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. 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 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 oxi ，The study segments the exhaust system market and forecasts the market size based on OE Market, by after-treatment device (DOC, DPF, SCR, LNT, and GPF), OE Market, by component (manifold, downpipe, catalytic converter, muffler, tailpipe, sensors, and hangers), OE Market, by vehicle type (passenger cars, LCVs, buses, and trucks), OE Market, by off-highway vehicle (agricultural tractor, mining equipment, and construction equipment), Application (on-highway vehicles and off-highway vehicles), Aftermarket, By vehicle type (LDV and HDV), Sensor Type (temperature sensors, oxygen sensors, NOx sensors, and PM sensors), Sales Channel (OEM and aftermarket), and Region (Asia Pacific, North America, Europe, and the Rest of the World).
The study also includes an in-depth competitive analysis of the major exhaust system manufacturers in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
“Catalytic converter market is estimated to have the largest share in exhaust system market by component.”
The catalytic converter accounted the largest share for the exhaust system market, by component. The growth can be attributed to the increased production of passenger cars and commercial vehicles around the world. The catalytic converter is a standard fitment across all vehicle categories, and thus, the growth of catalytic converter is directly proportional to the rise in vehicle production. Also, exhaust system manufacturers have been continuously investing in R&D activities to develop technologically advanced products that comply with new guidelines. As a result, the three-way type is mostly preferred catalytic converter as it minimizes critical gaseous pollutants through a single system and becomes cost effective among the other types. Hence, automotive OEMs are offering this three-way catalytic converter in the vehicles to meet the stringent emission standards that spur the demand for this type in the coming years.
Post time: May-08-2023
