Automotive Exhaust Systems Market Future Scenario, Key Insights
The global automotive exhaust systems market is expected to reach a market valuation of US$ 106.98 Billion by the year 2022, accelerating with a moderate CAGR of 6.07% by 2022-2032. Automotive exhaust systems market size is anticipated to be valued at about US$ 192.86 Billion by 2032 end.
The sales and manufacture of automobiles in developing countries like China and India are on the rise due to the rapid urbanization of these regions and the rising personal disposable income of their citizens. Growth in the automotive exhaust systems market is anticipated to be driven by rising demand for, and production of, automobiles with high-efficiency exhaust systems.
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The advent of car companies adopting cutting-edge, environmentally friendly technologies to produce low-emission vehicles is expected to fuel the automotive exhaust systems industry's expansion. Demand for these low emission automobiles with an upgraded exhaust system is expected to be bolstered by customers' growing awareness of pollution's toll on human health and the natural world.
Revenue growth is expected to be propelled by strict government pollution rules, which are leading to increased development of exhaust system technologies such as exhaust after-treatment systems and exhaust gas recirculation (EGR) systems. In order to conform to upcoming regulations on vehicle emissions, the automotive industry is developing exhaust systems for diesel engines to reduce NOx emission. Demand for automotive exhaust systems is expected to rise as a result of all the issues.
One factor that is expected to restrain the expansion of the automotive exhaust system market over the coming years is the growing popularity of electric vehicles, which is being encouraged by government subsidies and tax exemption policies around the world.
Key Takeaways
Asia Pacific region is expected to account for more than 60% of the global growth in demand for automotive exhaust systems.
More than 6.8% CAGR growth is predicted for Latin America throughout the forecast period, making it the second fastest growing area.
The expansion of the regional automotive exhaust systems market is anticipated to be bolstered by the rising output and demand for automobiles in nations like Brazil and Mexico.
From 2021 to 2028, the market for commercial vehicles is expected to grow at a CAGR of about 8.0%. This expansion is a direct result of rising demands in the transportation and logistics industries for large vehicles.
One of the most important automotive exhaust systems market is the logistics sector. In 2020, gasoline sales made up almost 80% of total sales, and this trend is expected to continue during the projection period.
Passenger cars generated over 70% of total market revenue in 2020, and this trend is expected to continue over the forecast period. Around the predicted time period, the automotive exhaust systems sector is expected to grow at a CAGR of over 5.0%.
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Competitive Landscape for the Automotive Exhaust Systems Market
There are just a handful of major players in the automobile exhaust systems market. Because of their dedication to innovation and the creation of a wide variety of items for use with exhaust systems, these businesses have risen to the top of respective industries. Companies like these are anticipated to expand their automotive exhaust systems market share throughout the forecast period.
Global Automotive Exhaust Systems Market Key Players
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.,
Recent Developments
Futaba Industrial Co., Ltd. stated in May 2021 that they would be participating in the Automotive Engineering Exposition 2021 Online. With an eye on achieving SDGs, the business plans to deploy new exhaust and body system components that enhance fuel efficiency, cut weight, and reduce emissions (Sustainable Development Goals).
Faurecia's Clean Mobility Division has its headquarters in the Koriyama Plant in Koriyama City, Fukushima Prefecture, and in April 2021, the company announced that production would begin there in the second half of that year. Although the Koriyama Plant was supposed to begin operations in September 2020, the spread of the coronavirus has temporarily slowed production at the automakers to whom it delivered products (COVID-19).