exhaust system market

Exhaust System Market Share, Size, Trends, Industry Analysis Report, By Vehicle (Passenger Cars, LCV, Trucks, Buses), By Fuel (Gasoline, Diesel), By After-treatment Device (LNT, GPF); By Region; Segment Forecast, 2022 - 2030

  • Published Date: May 2022
  • Pages: 114
  • Format: PDF
  • Report ID: PM2413
  • Base Year: 2021
  • Historical Data: 2018 - 2020

Report Summary

The global exhaust system market was valued at USD 36.54 billion in 2021 and is expected to grow at a CAGR of 5.4% during the forecast period. The major factor driving the industry growth is rising sales and production of the automotive sector, including commercial and passenger vehicles.

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An exhaust system is directly coupled with vehicles as it is majorly used to guide the reaction of exhaust gases away from the combustion engine or stove. Moreover, increasing threats to the environment from harmful & toxic fuels exhausted from vehicles lead to the implementation of stringent government laws, which is fostering the exhaust system market demand in the forecast period.

Additionally, rising disposable income coupled with the adoption of luxurious vehicles, rising research and development activities towards the advancement of the automotive sector in order to minimize carbon emission, and growing government and public investment towards the betterment of the automotive sector are other major factors enhancing the exhaust system market growth across the world.

During the onset of the COVID-19, the exhaust system market has experienced negative impacts owing to the factors such as strict lockdown across the globe, social distancing, and transportation bans. In addition to this sluggish supply chain, the threat of viruses has drastically affected the exhaust system industry growth.

The slumped trade and business scenario has negatively impacted the automotive sector due to a slowdown in the manufacturing and production of vehicles worldwide. However, the gradual opening of the lockdown and growth of the automotive industry is anticipated to act as a catalyzing factor for the exhaust system demand, which in turn, accelerates the exhaust system market growth over the forecasting years.

Industry Dynamics

Growth Drivers
The rapidly increasing air pollution owing to the penetration of automotive globally is the major factor enhancing the demand globally. The increasing advancement towards components such as selective catalytic reduction, diesel particulate filters, and reduced NOx emission are the factors propelling the exhaust system industry.

The demand for environmentally friendly and low emission vehicles is likely to boost the market in the foreseen years. For instance: According to the Institute of Company Secretaries of India in 2018, the sales of Mercedes-Benz were around 2.2 million, and Volkswagen was 1.7 million in 2020.

The revenue generation in the luxury cars segment is estimated to attain USD 21,778 million in 2022. Additionally, the luxury car market is projected to reach approximately 205.9 thousand by 2026. Additionally, according to the World Bank, the middle-income population worldwide has increased from 5.66 billion in 2017 to 5.75 billion in 2019. Therefore, with the abovementioned factors, the exhaust system industry is expected to grow in the near future.

Report Segmentation

The market is primarily segmented on the basis of vehicle, fuel, after-treatment device, and region.

By Vehicle

By Fuel

By After-treatment Device

By Region

  • Passenger Cars
  • LCV
  • Trucks
  • Buses
  • Gasoline
  • Diesel
  • LNT
  • GPF
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Vehicle

The passenger cars segment is recorded to hold a large revenue share. The rapidly rising passenger car sales are the major driving factor that boosts the segment growth in the industry. The working population and people with high disposable income across the globe prefer the passenger car, which fosters exhaust system industry growth.

Additionally, the rising production of luxurious cars worldwide is a significant factor attracting the demand. For instance: According to the ACEA, in 2021, the European union passenger cars fleet has grown by 1.8 % during 2018-2019. It is found that Romania has recorded the highest growth rate, around 7%, followed by France. Additionally, vehicles per capita accounted for 569 vehicles per 1,000 inhabitants in 2019. Thereby, these factors may propel segment growth across the globe.

The buses segment has witnessed major growth in the forthcoming years owing to factors such as the rising adoption of buses by huge traffic across the world, increasing government investment and initiatives towards the segment, etc. The adoption and demand for buses across various end-use industries such as schools, colleges, hospitals, and other organizations and institutions enhance the segment expansion in this market.

Moreover, the number of passengers is rising rapidly worldwide, such as the working population, students, and other employees coupled with less traveling expenses on a daily basis prefer buses, electric buses, and others, which may support the segment growth in the estimated period.

Geographic Overview

Asia Pacific is projected to lead the market. With the increasing disposable income, people across the region are more inclined towards the adoption of luxurious cars, which fosters industry growth. The rising population in the major countries of the region, such as China, India, and Japan, has created the demand for growing passenger vehicles owing to the rising traffic, which boosts the market.

However, the availability of lower labor costs in the developing countries provides an opportunity for the expansion of manufacturing plants in the region; thus, it pushes the market growth in the Asia Pacific region. For instance: According to International Energy Agency, in 2020, Consumer spending has increased to about USD 120 billion for the purchase of light-duty vehicles. Whereas China is leading the world in terms of vehicle production, such as light-duty vehicles, cars, etc., which, in turn, accelerates the market growth across the APAC region.

Moreover, Europe is anticipated to attain the highest CAGR over the forecasting years. The increasing government focus on the hazards caused by the toxic fuels exhausted by vehicles boosts the market growth in the region. Additionally, raising public awareness towards the adoption of low emission vehicles due to rising health issues is the major factor attracting market adoption across the region.

For instance, according to International Energy Agency in 2017, France and the U.K. government have announced plans to ban the sales of petrol and diesel cars and vans by 2040. This ban would be effective from 2035 in the countries. On the flip side, Paris is also planning to phase out petrol cars by 2030 and diesel cars by 2024. Therefore, these factors act as catalyzing factors for the surging demand for the exhaust system in the European region.

Competitive Insight

Some of the major players operating in the global market include Bosal, Continental AG, Eberspächer, Faurecia, Friedrich Boysen GmbH & Co., Futaba Industrial Co., Ltd., Sango Co., Ltd., Sejong Industrial Co., Ltd., Tenneco Inc., and Yutaka Giken Company Limited.

Exhaust System Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 36.54 Billion

Revenue forecast in 2030

USD 57.42 Billion

CAGR

5.4% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD Billion and CAGR from 2022 to 2030

Segments covered

By Vehicle, By Fuel, By After-treatment Device, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key companies

Bosal, Continental AG, Eberspächer, Faurecia, Friedrich Boysen GmbH & Co., Futaba Industrial Co., Ltd., Sango Co., Ltd., Sejong Industrial Co., Ltd., Tenneco Inc., and Yutaka Giken Company Limited

Key Take-Away
Polaris Market Research
Global Exhaust System Market Size Report, 2022 - 2030