Product innovations and tapping into regional markets with the help of strategic alliances have generated substantial growth opportunities in the global automotive exhaust systems market
According to the analysis done by Future Market Insights, the global automotive exhaust systems market is expected to reach a significant valuation by the end of the period of assessment. The automotive exhaust systems market witnessed a continuous growth path since 2012 and reflected a value a bit under US$ 25 Bn in 2017 and is estimated to touch a valuation of more than US$ 36 Bn by the end of the year of assessment (2027).
The global market for automotive exhaust systems is projected to grow at a value CAGR of throughout the period of forecast (2017-2027). The advancement in material technology, increasing demand for fuel efficient vehicles and increasing advances in automation are pushing the growth of the automotive exhaust systems market.
Various opportunities contribute to the growth of global automotive exhaust systems market
Increasing acquisitions and joint ventures with global as well as local players have presented potential growth opportunities for automotive exhaust systems. Strategic positioning in international and regional markets has been the key to establish global footprint for manufacturers of automotive exhaust systems. With the establishment of a strong footprint in regional markets the prominent players would be able to reduce the price tensions produced by regional players that can lead to increased profits. In addition, product innovations have been at the vanguard of success for key players in this field.
The increasing adoption of technologies to manufacture efficient exhaust systems can offer several benefits such as reduced carbon dioxide emissions and improved fuel consumption. This is expected to trigger the growth of automotive exhaust systems market in the coming years.
Mufflers to cement their dominance in the global automotive exhaust systems market
In the product type category, apart from catalytic converter, oxygen sensor, exhaust pipe and manifold - the muffler segment is expected to reflect high market share in the coming years. This segment led the global market during the past years and is expected to continue the trend in the years to follow. The muffler segment in 2017 was valued a little below US$ 10 Bn and is estimated to touch a value of over US$ 13 Bn by the end of the year of assessment (2027).
The muffler segment is projected to grow at a value CAGR of 3.8% during the period of forecast (2017-2027). The OEM sales of muffler segment reflect high value than the aftermarket sales. This market condition is expected to be witnessed in the future. However, the aftermarket is growing at a comparatively faster pace than OEM.
Exhaust manifold segment to significantly contribute to the growth of the global market
Exhaust manifold segment accounted for a 31.8% market share of the total market in 2017. During this timeline, the exhaust manifold segment touched a market value of around US$ 7900 Mn and is estimated to reach a valuation of more than US$ 11 Bn by the end of the year of forecast (2027). This segment is the fastest growing segment and is expected to register a value CAGR of 4.1% throughout the period of assessment. It is also anticipated that this segment would gain a significant BPS by the end of 2027.
Key Segments Covered
By Product Type
- Exhaust Manifold
- Muffler
- Catalytic Converter
- Oxygen Sensor
- Exhaust Pipes
By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Engine Type
- Gasoline
- Diesel
By Sales Channel
- Original Equipment Manufacturer (OEM)
- Aftermarket
By Region
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- Middle East and Africa (MEA)
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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