The global after market exhaust pipes size is projected to reach USD 11.75 billion by 2026, exhibiting a CAGR of 0.3% during the forecast period. Escalating pollution levels worldwide is a critical factor driving the growth of this market, finds Fortune Business Insights™ in its new report, titled “Automotive Exhaust System Market Size, Share & Industry Analysis, By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), By Fuel Type (Gasoline, Diesel, Alternative Fuels (LPG, CNG, Others)), By Component Type (Manifold, Connector, Exhaust Pipe, Muffler), and Regional Forecasts, 2019-2026”.
Vehicular emissions are one of the leading causes of air pollution around the world, making motor vehicles one of the largest contributors of carbon dioxide (CO2). According to the European Parliament, road transport is responsible for nearly 72% of the overall CO2 emissions in the European Union (EU) countries. Similarly, the US Environment Protection Agency (EPA) revealed that vehicles cause 75% of the total carbon monoxide pollution in the US, while transportation causes 27% of the greenhouse gas emissions in the country. This dire situation has generated an intense and desperate need to develop efficient exhaust systems in vehicles as it will not only benefit the environment, but also improve human health and advance the global economy.
The automotive exhaust system market report states that the value of this market stood at USD 11.35 billion in 2018. Apart from this, the report provides the following information:
- Thorough analysis of the current market trends and drivers;
- In-depth research into the market restraints;
- Detailed study of all the possible market segments; and
- Comprehensive evaluation of the regional and competitive dynamics of the market.
Expanding Urban Areas to Bolster Vehicle Sales
The world economy is undergoing rapid transformation and an important indicator of this is the heightened pace at which urban agglomerations are expanding across the globe. For example, the UN’s Department of Economic and Social Affairs (DESA) estimates that by 2050, around 68% of the global population will be living in urban areas, with Asia and Africa contributing to 90% of this growth.
Urban spaces are large swathes of land spread out in all directions, necessitating the use of vehicles to commute between places, particularly in the case of massive countries such as India, China, and Nigeria. As a result, the demand for all types of vehicles is meteorically rising in these countries, which is emerging as a major growth driver for this market.
Rising Investment in Innovation by Players to Energize Competition
According to the automotive exhaust system market analysis, core players in this market are heavily investing in R&D to introduce innovative products in the market. This will enable them to diversify their portfolio, strengthen their market position, create new revenue outlets, and expand globally.
List of Companies Covered in the Report:
- BENTELER International
- Yutaka Giken Company Limited
- Sejong Industrial Co., Ltd.
- Tenneco Inc.
- Continental AG
Rapid Urbanization to Boost the Market in Asia-Pacific
Among regions, Asia-Pacific is envisioned to dictate the automotive exhaust system market share during the forecast period mainly because of speedy urbanization in India and China. In addition to this, the region is experiencing robust economic growth and development, leading to rising disposable income and spiking the demand for automobiles.
Furthermore, many global players are setting up manufacturing plants in South and Southeast Asian countries owing to the availability of cheap labor, which is one of the leading automotive exhaust system market trends in the region. Hardening government regulations regarding emissions is expected to fuel the market in Europe, while in North America, rising adoption of advanced exhaust systems in vehicles to curb pollution will be the main growth propeller.
Key Industry Developments:
- March 2020: Tenneco Inc., the Illinois-based replacement parts supplier, announced that the company will be supplying the entire cold-end exhaust system for 2020 Chevrolet Corvette. Additionally, Tenneco will also provide a range of other components for new Corvette’s Small Block V-8 LT2 mid-engine.
- September 2018: Faurecia, a leading automotive technology company based in France, unveiled its ASDS™ retrofit technology at the Automechanika Trade Fair at Frankfurt. The system is designed to be fitted into buses and trucks and boasts of an advanced air quality feature which eliminates 99% of nitrogen oxide pollutants coming out of exhaust systems.
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