The global Automotive Exhaust Systems Market size is expected to reach USD 68.45 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.2% from 2021 to 2028. Stringent government regulations associated with vehicle emissions coupled with the increasing penetration of after-treatment devices are anticipated to drive the demand for automotive exhaust systems. Moreover, the increasing sales of passenger cars and commercial vehicles along with the growing demand for lightweight emission systems are expected to create significant opportunities for players operating across the value chain of the market.
Automotive OEMs are working on several aspects, such
as new and lightweight materials, drivetrain (engine/transmission) efficiency,
and aerodynamic design, to reduce the vehicular weight. Conventional exhaust
systems and their components are manufactured using materials such as stainless
steel, cast iron, and mild steel/carbon steel. However, several automotive
OEMs, exhaust system manufacturers, and other companies are working to provide
lightweight products made from composite metals with high-temperature
resistance. For instance, Tenneco Inc. offers lightweight compact systems and
lightweight after-treatment and dosing systems to improve the fuel economy and
thermal management of the exhaust system and overall vehicle.
The outbreak of the COVID-19 pandemic hampered the
overall business scenario in 2020, and the economy is expected to continue
experiencing its aftermath over the next few years. Supply chains were
disrupted and production was suspended temporarily at several production
facilities because of the lockdowns and restrictions imposed in various parts
of the world. Subsequently, shipments got delayed and production volumes
plummeted, thereby affecting the overall automotive production. As a result of
the pandemic, several companies and exhaust system manufacturers confronted a
year-on-year decline in unit volumes and revenues. For instance, Eberspacher, a
prominent market player in the exhaust system market, witnessed a decline in
the Exhaust Technology business segment revenue. The company's exhaust
technology sales decreased by 0.4% year-over-year to USD 6,033.1 million in
2020 compared to USD 6,099.46 million in 2019.
In 2020, Asia Pacific captured around 60% of the
automotive exhaust systems demand and is estimated to register a CAGR of around
7.0% over the forecast period. This share is attributed to the increasing
production and sales of passenger cars and commercial vehicles in
emerging economies such as India and China. China has been the largest
automotive manufacturer in the world since 2008. The country's automotive
production annual volumes are greater than the volumes of the European Union
(EU). India is the fifth-largest automotive manufacturing country in the world.
The Indian market is estimated to expand at the highest CAGR over the forecast
period as the Indian government is taking several initiatives to develop the
automotive sector in the country. The Automotive Mission Plan 2016-2026 is a
joint initiative by the Indian Automotive Manufacturers and the government to
plan a roadmap for developing the automotive sector in the country.
Related Press Release@ Automotive Exhaust Systems Market Report
Automotive Exhaust Systems Market
Report Highlights
- In terms of component, the muffler segment is estimated to register
the highest CAGR of over7% from 2021 to 2028 owing to the increasing
demand for dual-exhaust muffler systems in mid-sized and luxury vehicles
- In terms of fuel type, the gasoline segment emerged as the largest
segment in 2020 and is anticipated to retain its dominance over the
forecast period
- In terms of vehicle type, the commercial vehicles segment is
projected to expand at the highest CAGR of around 7.5% over the forecast
period due to increasing demand for commercial vehicles across the
transportation and logistics sectors
- Asia Pacific emerged as the largest regional market for automotive
exhaust systems in 2020 and is anticipated to retain its dominance over
the forecast period
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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