Newark, Del:, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The Automotive Exhaust Systems Market size is projected to cross US$ 112.6 Billion in 2023 and is estimated to attain a valuation of US$ 203.6 Billion by 2033. The automotive exhaust systems market share is expected to thrive at a CAGR of 6.1% from 2023 to 2033.
The demand for fuel-efficient cars is rising due to rising fuel costs and rising consumer ecological concerns. Automotive exhaust systems are made to improve exhaust flow and lower back pressure to enhance engine performance and reduce emissions. Manufacturers invest in cutting-edge exhaust technology to accommodate this demand, including turbochargers, catalysts, and diesel particle filters. These investments are expected to bolster market growth in the coming years.
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The materials and designs of exhaust systems are undergoing significant technical improvement in the vehicle sector. The weight of the exhaust system is reduced using lightweight materials, including stainless steel, aluminum, and composites, which improves fuel economy and vehicle performance. Fabricating intricate and customized exhaust system components is made possible by modern manufacturing techniques like laser welding and 3D printing. The advancements in these technologies present several growth opportunities for the market.
Exhaust system aftermarket sales are rising as well. To boost performance, improve sound, or attain a certain aesthetic, vehicle owners are changing the factory exhaust systems on their vehicles with aftermarket alternatives. Due to this tendency, the industry is growing as a whole, and aftermarket exhaust system sales are increasing.
The demand for automotive exhaust systems is being driven by the rising use of electric and hybrid automobiles. In contrast to electric vehicles (EVs), hybrid cars still use internal combustion engines, which require robust exhaust systems. Exhaust system demand is expected to rise as the market for electric and hybrid vehicles expands. Additionally, engine power, throttle responsiveness, and exhaust tone may all be improved with upgraded exhaust systems. This desire for performance improvements is aiding the market's growth.
Key Takeaways from Automotive Exhaust Systems Market Report:
- In 2018, the global market size stood at US$ 87,016.9 million.
- The market expanded at a CAGR of 5.3% from 2018 to 2022.
- In 2022, the global market size stood at US$ 106,983.6 million.
- The United States captured 17.8% of global market shares in 2022.
- India captured 6.0% of global market shares in 2022.
- China captured 6.3% of global market shares in 2022.
- The United Kingdom captured 5.8% of global market shares in 2022.
- The gasoline segment under engine type captured 78.3% of global market shares in 2022.
- The passenger cars segment acquired 72.7% of global market shares in 2022.
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Recent Developments Observed by FMI:
- Akrapovi introduced its new Slip-On Line (Titanium) exhaust in March 2023, featuring a dramatic design that was expressly made for Suzuki's newest adventure bike, the Suzuki V-Strom 800DE.
- Akrapovi extended their ever-expanding collection of Yamaha motorcycle accessories by releasing the Racing collection (Titanium) for the 2022 Yamaha TMAX and the Slip-On Line (Titanium) for the 2022 Yamaha MT-10.
Top Key Players in the Automotive Exhaust Systems Market:
- Faurecia S.A.
- Tenneco Inc.
- Eberspächer Group
- Friedrich Boysen GmbH & Co. KG
- Benteler International AG
- Yutaka Giken Co. Ltd.
- Bosal International N.V.
- Harbin Airui Automotive Exhaust Systems Co. Ltd.
- Sejong Industrial Co. Ltd.
Automotive Exhaust Systems Market by Segmentation
By Product Type:
- Exhaust Manifold
- Muffler
- Catalytic Converter
- Oxygen Sensor
- Exhaust Pipes
By Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Engine Type:
- Gasoline
- Diesel
By Sales Channel:
- Original Equipment Manufacturer (OEM)
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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About the Automotive Division at Future Market Insights
The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one billion+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
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