Industria
Exhaust System Market worth $40.6 billion by 2030 | MarketsandMarkets
The SCR segment is estimated to lead the exhaust system market during the forecast period.
Selective Catalytic Reduction (SCR) is a modern emission control technology that decomposes hydrocarbons and nitrogen oxides (NOX) into water and nitrogen. This process utilizes costly metals like palladium, rhodium, and platinum, which are integrated with ceramic bricks and serve as catalysts. Additionally, the system employs the injection of diesel exhaust fluid (DEF), also known as AdBlue, to attain minimal emission levels. The growth of the SCR segment is mainly attributed to the rising stringent emission norms at the global level. This technology significantly reduces nitrogen oxide (NOx) emissions by nearly 90%, making it a vital component in diesel vehicles worldwide. It is now mandatory to install SCR in vehicles due to its effectiveness. Compared to LNT, SCR efficiently traps NOx, making it the preferred choice for vehicles with larger engine capacities, such as passenger cars and LCVs above 2.0 liters, emitting higher NOx levels. Further, stringent regulations have driven OEMs to adopt more efficient and advanced technologies. There has been a significant increase in R&D activities to meet updated standards like Euro 6 , China 6b , or BS-VI Phase 2. Technologies such as SCR and LNT are being combined to meet emission requirements. OEMs are also exploring materials for exhaust systems and testing different catalysts to ensure compliance with regulations. For instance, Kailong High-Technology Co., Ltd. ( China ) and The CMM Group (US) offer exhaust systems featuring vanadium-based catalysts. These catalysts, containing vanadium, are utilized in vehicle exhaust systems to lower NOx emissions and enhance the environmental performance of cars.
The rising penetration of after-treatment devices, owing to stringent emission norms to reduce NOx and hydrocarbon emissions, is a key factor driving the demand for SCR in all vehicle segments.
Agricultural tractors hold the largest market share and are expected to grow at the fastest CAGR in the off-highway exhaust system market during the forecast period. The increase in demand for farm food and government support and subsidies have fueled the demand for agricultural tractors. The rising spending power and favorable loan schemes for purchasing tractors are also expected to drive the market. In Europe and North America , the demand for more than 60 HP tractors is higher compared to Asia Pacific due to the bigger size of land, whereas in Asia Pacific , most of the farmers have mid-sized farms, due to which demand for 31-60 HP tractors is high. With growing sales of agricultural tractors, the global government is also focusing on strengthing the emission regulations related to off-highway vehicles. Currently, Europe has Stage V emission standards for farming tractors. Due to this stage V regulation, all agricultural tractor manufacturers must install DPF and SCR technology to reduce emissions. Manufacturers of agricultural tractors are constantly innovating and looking to go one step further with their technological advancements related to exhaust systems.
According to a white paper published in February 2023 in MDPI (scientific journal), the most widely used after-treatment device in agricultural tractors is the Selective Catalytic Reduction (SCR) system. This system, often used in conjunction with Diesel Oxidation Catalysts (DOC) and Diesel Particulate Filters (DPF), is crucial for reducing nitrogen oxide (NOx) emissions to comply with stringent environmental regulations like the European Union's Stage VI standards. These regulations require substantial reductions in emissions, making SCR systems essential for meeting the necessary NOx limits in agricultural equipment.
Asia Pacific is expected to dominate the global exhaust market during the forecast period. The market dominance of Asia Pacific can be attributed to the growing production of vehicles. The increasing production volume of automobiles in recent years, combined with current emission regulations in countries like China (China VI) and India (BS-VI) and upcoming regulations like China VII and BS VII, is expected to fuel the growth of the exhaust system market in the Asia Pacific during the forecast period.
Prominent players in the Exhaust System Market include Futaba Industrial Co., Ltd. ( Japan ), Sango Co. Ltd. ( Japan ), Yutaka Giken Company Limited ( Japan ), Sejong Industrial Co., Ltd. ( South Korea ), Hirotec Corporation ( Japan ), Sharada Motor Industries Limited ( India ), and Marelli Holdings Co. Ltd. ( Japan ).
This report offers comprehensive analyses of market share and supply chains and detailed information on component manufacturers. It is designed to aid market leaders and new entrants by providing precise revenue estimates for the overall automotive exhaust systems market. Additionally, the report helps stakeholders understand the market dynamics, highlighting key drivers, restraints, challenges, and opportunities.
Get access to the latest updates on Exhaust System Companies and Exhaust System Industry Growth
MarketsandMarkets™ has been recognized as one of , as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter , LinkedIn and Facebook .
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com/
View original content: https://www.prnewswire.co.uk/news-releases/exhaust-system-market-worth-40-6-billion-by-2030--marketsandmarkets-302189439.html