automotive exhaust system market to grow at a healthy CAGR of 3.9% in term of value the forecast period 2017 – 2027

Introduction:

An automotive exhaust system is the system which is used to guide and emit the exhaust gases away from the internal combustion engine. The overall system may include one or more exhaust pipes from the engine. Automotive exhaust system is one of the most important component in any vehicle type (passenger car, LCV and HCV) in the global automotive market. It is a mechanical system that helps in reducing the harmful emission of contaminants and toxic gases in the environment.

In terms of sales, the global automotive exhaust system market is projected to grow at a healthy CAGR of 3.9% in term of value over the forecast period and will be primarily driven by factors affecting its end user.

Drivers and Trends

An automotive exhaust system is a mechanical system that helps in reducing the harmful emission of contaminants and toxic gases in the environment. Governments in the region are anticipated to revise urban mobility plans and promote the adoption of green solutions. This factor is anticipated to drive the demand for automotive exhaust systems and reflect as one of the best solutions in automotive and transportation industry. Automotive exhaust systems are installed in-line with internal combustion engines, which are responsible for the emission of harmful substances and the increased use coupled with the irregular maintenance of IC engines decreases fuel efficiency. New and advanced automotive exhaust systems offer better fuel efficiency due to utilization of better resources and advanced systems instead of old standard systems. They have great fuel efficiency, which is expected to act as a driving factor for the automotive exhaust system market over the forecast period. The cost of fuel and fuel efficiency is a significant concern for any industry. If the cost of fuel increases or fuel efficiency decreases, the transportation cost of goods also rises, which directly impacts the cost of the products. Hence, fuel efficiency plays a vital role in fueling the growth of the automotive exhaust system market

Tailpipe emissions have always remained under the scanner of the regulating bodies. With the depleting environment and the quality of air, concerns for limiting emissions primarily from automotive have taken a serious note. Many governments have banned the sale of vehicles complying with older emission norms. Once such example being India, where the sale of BS-III vehicles was barred last year (2017). The leading players in the market have promoted their products for fast transition towards the upcoming and latest government emission regulations such as Euro 6C, China National Standard V and VI, Bharat Stage VI, etc. The emission regulations are expected to trigger innovation in the exhaust system market

Market Segmentation

The product type segment of the automotive exhaust system market includes exhaust manifold, catalytic converter, muffler, exhaust sensor and exhaust pipes. The muffler segment holds the highest market share of 38.0% and is followed by the exhaust manifold, which holds 31.8% share in the automotive exhaust system market in 2017.

On the basis of vehicle type, the market is divided into passenger car, LCV and HCV. The passenger car segment holds the highest market share, i.e. 74.9% and 4.2% CAGR, this segment’s share is expected to improve further during the forecast period. LCV segment is expected to hold the second highest market share due to the increasing demand in the North America market.

On the basis of sales channel, the market is divided into passenger OEM and aftermarket. The OEM segment is estimated to remain the most attractive segment growing with a healthy CAGR 4.2% CAGR during the forecast period.

The engine type segment of the automotive exhaust system market includes gasoline and diesel segments. The gasoline segment holds significant market value share of 63.7% and is followed by the diesel, which is anticipated to grow at value CAGR of 3.4% in between 2017 and 2027.

Key Regions

Owing to increasing demand for automobiles globally, North America, APEJ and Western Europe are the most promising regions. The market in APEJ region, on the other hand, is expected to grow at a prominent CAGR due to increasing demand of all vehicle types. The automotive exhaust system market in the Latin America and Middle East & Africa is expected to grow with a prominent pace over the forecast period.

Key Players

Prominent players identified in the automotive Exhaust System market are Faurecia S.A., Tenneco Inc., Eberspächer Group, Friedrich Boysen GmbH & Co. KG, Benteler International AG, Futaba Industrial Co., Ltd., Yutaka Giken Co., Ltd., SANGO Co., Ltd., Bosal International N.V., Harbin Airui Automotive Exhaust Systems Co. Ltd., Sejong Industrial Co., Ltd., etc. Key players in the market are continuously trying to upgrade their existing product and also innovating and launching newer products.

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Yogesh

Yogesh Sengar is an experienced digital marketing professional. He tracks the latest trends and happenings in the digital marketing landscape, also offering his opinion on their impact on businesses. He has experience in both B2C and B2B markets. His hobbies include reading books and travelling.