The global exhaust system market size is expected to reach USD 57.42 billion by 2030 according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing demand for environment-friendly and sustainable exhaust systems to cut down pollution levels, coupled with rising demand for passenger cars and commercial vehicles, are the primary factors that propel the industry growth around the world. The growing awareness regarding the availability of exhaust systems and high demand among the population owing to its characteristics directs the toxic and harmful gases away from the user and engine of the vehicles.
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Furthermore, increasing adoption of after-treatment devices in combinations, surging demand for lightweight emission systems, as well as execution of stringent government policy for environment protection are further presenting lucrative prospects for industry growth in the approaching years.
Based on the vehicle type, the passenger cars segment is dominating the global market with the highest market shares and is likely to lead in the estimated period. The availability of developed infrastructure, increasing disposable income, and growing sales of passenger cars in both developed and developing countries are propelling the segment demand.
Whereas the Light Commercial Vehicle (LCV) segment is showing the highest growth rate in the global industry in the forecasting years. The continuous investments in the exhaust system of diesel engines, growth of the transport & logistics sector, as well as spending on technological developments are contributing to the segment demand, which accelerates the segment growth in the near future.
The growing production and sales of automobiles majorly across the emerging nations are one of the chief driving factors for the global market growth. The increasing disposable income, availability of advanced infrastructural facilities, and rapid urbanization act as catalyzing factors for the demand for vehicles. The emergence of automakers is more inclined toward the adoption of advanced and environmental-friendly technologies. This deployment of these developed technologies cut-down air pollution and does not exhibit any adverse effect on the population. Hence, these factors are fostering the demand in the foreseen years.
Market participants such as Sango Co., Ltd., Eberspächer, Faurecia, Friedrich Boysen GmbH & Co., Futaba Industrial Co., Ltd., Continental AG, Sejong Industrial Co., Ltd., Tenneco Inc., Bosal, and Yutaka Giken Company Limited are some of the key players operating in the global market.
For instance, in March 2021, Eberspächer- a system developer and supplier for an exhaust technology company, unveiled the company’s new series production of tunnel mixers for exhaust-emission conversion in commercial vehicles and passenger cars.
Polaris Market Research has segmented the exhaust system market report on the basis of vehicle, fuel, after-treatment device, and region:
Exhaust System, Vehicle Outlook (Revenue - USD Billion, 2018 - 2030)
Exhaust System, Fuel Outlook (Revenue - USD Billion, 2018 - 2030)
Exhaust System, After-treatment Device Outlook (Revenue - USD Billion, 2018 - 2030)
Exhaust System, Regional Outlook (Revenue - USD Billion, 2018 - 2030)