PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477098
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477098
Automotive Exhaust Systems Market size was valued at USD 50,019.75 Million in 2023, expanding at a CAGR of 7.5% from 2024 to 2032.
The purpose of an automotive exhaust system installation is to gather exhaust gasses from the vehicle's cylinder, eliminate dangerous materials and pollutants, lower noise levels, and release purified exhaust gas. Depending on the engine, the exhaust system has one or two channels. The flow resistance is chosen to ensure that the exhaust backpressure doesn't impair engine performance. The primary parts of the exhaust system are also the exhaust manifold, exhaust pipes, catalytic converter, muffler, and tail pipe. Additionally, the main purposes of automobile exhaust systems are to improve engine economy and lessen the number of hazardous substances that are released into the atmosphere.
Automotive Exhaust Systems Market- Market Dynamics
Rising product launches to propel market demand
There exists a tight correlation between the expansion of the automotive sector generally and the growth of the global market for automotive exhaust systems. Global automobile production and sales are rising, and this is driving up demand for automotive exhaust systems. The demand for automobiles-passenger cars, commercial vehicles, and two-wheelers-has increased due to rising urbanization, rising living standards, and rising disposable incomes in emerging nations. Exhaust system aftermarket sales are also impacted by the replacement of older cars with newer models. The need for exhaust systems is further fueled by a sizable consumer base as well as the growth of new vehicle markets in developing nations like China, India, and Brazil. Automotive manufacturers are looking for reliable exhaust system providers that can satisfy the increasing demand for vehicles by providing high-quality and compliant goods, which will propel the market's expansion.
Automotive Exhaust Systems Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.5% over the forecast period (2024-2032)
Based on components, the Exhaust Manifold segment is expected to dominate the market over the forecast period
Based on the fuel type segmentation, Gasoline held the largest market share in 2023
Based on vehicle type segmentation, the passenger car segment is expected to lead the market over the projected period
Based on region, Asia Pacific was the leading revenue generator in 2023
The Global Automotive Exhaust Systems Market is segmented based on Component, Fuel Type, Vehicle Type, and Region.
Based on the Components, the market is categorized into Catalytic Converter, Exhaust Manifold, Muffler, Oxygen Sensors and Exhaust Pipes. The Exhaust Manifold segment is expected to dominate the market over the forecast period. The market has grown as a result of the rising demand for automobiles, especially in emerging economies. Exhaust systems that provide increased performance, durability, and noise reduction are critical as more people purchase cars. As a result, exhaust manifold producers decided to invest more in research and development to create cutting-edge products that meet changing consumer tastes.
Based on the fuel type, the market is divided into Gasoline and Diesel. Gasoline held the largest market share in 2023 and is expected to continue the same pattern during the forecast period. Nine out of ten automobiles in emerging economies are powered by internal combustion engines. Although sales of internal combustion engines (ICE) have decreased due to the popularity of electric vehicles in North America and Europe, the lack of infrastructure for EVs in developing nations has increased sales of gasoline-powered vehicles.
Based on the vehicle type, the industry is divided into Passenger cars and Commercial Vehicles. The Passenger Car segment is expected to lead the market over the projected period. The segment growth is owing to the rising sales of vehicles.
Automotive Exhaust Systems Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific is expected to dominate the market during the forecast period. This is explained by the region's customers growing spending power and awareness of technology. Furthermore, market expansion is anticipated due to the developing automotive sectors in developing nations like China and India. India provides several advantages to the automobile industry, including low labor costs and less expensive raw materials, thus it is anticipated that the Made in India campaign will attract significant investments. India and China are two of the world's fastest-growing economies and have extensive supply chains and logistics networks. In the upcoming years, it is also projected that the region's expanding e-commerce sector will increase demand for commercial cars.
The key players operating in the market include Continental AG, BENTELER International Aktiengesellschaft, Eberspacher, FORVIA Faurecia, FUTABA INDUSTRIAL CO., LTD, Sejong Industrial Co., Ltd, Boysen, BOSAL, Yutaka Giken Company Limited and Tenneco Inc. These players adopted several strategies to capture the maximum market share such as product launch, acquisition, expansion and others.
In July 2023, through the joint venture Purem Aapico, Proton AG and AAPICO Hitech Public Company Limited established a strategic alliance. The purpose of this partnership is to provide Proton and other automakers in Thailand and the ASEAN region with exhaust pollution control technologies. The recently built factory in Amata City Rayong, Thailand, will produce exhaust systems and parts for both passenger automobiles and commercial vehicles.
GLOBAL AUTOMOTIVE EXHAUST SYSTEMS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Continental AG
BENTELER International Aktiengesellschaft
Eberspacher
FORVIA Faurecia
FUTABA INDUSTRIAL CO., LTD
Sejong Industrial Co., Ltd
Boysen
BOSAL
Yutaka Giken Company Limited
Tenneco Inc.