Automotive Exhaust System Market size is set to grow by USD 23.51 billion from 2023-2027, Akrapovic d.d., Benteler International AG and Berkshire Hathaway Inc., and more to emerge as Some of the Key Vendors, Technavio
NEW YORK, April 15, 2024 /PRNewswire/ -- The global automotive exhaust system market size is estimated to grow by USD 23.51 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 7.42% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 62%.
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Major Players in the Market
Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:
Akrapovic d.d., Benteler International AG, Berkshire Hathaway Inc., Bosal Nederland BV, Eberspacher Gruppe GmbH and Co.KG, Eisenmann Exhaust Systems GmbH, Faurecia, Friedrich Boysen GmbH and Co. KG, Futaba Industrial Co. Ltd., Hexadex Ltd., Hirotec Corp., Honda Motor Co. Ltd., Klarius Products Ltd., Marelli Holdings Co. Ltd., Munjal Auto Industries Ltd., REMUS Innovation GmbH, Sango Co. Ltd., Sejong Industrial Co. Ltd., Thunder Exhaust System Co. Ltd, Tenneco Inc.
Analyst Review
The Automotive Exhaust System Market encompasses various components, including Catalytic Converters, Resonators, and Tailpipes, used in Light Commercial Vehicles, Heavy Commercial Vehicles, Buses and Coaches, Passenger Cars, and Commercial Vehicles. These systems play a crucial role in reducing Carbon Emissions and Toxic Gases, such as Nitrogen Oxide, produced during the combustion process. With Rapid Urbanization, the demand for vehicles, including Diesel Passenger Cars, Utility Trucks, Cabs, Hybrid Vehicles, Electric Vehicles, Motorcycles, Sedans, Hatchbacks, SUVs, Luxury Vehicles, and Tailpipes, continues to rise. Vehicle Electrification and the shift towards alternative fuel vehicles are expected to significantly impact the market dynamics.
Key Market Drivers
The automotive exhaust system market prioritizes efficient exhaust systems, with raw materials playing a crucial role. Steel, particularly tubular and high-strength varieties like austenitic and ferritic stainless steel, dominate the scene due to their reliability and durability. Aluminized steel is also gaining traction for its high thermal expansion coefficient and durability. Exhaust manifolds, a key component, collect exhaust fumes post-combustion. In today's diverse vehicle architectures, exhaust systems cater to various segments: sedans, hatchbacks, SUVs, luxury vehicles, trucks, buses, utility vehicles, and more. Hybrid vehicles, vehicle electrification, motorcycles, and even gasoline and hydrogen-powered vehicles require efficient exhaust systems. The manufacturing industry, automobile industry, entertainment industry, restaurant industry, and transportation/logistics sectors all benefit from advancements in exhaust technology. Components like catalytic converters, resonators, and tailpipes ensure reduced carbon emissions and toxic gases. Light and heavy commercial vehicles, including buses and coaches, also utilize these systems. The market encompasses passenger cars, commercial vehicles, and various vehicle types, adapting to the evolving needs of the e-commerce sector and charging infrastructure development. Battery technology continues to influence exhaust system design in the era of electric and hydrogen-powered vehicles.
Challenges and Opportunities
The Automotive Exhaust System Market has experienced significant advancements, integrating components such as mufflers and catalytic converters. These innovations, including oxygen sensors and exhaust pipes, have reduced noise pollution and improved fuel efficiency in both gasoline and diesel passenger cars, as well as in heavy-duty trucks, buses, cabs, and utility vehicles. Rapid urbanization and the shift towards electric vehicles, hybrid vehicles, and vehicle electrification have influenced market trends. Raw materials like steel and aluminum are utilized in the development of efficient exhaust systems for various vehicle architectures. The market caters to various vehicle types, including sedans, hatchbacks, SUVs, luxury vehicles, motorcycles, and tailpipes for tailpipe emissions reduction. The transportation and logistics sectors, including e-commerce, rely on the market for exhaust systems in gasoline-powered vehicles, hydrogen-powered vehicles, and the evolving charging infrastructure and battery technology for electric vehicles.
The Automotive Exhaust System Market encompasses various components, including Catalytic Converters, Resonators, Tailpipes, and Mufflers, used in Passenger cars, Commercial vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles, Buses and Coaches, and Motorcycles. These systems play a crucial role in reducing Carbon emissions and Toxic gases, such as Nitrogen oxide, from Gasoline and Diesel vehicles. The Manufacturing industry, Automobile industry, Entertainment industry, and Restaurant industry are significant consumers of exhaust systems in Automotive production. Modern exhaust systems, including Catalytic converters, Oxygen sensors, and Exhaust pipes, are essential for complying with regulatory standards and reducing Noise pollution. The demand for efficient exhaust systems is increasing due to Rapid urbanization and the shift towards Electric vehicles, Hybrid vehicles, and Vehicle electrification. Raw materials like Steel and Aluminum are used in the manufacturing of various vehicle architectures, including Sedans, Hatchbacks, SUVs, Luxury vehicles, Trucks, and Buses. Aftermarket high-performance exhaust systems continue to gain popularity among high-performance car owners, leading to an increase in demand for after-sales fitment. Automotive OEMs have responded by developing Active exhaust system technology for high-performance models that comply with regulatory standards and satisfy customer demands for muscular engine sounds.
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Market Overview
The Automotive Exhaust System market involves the production and sale of components that facilitate the efficient removal of exhaust gases from internal combustion engines. These systems are crucial for reducing harmful emissions and improving vehicle performance. Components include catalytic converters, converter technologies like oxidation and reduction, mufflers, manifolds, and various sensors. The market is driven by increasing regulations on emissions, growing demand for fuel efficiency, and advancements in technology. Buses and commercial vehicles also contribute significantly to the market. Passenger cars represent a large portion of the market, with Europe and Asia Pacific being major contributors. Efficient aftertreatment systems, such as selective catalytic reduction (SCR) and lean NOx trap (LNT), are gaining popularity due to their ability to meet stringent emission standards. The market is expected to grow steadily due to the increasing demand for cleaner and more efficient vehicles.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Website: www.technavio.com/
SOURCE Technavio
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