The exhaust system in the automobiles is installed to guide exhaust gases coming out of combustion engines. Exhaust systems also help to reduce carbon emission generated due to combustion of fuel inside the engine and also helps to minimize sound pollution.
Apropos Future Market Insights’ study, the global market for automotive exhaust systems is anticipated to reach valuation of nearly US$ 36 Bn by 2027-end, up from a value of slightly below US$ 25 Bn in the year 2017. The market is poised to expand at single-digit value CAGR over the forecast period.
Why Catalytic Converter Segment is anticipated to grow at significant CAGR?
The muffler segment, by product type is estimated to remain the largest segment in the global market over the forecast period, in terms of market share. Due to some advantages that the components deliver in terms of minimizing air pollutants and carbon emissions, the catalytic converter segment is expected to expand at significant growth rate throughout the forecast period.
In terms of CAGR, the aftermarket sales channels are anticipated to surpass OEM segment though OEM segment will retain its dominance in the global market for automotive exhaust systems over the forecast period.
The passenger car segment, by vehicle type is likely to remain highly lucrative over the forecast period and is anticipated to gain considerable market value by the end of forecast period. The segment is estimated to witness expansion at 4.2% CAGR over the forecast period. The gasoline engine, by engine type is anticipated to retain its dominance in the global market for automotive exhaust systems, witnessing expansion at high CAGR and with high market value over the assessment period.
What is the performance of automotive exhaust system market in APEJ region?
The Asia Pacific excluding Japan is anticipated to remain most attractive region for the expansion in acceptance of automotive exhaust systems. The market for automotive exhaust system in this region is projected to expand at significant CAGR throughout the forecast period to reach a relatively high market valuation by the end of forecast period. However, the market in the MEA region is anticipated to expand at rapid pace.
What are the factors impacting the growth of the market?
Developments in the exhaust systems to minimize air pollutants, improvements in material science, utilization of improved technology in the automotive sector, rising demand for fuel efficient automobiles, rising investment in R&D, rising lifespan of utilized automobiles are the key factors projected to boost the growth of the market over the forecast period.
However, increasing adoption of electric vehicles, high CO2 emission, increasing fuel costs, high initial and repairing cost of exhaust systems as well as bulky design of exhaust systems are key aspects limiting the growth of the market over the forecast period.
What are the leading players in the global automotive exhaust system market?
The report reveals detailed analysis of several major players in the market for automotive exhaust system. Some of them has been profiled in the report such as Sejong Industrial Co., Ltd., Faurecia S.A., Harbin Airui Automotive Exhaust Systems Co. Ltd., Yutaka Giken Co., Ltd., Eberspächer Group, Benteler International AG, SANGO Co., Ltd., Futaba Industrial Co., Ltd., Bosal International N.V., Friedrich Boysen GmbH & Co. KG, and Tenneco Inc.
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