New York , Jan. 22, 2024 (GLOBE NEWSWIRE) -- The global automotive exhaust system market size is predicted to grow at a CAGR of over 6% from 2023 to 2033. The market is projected to garner a revenue of USD 195 billion by the end of 2033, up from a revenue of USD 105 billion in the year 2022. The major element to dominate the market growth is the growing demand for automobiles. For instance, global auto sales increased from over 65 million vehicles in 2021 to around 66 million vehicles in 2022.
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For instance, the yearly carbon dioxide emissions from an average passenger car are 4.6 metric tons. Hence, automobile manufacturers are cutting emissions generated by their engine exhausts by designing their engines better, and all new petrol and diesel vehicles now come equipped with particulate filters and catalytic converters as standard equipment. As a result, the demand for automotive exhaust systems is growing.
Automotive Exhaust System Market: Key Takeaways
- Market in Asia Pacific region to propel the highest growth
- Gasoline segment to garner the highest growth
- Market in North America region to grow at a notable rate
Growing Population to Boost the Growth of the Global Automotive Exhaust System Market
The world's population climbed from over 7,975,105,155 in 2022 to over 8,045,311,446 in 2023, or an approximate 0.87% rise. Hence, mileage is going to keep increasing as a result of growing population numbers and increased transportation demands. Furthermore, a large number of people are becoming aware of the environmental consequences of fossil fuel burning. Which is why the market revenue for automotive exhaust system is rising.
Automotive Exhaust System Industry: Regional Overview
The global automotive exhaust system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Urban Population to Drive the Expansion of Market in Asia Pacific
The Asia Pacific market for automotive exhaust systems is set to gather the largest revenue by the end of 2033. This growth is poised to be encouraged by the rising urban population. Over 2.2 billion people, or 54% of the world's metropolitan population, reside in Asia. Asia's urban population is predicted to increase by 50% by 2050, adding 1.2 billion new residents.
Surge in Disposable Income to Influence the Market Growth in North America
The North America market for automotive exhaust systems is predicted to have significant growth over the forecast period. This growth is set to be encouraged by rising disposable income. The potential spending of the average American personal income in 2021 amounted to USD 14 trillion. In that particular year, the per capita personal disposable income was approximately 45,342 USD.
Automotive Exhaust System Segmentation by Fuel Type
- Diesel
- Gasoline
- Alternate Fuels
The gasoline segment is predicted to gather the highest revenue in the market by the end of 2035. Since gasoline has a high energy density, it is an excellent fuel for cars. Considering it is a liquid at the temperatures in which a vehicle would operate, handling it is simple. Further, with the growing production of crude oil the segment is rising. Global crude oil output increased at a record of about 4% pace in 2022, significantly higher than both the average growth of over 1% each year from 2010 to 2019 and the growth of close to 2% in 2021.
Automotive Exhaust System Segmentation by Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
The passenger vehicle segment is poised to have noteworthy growth over the coming years. This growth of the segment is set to be dominated by rising demand for passenger vehicles. In 2022, there was a 2% increase in global passenger car sales above the previous year, with an anticipated 56 million cars sold worldwide.
A few of the well-known market leaders in the global automotive exhaust system market that are profiled by Research Nester are Benteler International AG, Tenneco Incorporated, Marelli Holdings Co., Ltd., Faurecia, Eberspacher Gruppe GmbH & Co.KG, Friedrich Boysen GmbH & Co. KG, Futaba Industrial Co., Ltd., Sejong Industral Co, Ltd., Bosal Emission Control Systems, Yutaka Giken Co., Ltd., Denso Corporation, and others.
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Recent Development in the Market
- Tenneco Incorporated disclosed that the 2020 Chevrolet Corvette Stingray's performance and sound are a result of its cutting-edge engine and exhaust systems.
- Benteler International Aktiengesellschaft provides automakers with an answer that satisfies the stringent EU-7 standard pollution regulations with its electrically heated catalytic converters. Moreover, it guarantees nearly complete elimination of pollutants during cold starts, adding even more support for environmentally friendly transportation.
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