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Global Market Overview of Automotive Exhaust Systems and Emission Solutions 2024
Automotive Exhaust Systems Market Size
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According to The Business Research Company's, The automotive exhaust systems market size has grown strongly in recent years. It will grow from $40.28 billion in 2023 to $42.91 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to regulatory emissions standards, consumer demand, vehicle production growth, fuel efficiency requirements, noise pollution control.
The automotive exhaust systems market size is expected to see strong growth in the next few years. It will grow to $55.89 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to electric and hybrid vehicles, lightweight materials, autonomous vehicles, aftermarket and retrofit market, hydrogen fuel cell vehicles, recycling and sustainability, emissions reduction goals. Major trends in the forecast period include emission reduction technologies, integration of sensors and electronics, advanced manufacturing techniques, collaborations and mergers, customization and aesthetics, advanced coating technologies.
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Market Drivers and Trends:
The increase in automobile production is driving the automotive exhaust systems market. Rapid growth in disposable income among individuals in both developing and developed countries and growing demand for a personal vehicle for daily commute to work has contributed to rapid growth in demand for automobiles across the globe. The rapid growth in demand for automobiles is expected to the boost utilization of automotive exhaust systems, as they are a vital component in the manufacturing of automotive vehicles. For instance, in 2021, according to OICA (Organisation Internationale des Constructeurs d'Automobiles), around 80 million cars including passenger vehicles and commercial vehicles were produced, a 3% increase from 2020. Therefore, increasing automobile production is expected to boost demand for automotive exhaust systems during the forecast period.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Benteler International AG, Continental AG, Eberspacher Group, Faurecia SE, Friedrich Boysen GmbH & Co. KG, Tenneco Inc., MagnaFlow, Borla Performance Industries, Bosal Industries Limited, Sejong Industrial Co. Ltd., Yutaka Giken Co. Ltd., Sango Co. Ltd., Futaba Industrial Co. Ltd., Kolbenschmidt Pierburg AG, Delphi Technologies, Tata AutoComp Systems Limited, Eminox Ltd., Calsonic Kansei Corporation, AP Exhaust Products Inc., Sankei Giken Kogyo Co. Ltd., Motus Integrated Technologies, Meritor Inc., Sharda Motor Industries Ltd., Johnson Matthey plc, Arvin Sango Inc., CECO Environmental Corporation, Flowmaster Inc., Dynomax Inc., Crown, Katcon SA de CV
Automotive Exhaust Systems Market 2024 Key Insights:
• The automotive exhaust systems market size is expected to see strong growth in the next few years. It will grow to $55.89 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Rapid Increase In Car Ownership Spurs Growth In The Automotive Exhaust Systems Market
• Automotive Suppliers Establish New Plants For Exhaust Technology
• Asia-Pacific was the largest region in the automotive exhaust systems market in 2023
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