U.S. and European emission control market is expected to reach $18.9 billion by 2019.
Wellesley, Mass. (PRWEB) April 20, 2015
BCC Research reveals in its new report on U.S. and European emission control markets that demand for emission control parts and components will reach almost $18.9 billion in 2019, reflecting a five-year compound annual growth rate (CAGR) of 6.1%. Filters, the fastest-growing product segment, is forecast to grow at a 6.2% CAGR, leading to a market value of $7.3 billion in 2019. The market for replacement filters, the largest product segment, should remain strong. The introduction of new heavy duty diesel legislation in Europe should boost the total market.
Between 2004 and 2014, the demand for emission control products climbed by almost 70% in the United States and Europe collectively. In the United States, the market totaled $6 billion in 2014, up from $3.5 billion in 2004. The European market reached $8.1 billion in 2014, up from $4.8 billion in 2004. During their decade of overall growth, both markets experienced dips in the recession years of 2007-2008, and the early part of 2009. Since then, both markets have experienced a slow-to-moderate return to pre-recession production and sales levels.
The European market is similar to the U.S. market, but the degree of political uncertainty and financial crisis in certain European regions is higher than in the U.S. Although moderate growth is forecast in both countries, Europe’s CAGRs will be slightly lower than its U.S. counterparts. Demand for emission control products in Europe is projected to increase 5.9% annually through 2019, leading to a market value of $10.8 billion. Filters should remain the leading product segment, reaching a market value of nearly $4.2 billion in 2019. Stricter EU legislations and regulations on air pollution, particularly the Euro 6, will boost demand for a variety of emission control products.
Government policies and environment regulations, production of vehicles, sales and usage, continuous modernization and technological expansion, high investment in research and development will influence industry dynamics significantly, according to BCC Research analyst Pinggui Wu. “In the foreseeable future,” he adds, “all these factors will put the exhaust systems industry globally on a promising growth track.”
Emission Control Products: U.S. and European Markets focuses on two regions, Europe (EU28) and the U.S., and identifies the major industry challenges, drivers, restraints, and global and regional trends of the rest of the world.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming(at)bccresearch(dot)com.
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