The widespread awareness among governments and consumers regarding vehicle emission levels has raised the need for highly advanced exhaust systems, which limit the emission levels of a vehicle while simultaneously enabling optimum performance. This is estimated to drive the market for exhaust systems.
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The economies of major countries such as Germany, France, Greece, and others have registered a negative CAGR. The market for diesel fuel is estimated to be the largest market with a size, in terms of volume, of 11,092.4 thousand units in 2014. It is projected to grow to 15,178.3 thousand units by 2019 at a CAGR of 6.5%. The primary reason behind this trend is the decreased spending power and the ample availability of low-sulfur diesel in the region. Additionally, diesel vehicles with advanced technologies are known for their high fuel efficiency and hence, the demand for diesel vehicles has soared and surpassed that of gasoline. The gasoline exhaust system market is anticipated to grow at a CAGR of 0.5% to reach 8,140.59 thousand units by 2019 from 7,921.76 thousand units in 2014.
Germany is the fourth-largest vehicle producer in the world after China, the U.S., and Japan. In 2013, Germany alone accounted for more than 6% of the total vehicle production of the world, with a vehicle production of 5.7 million units. Housing some of the top automotive OEMs, such as BMW, Volkswagen, and Mercedes to name a few, Germany is known for its various contributions to the automotive industry. Apart from major OEMs, one of the top three automotive exhaust system manufacturers, Eberspächer, is also based in Germany. By 2019, Germany’s vehicle production is projected to reach 7.7 million units. The German automotive industry is also estimated to account for a major share of technological innovations across the automotive exhaust system industry.
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In terms of vehicle type, passenger cars are estimated to dominate the Europe exhaust system market, surpassing the LCV and HCV segments. The LCV segment is estimated to grow at a faster pace than passenger cars as more people realize their dual potential, both as a people mover as well as a goods carrier. The growth in small to medium-scale businesses is the biggest driver of the demand for LCVs.
In terms of fuel type, diesel constitutes a larger market than gasoline. However, gasoline is also gaining ground, with increasing penetration in the region, as it provides efficient linear power delivery and a high level of performance, along with cleaner emissions, making it the ideal fuel for performance-oriented vehicles.
