by The automotive exhaust systems market consists of components such as manifolds, catalytic converters, mufflers, resonators, tailpipes, exhaust pipes and others that reduce pollutants and noise emitted from vehicle exhaust systems. Automotive exhaust systems play a vital role in ensuring vehicles comply with emission standards. The growing adoption of gasoline particulate filters and stricter emission norms worldwide are expected to drive the demand for automotive exhaust systems.
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 operating in the automotive exhaust systems market 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 stringent emission regulations across regions offer significant opportunities for industry players to expand their businesses. The automotive industry’s shift towards electric vehicles also presents growth prospects for catalyst and particulate filter suppliers to develop solutions compatible with hybrid and electric powertrains.
The global automotive industry is experiencing steady growth which is propelling the demand for automotive exhaust systems across developed as well as emerging economies. Leading manufacturers are investing in developing regions through partnerships and acquisitions to leverage market opportunities.
Market Drivers
Stringent government regulations regarding vehicular emissions are a key factor bolstering the Automotive Exhaust Systems Market Demand. Various regions have implemented successive emission norms such as Euro 6, Bharat Stage VI and China 6 which mandate the use of advanced exhaust aftertreatment systems. Additionally, the implementation of real driving emissions (RDE) testing is enhancing the demand for sophisticated exhaust technologies. Rising environmental concerns coupled with the need for fuel efficiency are propelling the need for innovative exhaust systems.
PEST Analysis
Political: Governments have imposed stringent regulations regarding vehicular emissions to curb air pollution. Many countries have regulations in place such as EU Stage VI and BS-VI which have increased the demand for effective exhaust systems.
Economic: Trends such as increased vehicle ownership and increased average lifetime of vehicles has contributed to the overall demand for automotive exhaust systems over multiple replacement cycles.
Social: Increased environmental consciousness among consumers has led to preference for vehicles with lower emissions. This is driving demand for advanced exhaust systems capable of meeting stringent norms.
Technological: Advancements in material science have enabled development of lightweight exhaust components using materials like titanium and stainless steel. Active emission control technologies involving sensors and actuators are also being increasingly used.
Geographical concentration of market in terms of value
The automotive exhaust systems market is highly concentrated in Asia Pacific and Europe regions in terms of value. Asia Pacific currently accounts for over 40% of the global market value led by countries like China, Japan and India. China occupies the largest share of the market in the region owing to presence of leading automotive production bases. Europe is the second largest regional market driven by stringent emission regulations and presence of leading automakers.
Fastest growing region
The Asia Pacific region excluding Japan is expected to be the fastest growing regional market during the forecast period. This can be attributed to increasing vehicle ownership, emerging economies improving road infrastructure and rapidly evolving emission norms in the region. Countries like India and ASEAN nations are witnessing strong growth in passenger vehicle and commercial vehicle sales which is driving the demand for automotive exhaust systems in the region. Large global OEMs are also setting up additional manufacturing bases in the region to cater to the growing demand.
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.
