ESOMAR certified consulting firm Future Market Insights’ recent report on the automotive exhaust systems market forecasts a relatively stable outlook for FY 2021-22, compared to the previous year, as the global automotive industry emerges from the recessionary impact of the coronavirus pandemic crisis. As production cycles resume, a gradual recovery is anticipated in the short-run, eventually translating into a stable outlook through 2031.
According to the report, growth prospects were weighed down significantly, attributed largely to a mature and stagnation in growth curves across the global automotive industry. Projections reflected a value of just under US$ 25 billion in 2017. In addition, automotive sales witnessed a marked decline of over 5%, down to nearly 92 million units by 2019.
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In spite of such downswings, growth has been sustained by increasing drives towards attaining zero carbon emission goals. Initiatives such as the UK government’s Road to Zero project have pledged to achieve at least a 70% sales figures with respect to low emission cars. Likewise, the US EPA’s Cleaner Trucks Initiative seeks to revise NOx emission levels, with strides already visible in the form of a 40% reduction in emission levels since 2001. The market is poised to expand at over a 4% CAGR through 2031.
Key Takeaways from FMI’s Automotive Exhaust Systems Market Study
Mufflers to cement its dominance, expanding at over 4% CAGR through 2031, by product type
By vehicle type, passenger cars are expected to retain the crown through 2021 and beyond
Automotive exhaust systems for gasoline driven vehicles to experience a substantial incline
Aftermarket sales to account for the maximum share in the automotive exhaust systems market
Key initiatives, including the Cleaner Trucks Act, to largely elevate automotive exhaust sales across the US
UK market to expand amid increasing LCV registration frequencies through 2021
Intensive EV infrastructure development to elevate German automotive exhaust systems growth prospects
China to cement its presence across the Asia-Pacific, characterized by a robust local manufacturing base
“Key manufacturers of automotive exhaust systems are emphasizing on incorporating selective catalytic reduction (SCR) technology based emission curbing approaches, prompting numerous innovations and product launches, expected to widen revenue pools across the forecast period,” says an FMI analyst.
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Competitive Landscape
Prominent automotive exhaust systems manufacturers are leveraging the most contemporary developments prevailing across the global automotive industry, including the quest to achieve carbon neutrality, spurring various technological advancements in compliance with key regulatory provisions.
To achieve this goal, prominent automotive aftermarket player Bosal International N.V. announced the launch of a new manufacturing unit and R&D center in Shanghai, China, in February 2021. This venture will support a supply contract for its original equipment customer Geely, to develop an eco-friendly exhaust system for the Volvo XC40 passenger car.
Also, Faurecia S.A. announced in February 2021 that it has acquired a significant stake in CLD, one of China’s largest high-pressure tank manufacturers to develop homologated type III and IV hydrogen storage tanks for the Chinese automotive market. This development is significant as China is expected to represent at least one million fuel cell vehicles by 2030.
Key Segments Covered
By Product Type
Exhaust Manifold
Muffler
Catalytic Converter
Oxygen Sensor
Exhaust Pipes
By Vehicle Type
Passenger Car
Light Commercial Vehicle
Heavy Commercial Vehicle
By Engine Type
Gasoline
Diesel
By Sales Channel
Original Equipment Manufacturer (OEM)
Aftermarket
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Automotive Exhaust Systems Market- Report Scope
Attribute
Details
Forecast Period
2021-2031
Historical Data Available for
2016-2020
Market Analysis
US$ Mn for Value
Key Regions Covered
North America, Latin America, Western Europe, Eastern Europe Middle East & Africa, APEJ and Japan
Key Countries Covered
U.S., Canada, Brazil, Mexico, Germany, Italy, France, U.K., Spain, BENELUX, Russia, Poland, China, Japan, ASEAN, Australia & New Zealand, India, Turkey and South Africa
Key Segments Covered
Product Type, Vehicle Type, Engine Type & Sales Channel
Key Companies Profiled
Faurecia S.A.
Tenneco Inc.
Eberspächer Group
Friedrich Boysen GmbH & Co. KG
Benteler International AG
Futaba Industrial Co. Ltd.
Yutaka Giken Co. Ltd.
Bosal International N.V.
Harbin Airui Automotive Exhaust Systems Co. Ltd.
Sejong Industrial Co. Ltd.
Report Coverage
Market Introduction, Market Viewpoint, Demand Analysis, Forecast Factors, Segmental Analysis, Regional Profiling and Competition Landscape
Customization & Pricing
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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