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Soaring Demand and Advanced Technologies Fuel Growth in Global Automotive Engineering Services Market
Automotive Engineering Services Market
Get Inside the Global Boom in Automotive Exhaust Systems: Drivers, Key Players, Market Size, and Trends for the 2024-2029 Forecast Period
What Is The Projected Market Size Of The Global Automotive Exhaust Systems Market And Its Growth Rate?
The global automotive exhaust systems market has recently seen robust growth and is projected to expand further:
• Market size was valued at $42.3 billion in 2024.
• It is expected to grow to $44.8 billion by 2025, at a compound annual growth rate (CAGR) of 5.9%.
• The market growth during the historic period has been driven by regulatory emissions standards, consumer demand, vehicle production growth, fuel efficiency requirements, and noise pollution control.
• The market is forecasted to further increase to $59.68 billion by 2029, at a compound annual growth rate (CAGR) of 7.4%.
• This future growth can be attributed to factors such as the rise of electric and hybrid vehicles, lightweight materials, autonomous vehicles, aftermarket and retrofit market, hydrogen fuel cell vehicles, recycling and sustainability, and emissions reduction goals.
What Is Driving The Growth In The Automotive Exhaust Systems Market?
The surge in automobile production is fueling the market for automotive exhaust systems. Steady growth in disposable income in both developing and developed countries, alongside the growing demand for personal vehicles for daily commuting, has led to a hike in demand for automobiles worldwide. This upward trend in automobile demand is expected to further the usage of automotive exhaust systems, as they are a vital component in automobile manufacturing. For example, according to the European Automobile Manufacturers Association, automobile production around the world increased to a staggering 85.4 million units in 2022, a 5.7% increase compared to 2021. Thus, the escalating production of automobiles is anticipated to drive the demand for automotive exhaust systems over the next few years.
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Who Are the Key Players Driving Automotive Exhaust Systems Market Growth?
The prominent players driving the growth of the automotive exhaust systems market include:
• 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.
What Are The Key Trends In The Automotive Exhaust Systems Market?
Key trends shaping the automotive exhaust systems market include:
• Emission reduction technologies
• Integration of sensors and electronics
• Advanced manufacturing techniques
• Collaborations and mergers
• Customization and aesthetics
• Advanced coating technologies
What Are The Segments Of The Global Automotive Exhaust Systems Market?
The global automotive exhaust systems market can be segmented by:
• Technology: Diesel Oxidation Catalyst (DOC), Diesel Particulate Filter (DPF), Selective Catalytic Reduction (SCR), Exhaust Gas Recirculation (EGR), Gasoline Particulate Filter (GPF), Other Technologies
• Vehicle Type: Passenger Cars, Light Commercial Vehicle, Truck and Bus
Which Region Leads The Automotive Exhaust Systems Market?
Asia-Pacific dominated the automotive exhaust systems market in 2024. The regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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What Is Covered In The Automotive Exhaust Systems Market Global Market Report?
Market Size Analysis: Analyze the Automotive Exhaust Systems Market size by key regions, countries, product types, and applications.
Market Segmentation Analysis: Identify various subsegments within the Automotive Exhaust Systems Market for effective categorization.
Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
Market Contribution: Evaluate contributions of different segments to the overall Automotive Exhaust Systems Market growth.
Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
Industry Challenges: Analyze challenges and risks affecting the Automotive Exhaust Systems Market.
Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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