction Equipment, and Agriculture Tractor), Component, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Exhaust System Market is estimated to be USD 84.8 billion in 2018 and is projected to reach USD 128.2 billion by 2025, at a CAGR of 6.08%. The increasing vehicle production and stringency in emission norms are projected to drive the Exhaust System Market
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Truck segment is expected to grow at the highest CAGR in the global Exhaust System Market during the forecast period
Trucks are usually equipped with diesel after-treatment devices such as DOC, DPF, and SCR. The market is estimated to be dominated by Asia Oceania as this region is the largest contributor to the world truck production in recent years. As per OICA statistics, Asia Oceania had almost 70-74% market share in the truck production for 2017. From 2014 to 2017, truck production increased almost 20% globally with almost 14% in Asia Oceania. As trucks are equipped with larger engines and emit more emissions, regulatory authorities are tightening the norms for heavy vehicles. This will force the OEMs to deploy after-treatment devices. Most of the heavy trucks are usually equipped with DOCs and DPFs, and the upcoming regulatory compliances along with rising truck production would boost the market for SCR devices in heavy trucks in the coming years.
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Heavy-duty vehicles (HDVs) are estimated to be the largest aftermarket for exhaust systems, by after-treatment device
The HDVs comprise of heavy trucks and buses generally powered by diesel engines that also lead to higher emissions. The dominant position of HDVs is observed because of the increased vehicle parc and total miles traveled in recent years. According to OICA, the commercial vehicle parc has shown a significant rise of almost 33% during 2008-2015. As HDVs are used for longer road trips for goods and passenger commute, the probability of replacing after-treatment devices is higher than passenger cars and LCVs. This, in turn, drives the usage of after-treatment devices to comply with new emission standards and modifications in the new as well as on-road HDVs.
Largest vehicle production and upcoming emission norms would drive the Asia Oceania Exhaust System Market
Asia Oceania is estimated to be the largest market for exhaust systems during the forecast period owing to its highest vehicle production. The adoption rate of various after-treatment devices for passenger cars and commercial vehicles are lower compared to countries from Europe and North America. However, various upcoming emission norms such as China 6 and BS VI for China and India respectively are anticipated to further drive the deployment of several after-treatment devices in the region.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Exhaust System Market. The key players in the market are Faurecia (France), Tenneco (US), Continental (Germany), Eberspächer (Germany), Futaba Industrial (Japan), Benteler International (Austria), Friedrich Boysen (Germany), Yutaka Giken (Japan), Sejong Industrial (South Korea), and Bosal (Belgium).
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