Automotive Exhaust Systems Market Expected to Behold a CAGR of 3.9% by 2027
The global automotive exhaust systems market is segmented on the basis of product type, sales channel, vehicle type, engine type and region.
In the product type category, the muffler segment is the largest with respect to market share. The catalytic converter segment is projected to grow at a significant rate during the forecast period owing to several advantages that the component offers – in terms of reduction in carbon emissions and air pollutants. By sales channel, the aftermarket segment is expected to surpass the OEM segment in terms of growth rate. However, the OEM segment is likely to dominate the global market with a high market valuation.
In the vehicle type category, the passenger cars segment is highly lucrative and is estimated to reach a significant market value by the end of the year of assessment. This segment is the fastest growing and is projected to grow at a value CAGR of 4.2% throughout the period of forecast.By engine type, the gasoline engine segment is expected to dominate the global market with a high market value as well as high growth rate throughout the period of assessment.
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Byregion, Asia Pacific excluding Japan (APEJ) is the most attractive market for the growth in adoption of automotive exhaust systems. The automotive exhaust systems market in this region is projected to grow at a noteworthy CAGR during the forecast period to reach a comparatively high market valuation by the end of 2027. The automotive exhaust systems market in MEA region is projected to grow at a rapid pace. As per this research report, the global automotive exhaust systems market is expected to reach a market valuation of about US$ 36 Bn by the end of the year of assessment in 2027, from a value of just under US$ 25 Bn in 2017. The global market for automotive exhaust systems is expected to rise at a value CAGR of 3.9% throughout the period of assessment.
Advancements in technology in material science, innovations in exhaust systems to reduce air pollutants, increasing demand for fuel efficient automobiles, use of enhanced technology in the automotive sector and increasing use of automation systems to produce proficient exhaust systems, increasing lifespan of used automobiles expected to boost aftermarket sales, and growing investment in research and development have contributed to the growth of the global automotive exhaust systems market. However, increasing adoption of electric vehicles, rising fuel prices, high Co2 emissions, high initial and repair cost of exhaust systems, bulky design of components of exhaust systems are major aspects hindering the growth of the global automotive exhaust systems market.
The research report on the global automotive exhaust systems market covers in-depth analysis on the key players involved in the manufacturing of automotive exhaust systems. Players like Faurecia S.A.,Tenneco Inc., Eberspächer Group, Friedrich Boysen GmbH & Co. KG, Benteler International AG, Futaba Industrial Co., Ltd., Yutaka Giken Co., Ltd., SANGO Co., Ltd., Bosal International N.V., Harbin Airui Automotive Exhaust Systems Co. Ltd., and Sejong Industrial Co., Ltd., have been profiled in this study.
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