Rockville, MD., July 15, 2024 (GLOBE NEWSWIRE) -- According to a revised industry report compiled by Fact.MR, revenue from the global Exhaust System Market is estimated to reach US$ 63.02 billion in 2024 and is slated to surpass US$ 111.8 billion by 2034.
The effectiveness and efficiency of pollution control mechanisms are being significantly improved by innovations in exhaust systems, such as selective catalytic reduction (SCR), diesel particulate filters (DPFs), and gasoline particulate filters (GPFs), which are also driving market expansion. Exhaust systems are in demand from both original equipment manufacturers (OEMs) and the aftermarket. OEMs require exhaust systems for new car production to satisfy consumer demands for performance and efficiency while complying with stringent emission standards. In addition, as cars age, parts malfunction and need to be replaced, keeping the aftermarket in demand.
Manufacturers of exhaust systems are maintaining their competitive edge by employing unique features, materials, and designs. By offering customized products that meet certain vehicle specifications, they are catering to the demands of several OEMs and the aftermarket, among other clients.
Manufacturers of exhaust systems are maintaining their competitive edge by employing unique features, materials, and designs. By offering customized products that meet certain vehicle specifications, they are catering to the demands of several OEMs and the aftermarket, among other clients.
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Key Takeaways from the Exhaust Systems Market Study:
- The global market for exhaust systems is projected to grow at a CAGR of 5.9% from 2024 to 2034.
- East Asia is analyzed to hold 31.3% of the global market share by 2034. This regional market is forecasted to generate revenue worth US$ 35 billion by 2034.
- Revenue from OEMs is forecasted to touch US$ 81.5 billion by the end of 2034.
- The market in Japan is calculated to expand at a CAGR of 7.6% from 2024 to 2034.
- Demand for exhaust systems for use in commercial vehicles is forecasted to increase at 7% CAGR from 2024 to 2034.
- The market in the United States is evaluated to generate revenue of US$ 14.77 billion in 2024.
“Manufacturers are increasing their revenue from replacement parts and maintenance services by enhancing their ties with aftermarket distributors and service providers,” says a Fact.MR analyst
Leading Players Driving Innovation in the Exhaust System Market:
Key industry participants like Faurecia SE; Futaba Industrial Co.; Sawicki Speed; Milltek Sport; Friedrich Boysen GmbH & Co. KG; Eberspacher; Honda Global; Tenneco Automotive Pvt. Ltd.; Yutaka Giken Co. Ltd.; Benteler International AG; Sejong Industrial Co. Ltd.
OEMs Will Continue to Generate Higher Revenue Compared to Aftermarket
Original equipment manufacturers (OEMs) sell a significant number of exhaust systems, primarily due to high vehicle production volumes and regulatory requirements. OEMs are obligated to install compliant exhaust systems on new vehicles to adhere to global pollution regulations. Demand for OEM exhaust systems rises with increased car production levels.
OEMs leverage economies of scale and direct integration during vehicle assembly, ensuring seamless compliance with emission regulations and maximizing performance. This integrated supply chain and bulk procurement strategy contribute significantly to the high sales volumes of OEM exhaust systems.
Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Vehicle Type:
- Passenger Cars
- Commercial Vehicles
Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Fuel:
- Diesel
- Gasoline
Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Sales Channel:
- OEMs
- Aftermarket
Exhaust System Industry News:
Key players in the exhaust system industry maintain their competitive edge by utilizing unique features, materials, and designs to meet the diverse needs of OEMs and aftermarket clients. They enhance income through strong relationships with aftermarket distributors and service providers.
In September 2023, Sawicki Speed, a U.S.-based high-performance exhaust specialist, released a new exhaust system for the Indian Challenger and Pursuit. Akrapovic introduced a Slip-On Line (Titanium) for the Honda XL750 Transalp and a Slip-On Line (Carbon) for the Honda CB750 Hornet. In July 2023, UK-based Milltek Sport launched an enhanced exhaust system for BMW's M2 Coupe.
Earlier, in May 2021, Futaba Industrial Co., Ltd planned to exhibit at the Automotive Engineering Exposition 2021 Online, showcasing eco-friendly exhaust and vehicle components. In November 2021, Faurecia announced the acquisition of Hella for $7.27 billion, forming the 7th largest automotive supplier, ready to tackle challenges like autonomous driving and electric mobility.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the exhaust system market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on vehicle type (passenger cars, commercial vehicles), fuel (diesel, gasoline), and sales channel (OEMs, aftermarket), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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