Automotive Exhaust Systems Market is gaining ground with shifting focus on emission reduction
The automotive exhaust systems market comprises components that channelize harmful and toxic exhaust gases away from the vehicle. These systems play a vital role in lowering vehicular pollution and emissions. Exhaust systems aid in decreasing the volume of noise emitted from engines. Rising implementation of stringent emission regulations concerning vehicular emission standards across regions is projected to drive the demand for advanced emission control technologies in vehicles. This in turn will augment the automotive exhaust systems market during the forecast period.
The global automotive exhaust systems market is estimated to be valued at US$ 71.10 Bn in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players related content comprises key players related content (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 key opportunities in the market include growing demand for exhaust after-treatment devices and particulate filters to cut vehicular emissions. Rising global vehicle production and sales also present new growth prospects for manufacturers of automotive exhaust systems.
Globally, stringent emission norms enacted by regulatory bodies in prominent auto markets such as North America, Europe, and China provide a positive backdrop for the industry. Auto giants are investing heavily in R&D to develop innovative emission control solutions, which will help reduce pollution levels across major cities.
Market drivers
Rising global vehicle parc is a major market driver for Automotive Exhaust Systems Market Share. As per estimates, worldwide vehicle sales are projected to surpass 100 million units by 2030. Growing vehicle fleet size will propel the demand for original exhaust systems as OEM replacements and aftermarket parts. Stringent emission norms aimed at curbing air pollution also necessitate utilization of advanced exhaust components in modern vehicles.
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