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The global automotive exhaust systems market is expected to rise at a CAGR of 7% over the forecast period from 2018 to 2023, according to the latest research report released by Market Research Future (MRFR). The global automotive exhaust systems market is expected to be driven by the growing automotive industry and the growing attention being paid to the environmental viability of automobiles, which has resulted in a growing demand for catalytic converters.
The rapid growth of the automotive industry is likely to be the major driver for the global automotive exhaust systems market over the forecast period. The growing automotive industry has been driven by the growing disposable income of consumers in emerging regions of the world, which has driven the demand for various automotive components, including the automotive exhaust system market. Exhaust systems are a crucial part of an automotive unit, as they carry the exhaust fumes from the engine away from the engine and out for emission.
The design of the automotive exhaust system also plays a key role in the auditory performance of the car’s engine, as the engine noise is determined in large part by the design of the exhaust system. This is also likely to remain a major driver for the global automotive exhaust systems market over the forecast period, as the demand for cars producing an agreeable exhaust note has grown among younger consumers, whose increasing spending capacity has made them a key consumer demographic for the global automotive industry.
The growing incorporation of catalytic converters and the growing demand for effective and unobtrusive catalytic converter units is likely to be a major driver for the global automotive exhaust systems market over the forecast period. Automotive exhausts comprise a major part of the overall carbon emissions occurring around the world, leading to the growing demand for catalytic converters taking on an important role for the market over the forecast period.
Competitive Analysis:
Leading players in the global automotive exhaust systems market include Faurecia SA, Eberspacher GmbH & Co. KG, Sango Co. Ltd., Friedrich Boysen GmbH & Co. KG, Sejong Industrial Co. Ltd., Bosal International NV, Yutaka Giken Co. Ltd., Benteler International AG, Futaba Industrial Co. Ltd., and Tenneco Inc.
Industry Updates:
In Q1 2019, Navistar recalled more than 24,000 heavy duty trucks all around the world due to a fault in the exhaust system, which caused the exhaust tail pipe to fall off the vehicle. This demonstrates the importance of the automotive exhaust system market for the global automotive industry.
Segmentation:
The global automotive exhaust system market is segmented on the basis of vehicle type, fuel type, after treatment device, component type, and region.
By vehicle type, the global automotive exhaust system market is segmented into passenger and commercial vehicles. Passenger vehicles are likely to remain the leading segment in the global automotive exhaust systems market over the forecast period due to their higher volume of sales. The growing demand for nicer-sounding exhaust systems in the passenger car segment is also likely to be a major driver for the global automotive exhaust systems market over the forecast period.
By fuel type, the global automotive exhaust system market is segmented into gasoline and diesel.
By after treatment device, the global automotive exhaust system market is segmented into diesel oxidation catalyst, diesel particulate filter, lean NOx trap, selective catalytic reduction, and others.
By component type, the global automotive exhaust systems market is segmented into manifold, muffler, downpipe, catalyst converter, tailpipe, and others.
Regional Analysis:
Asia Pacific is likely to be the major regional market for automotive exhaust systems over the forecast period due to the growing volume of sale of passenger vehicles in emerging economies such as China, India, Indonesia, Malaysia, South Korea, Taiwan, and Japan. The growing demand for commercial vehicles in the region, to fuel the growing demand for infrastructure and other commercial projects, is also likely to be a major driver for the global automotive exhaust systems market over the forecast period. Europe is likely to follow Asia Pacific in the global automotive exhaust systems market over the forecast period due to the robust presence of the automotive industry in Europe.
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