Automotive Exhaust Systems Market Primed to Grow on Back of Stringent Emission Norms
The automotive exhaust systems market primarily consists of exhaust manifolds, catalytic converters, mufflers, tailpipe or exhaust pipe and other components that are bolted together as a piping system from the exhaust port of the engine to the tailpipe to reduce harmful vehicle emissions. Automotive exhaust systems play a vital role in filtering and removing harmful toxins such as carbon monoxide, unburnt hydrocarbons, nitrogen oxide from the exhaust gas produced by internal combustion engines. The rising popularity of gasoline vehicles equipped with emission control systems, introduction of stringent emission regulations worldwide and technological advancements in emission control systems are factors fueling demand for automotive exhaust systems.
Global automotive exhaust systems market is estimated to be valued at US$ 71.10 billion in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the automotive exhaust systems are BENTELER International Aktiengesellschaft, BOSAL, Continental AG, Eberspächer, FORVIA Faurecia, FUTABA INDUSTRIAL CO. LTD, Boysen, Sejong Industrial Co.Ltd., Tenneco Inc., Yutaka Giken Company Limited, Johnson Matthey, BASF SE, Umicore, Klarius Products Ltd, and Cummins Inc.
The rising demand for automobiles across the globe is propelling the automotive exhaust systems market. Developing nations in Asia Pacific are witnessing high vehicle production and sales which is fueling the exhaust systems market in the region. Further, stringent emission norms by governments worldwide are forcing automakers to equip vehicles with advanced exhaust aftertreatment systems.
Technological advancements in emission control systems such as SCR systems, particulate filters are enhancing emissions performance of vehicles. Development of compact and lightweight exhaust components using advanced materials is aiding automakers in meeting stringent emission and fuel efficiency norms.
Market Trends
The shifting focus towards electric vehicles worldwide is one of the key trends being witnessed in the Automotive Exhaust Systems Market Growth. Several countries have announced plans to ban/restrict sales of fossil fuel vehicles supporting adoption of electric mobility. This, in turn, poses a threat to demand of automotive exhaust systems used in conventional gasoline/diesel vehicles.
Advent of modular exhaust systems is another major trend. Modular exhaust systems enable replacement of individual components easily without removing the entire system. This brings down maintenance and installation costs of exhaust systems.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
(https://www.linkedin.com/in/money-singh-590844163)
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