ROCKVILLE, Md., Feb. 22, 2022 (GLOBE NEWSWIRE) -- Fact.MR published a new report on the exhaust system market for the forecast period of 2017 to 2022. The report opines that the global exhaust systems market is likely to touch a valuation of U$ 57.5 Bn by 2022, and is further expected to reach US$ 102 Bn, surging at a CAGR of 5.9% from 2022 to 2032.
From 2017 to 2021, sales expanded at a CAGR of 4%. Almost all modern vehicles are equipped with exhaust systems as a crucial component of their overall infrastructure. However, the process of remolding auto technologies in an effort to reduce carbon dioxide emissions and environmental degradation will likely affect the applications of those technologies within the automotive industry.
The growth of the exhaust systems market is highly influenced by macroeconomic and microeconomic factors. In the near future, new regulatory guidelines pertaining to emission controls are expected to change the industry landscape. Advances in material science technologies, the boom in fuel-efficient automobiles, and a deliberate focus on research and development are some of the key trends driving the dynamics of the exhaust systems market.
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Key Takeaways from the Market Study
- By vehicle type, passenger cars to account for over 3/4th of the global exhaust system revenue
- Gasoline powered exhaust systems to comprise 83% of the total market revenue
- With over 60% of the market, OEMs are expected to continue to prosper in the exhaust systems market.
- U.S to generate attractive growth prospects, expected to be valued at US$ 10 Bn by 2022
- China to experience highest market growth, expected to register a CAGR of 7%
- India to experience a CAGR of 6.5% with respect to exhaust systems sales through 2032
- U.K to account for over 2 out of 5 exhaust system sales in 2022 and beyond
“During the forecast period, major automotive exhaust system manufacturers are focusing on developing strategies based on selective catalytic reduction (SCR) technology to curb emissions. As a result, numerous innovations and new products are expected to be launched, resulting in a substantial expansion of revenue pools, “says a Fact.MR analyst.
Key Segments Covered in the Exhaust System Market Report
By Vehicle Type
- Passenger Car Exhaust System
- LCV Exhaust System
- HCV Exhaust System
By Fuel Type
- Diesel Exhaust System
- Gasoline Exhaust System
By Sales Channel
- OEM Exhaust System
- Aftermarket Exhaust System
Which Distribution Channel is likely to account for maximum Exhaust System Sales?
By far, OEMs are predicted to be the most lucrative sales channel in the exhaust systems market. With massive transmutations undergone by the global auto industry, OEMs of exhaust systems will have to keep up with these technological advances.
With over 60% share of the market, the prosperity of OEMs in the exhaust systems market is likely to persist and is not anticipated to deteriorate anytime soon. To carry forward this prosperity, OEMs will have to keep up with the rapid technological advancements.
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Competitive Landscape
This competition landscape of the exhaust systems market enunciates the competitive dynamics in terms of crucial parameters such as relative market foothold, product offerings, and differential strategies adopted by the key players operating in the exhaust systems market.
- In May 2021, Futaba Industrial Co., Ltd expressed plans to participate in the Automotive Engineering Exposition 2021 Online. The company plans to exhibit exhaust and vehicle components that reduce emissions, increase fuel efficiency and reduce weight in support of SDGs (Sustainable Development Goals).
- In November 2021, Faurecia announced plans to acquire Hella, a German supplier specialized in the production of lighting and electronics automotive products in a €6.8bn deal. Together, the companies will become the 7th largest automotive supplier that will be well suited to take on new challenges such as autonomous driving, electric mobility, and cockpit of the future.
Prominent Exhaust System Manufacturers:
- Futaba Industrial Co. Ltd.
- Faurecia SE
- Tenneco Automotive Pvt. Ltd.
- Sejong Industrial Co. Ltd.
- Friedrich Boysen GmbH & Co. KG
- Benteler International AG
- Eberspacher
- Yutaka Giken Co. Ltd.
How Opportunistic is the Market for Exhaust Systems in the U.S?
The U.S. market for automotive exhaust systems is expected to reach US$ 10 Bn in 2022. As a result of stringent emission standards implementation, the US automotive exhaust systems market is poised to grow substantially in the coming years.
To increase the performance and efficiency of automobiles, several manufacturers are developing high-performance exhaust systems to help them increase their vehicle's efficiency and operate at maximum efficiency. As a result of the increasing penetration of electric vehicles, the exhaust system market growth will likely slowdown in the near future.
With an increasing number of automotive manufacturers in the market, the demand for exhaust systems has increased. Increased market demand for heavy-duty vehicles in these areas has led to an increase in the market demand for exhaust systems. All of these factors have propelled the market demand for exhaust systems.
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