Automotive Exhaust System manufacturers need to focus on high-performance after-treatment devices. For instance, Continental announced the development of a product to support exhaust after-treatment in trucks more efficiently. The primary aim is to ensure more efficient conversion of the nitrogen oxides (NOx) into harmless emissions for heavy-duty long-haul trucks, urban light trucks, or municipal vehicles. Also, a wide array of ongoing and upcoming regulations would significantly drive the Automotive Exhaust System and after-treatment device Market. In Europe, as of 2015, Euro VI emissions standards are followed. As per these standards, heavy-duty vehicles are required to reduce NOx exhaust emissions by 80% and particulate matter (PM) exhaust emissions by 50%. Similar upgrading is followed in the North American and Asia Oceania regions. This would create an opportunity for the Automotive Exhaust System and after-treatment device suppliers for heavy commercial vehicles
The Automotive 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%.
Opportunities:
Some of the key players in the Automotive Exhaust System 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).
Recent Developments:
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The Automotive Exhaust Systems aftermarket is dominated by the heady-duty vehicles (HDVs) by after-treatment device and vehicle type
According to OICA, commercial vehicle parc has shown a significant rise of almost 33% from 2008–2015. As HDVs are used for long road trips for goods and passenger commute, the probability of replacing after-treatment devices is higher than passenger cars and LCVs. The HDVs comprise of heavy trucks and buses generally powered by large diesel engines that lead to higher emissions as compare to light-duty vehicles (LDVs). The dominant position of HDVs is observed because of the increased vehicle parc and total miles traveled in recent years. 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.
Asia Oceania is expected to account for the largest Market size during the forecast period
Asia Oceania has the largest Market share of vehicle production with about 54–56% of the total vehicle production. China, India, and Japan are the largest vehicle production hubs because of rising urbanization, increasing GDP, and industrialization among others. With the growing vehicle production, vehicle emissions have also increased significantly. Considering this, few countries such as China, Japan, and India have implemented vehicle emission norms. For instance, China and India are currently running on China IV and BS-IV. However, they are planning to implement China VI and BS-VI by 2020 which is equivalent to Euro VI. Moving toward strict emission norms will create a huge demand for various after-treatment devices. In Asia Oceania, China and Japan are the leading countries for the Automotive Exhaust System Market, by the after-treatment devices.
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