Exhaust System Market Worth US$ 57,504.6 Million by 2022
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Automotive exhaust systems continue to be an integral component in vehicles, but greater focus on development of technologies that meet international emission guidelines is expected to impact its application in automotive manufacturing in the years to come. Factors such as increasing consumer awareness, regulatory obligations and emergence of next-gen automobile companies that utilize advanced and ecofriendly technologies are likely to influence the dynamics of the global market for automotive exhaust systems over the next couple of years.
A guided piping apparatus that discharges burned gases and steam from an automobile engine is defined as an automotive exhaust system. Along with the engine, key components of an automotive exhaust system include – automotive exhaust manifold, automotive exhaust pipe, automotive exhaust valve, muffler, silencer, and the vehicle’s tailpipe. Automotive exhaust systems are primarily used to release the automotive exhaust gases from an internal combustion engine.
OEM Will Remain the Leading Sales Channel for Automotive exhaust Systems
OEM is projected to remain the most attractive sale channel for automotive exhaust systems during the forecast period. The OEM segment is estimated to reach a market valuation of US$ 37,722.8 Mn by 2022-end, expanding at a stable CAGR. Technological advancement remains a double-edged sword for OEMs. Those who adapt to the change can leverage the available opportunities, whereas failure to scale up to demand can render businesses obsolete. Meanwhile, sales of automotive exhaust system in aftermarket will remain relatively lower over 2022. Globally, around US$ 19,781.8 Mn worth automotive exhaust systems are expected to be sold in aftermarket towards the end of the projected period.
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On the basis of vehicle type, passenger car is expected to remain the most attractive segment of the market. Increasing sales of passenger cars across the globe is anticipated to favor the prospects of the global automotive exhaust system market during the forecast period. The passenger car segment is projected to grow to nearly US$ 33,000 Mn by 2022, reflecting a steady CAGR. During the same period, the LCV segment will retain its second spot, reaching an impressive market valuation by 2022-end.
By fuel type, the diesel segment is expected to grow to US$ 36,400 Mn by the end of 2022, reflecting a healthy CAGR. In addition, the segment is set to gain 10 BPS and create an absolute $ opportunity of US$ 8,664.3 Mn between 2017 and 2022. This is primarily owing to increasing consumer preference for diesel engine vehicles.
Meanwhile, the gasoline segment projected to expand at a moderate CAGR during the projection period.
Some of the leading companies operating in the global automotive exhaust system market include Futaba Industrial Co., Ltd., Faurecia, Tenneco Inc., Ltd., Sejong Industrial Co., Ltd., Sango Co., Ltd, Friedrich Boysen GmbH & Co. KG, Benteler International AG, Eberspacher, Yutaka Giken Co., and Harbin Airui Automotive Automotive exhaust System. Many of these market players are actively focusing on developing more light weight and technologically advanced products that can help in enhancing the overall functionality of the vehicle. Moreover, companies are also entering strategic partnerships and collaboration projects in order to further increase their product offerings.
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