Automotive Exhaust Systems Market Size, Share & Trends Analysis Report By Component, By Fuel Type (Gasoline, Diesel), By Vehicle Type (Passenger Car, Commercial Vehicles), By Region, And Segment Forecasts, 2021 - 2028
New York, Oct. 19, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Exhaust Systems Market Size, Share & Trends Analysis Report By Component, By Fuel Type, By Vehicle Type, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06176731/?utm_source=GNW
Automotive Exhaust Systems Market Growth & Trends
The global automotive exhaust systems market size is expected to reach USD 68.45 billion by 2028. The market is expected to expand at a CAGR of 6.2% from 2021 to 2028. Stringent government regulations associated with vehicle emissions coupled with the increasing penetration of after-treatment devices are anticipated to drive the demand for automotive exhaust systems. Moreover, the increasing sales of passenger cars and commercial vehicles along with the growing demand for lightweight emission systems are expected to create significant opportunities for players operating across the value chain of the market.
Automotive OEMs are working on several aspects, such as new and lightweight materials, drivetrain (engine/transmission) efficiency, and aerodynamic design, to reduce the vehicular weight.Conventional exhaust systems and their components are manufactured using materials such as stainless steel, cast iron, and mild steel/carbon steel.
However, several automotive OEMs, exhaust system manufacturers, and other companies are working to provide lightweight products made from composite metals with high-temperature resistance. For instance, Tenneco Inc. offers lightweight compact systems and lightweight after-treatment and dosing systems to improve the fuel economy and thermal management of the exhaust system and overall vehicle.
The outbreak of the COVID-19 pandemic hampered the overall business scenario in 2020, and the economy is expected to continue experiencing its aftermath over the next few years.Supply chains were disrupted and production was suspended temporarily at several production facilities because of the lockdowns and restrictions imposed in various parts of the world.
Subsequently, shipments got delayed and production volumes plummeted, thereby affecting the overall automotive production.As a result of the pandemic, several companies and exhaust system manufacturers confronted a year-on-year decline in unit volumes and revenues.
For instance, Eberspacher, a prominent market player in the exhaust system market, witnessed a decline in the Exhaust Technology business segment revenue. The company’s exhaust technology sales decreased by 0.4% year-over-year to USD 6,033.1 million in 2020 compared to USD 6,099.46 million in 2019.
In 2020, Asia Pacific captured around 60% of the automotive exhaust systems demand and is estimated to register a CAGR of around 7.0% over the forecast period. This share is attributed to the increasing production and sales of passenger cars and commercial vehicles in emerging economies such as India and China. China has been the largest automotive manufacturer in the world since 2008. The country’s automotive production annual volumes are greater than the volumes of the European Union (EU). India is the fifth-largest automotive manufacturing country in the world. The Indian market is estimated to expand at the highest CAGR over the forecast period as the Indian government is taking several initiatives to develop the automotive sector in the country. The Automotive Mission Plan 2016-2026 is a joint initiative by the Indian Automotive Manufacturers and the government to plan a roadmap for developing the automotive sector in the country.
Automotive Exhaust Systems Market Report Highlights
• In terms of component, the muffler segment is estimated to register the highest CAGR of over7% from 2021 to 2028 owing to the increasing demand for dual-exhaust muffler systems in mid-sized and luxury vehicles
• In terms of fuel type, the gasoline segment emerged as the largest segment in 2020 and is anticipated to retain its dominance over the forecast period
• In terms of vehicle type, the commercial vehicles segment is projected to expand at the highest CAGR of around 7.5% over the forecast period due to increasing demand for commercial vehicles across the transportation and logistics sectors
• Asia Pacific emerged as the largest regional market for automotive exhaust systems in 2020 and is anticipated to retain its dominance over the forecast period
Read the full report: https://www.reportlinker.com/p06176731/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001