Automotive Exhaust System Market to Garner $130.16 Bn, Globally, by 2026 at 6.7% CAGR, Says Allied Market Research
PORTLAND, Oregon, Feb. 5, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Automotive Exhaust System Market by Technology (Diesel Oxidation Catalyst (DOC), Diesel Particulate Filter (DPF), Selective catalytic reduction (SCR), Exhaust gas recirculation (EGR), Gasoline Particulate Filter (GPF), and Others), Fuel Type (Gasoline and Diesel) and Vehicle Type (Passenger Cars and Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2019-2026". According to the report, the global automotive exhaust system industry accounted for $77.32 billion in 2018, and is anticipated to reach $130.16 billion by 2026, registering a CAGR of 6.7% from 2019 to 2026.
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Chief reasons for market fluctuations
Stringent government regulations for emission control, rise in automobile production, and adoption of nanotechnology in catalytic converters drive the growth of the global automotive exhaust system market. However, growing electric vehicle production and high cost of automotive catalysts hamper the market growth. On the contrary, innovations in automotive catalysts and government initiatives in developing nations for emission reduction are expected to create lucrative opportunities in the industry.
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The gasoline particulate filter (GPF) segment dominated the market
Based on technology, the gasoline particulate filter (GPF) segment held the largest share in 2018, contributing to more than three-fifths of the global automotive exhaust system market. This is attributed to increase in demand for gasoline vehicles in the developing countries and imposement of regulations. However, the selective catalytic reduction (SCR) segment is expected to register the fastest CAGR of 12.0% during the forecast period, owing to the increase in the stringency toward tailpipe emission and stringent stricter emission control regulations such as EURO VI.
The diesel segment to portray fastest growth by 2026
Based on fuel type, the diesel segment is expected to register the fastest CAGR of 7.9% during the forecast period. This is attributed to government initiatives to encourage the use of public transport. However, the gasoline segment dominated the global automotive exhaust system market in 2018, accounting for more than three-fourths of the market. The rise in adoption of passenger cars and light commercial vehicles, powered by gasoline in developed countries, is expected to drive the growth of the segment.
Asia-Pacific to lead throughout the forecast period
The market across Asia-Pacific held the largest share in 2018, accounting for more than half of the market. The region is expected to maintain its dominance throughout the forecast period, supported by a CAGR of 7.7%. The rise in population and increase in demand for automobiles drives the growth in the region. On the other hand, North America is anticipated to register a CAGR of 5.4% during the forecast period.
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Major market players
-- Umicore
-- Johnson Matthey
-- Tenneco Inc
-- BOSAL
-- BASF SE
-- BENTELER International
-- Eberspächer
-- Sejong Industrial Co., Ltd
-- Klarius Products Ltd
-- Faurecia
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