Automotive Exhaust System Sales Remain Steady, Exhibiting Surge at 4% CAGR through 2031: FMI
*Manufacturers are incorporating exhaust mufflers, which are highly efficient silencer exhaust system to curb the noise pollution. Adoption of advanced technologies is accelerating growth.*
*DUBAI, UAE / ACCESSWIRE / April 14, 2021 / *Despite a slight set-back due to the pandemic, automotive exhaust system is expected to grow at a steady rate, evaluates ESOMAR-certified consulting firm Future Market Insights. Recovery in automotive industry is set to accelerate sales of automotive exhaust systems through 2021 and beyond.
Initiatives such as US EPA's Cleaner Trucks Initiatives adopted to ensure a sustainable environment and implementation of stringent regulations to curb vehicular emission will encourage the incorporation of automotive exhaust systems. Also, leading market players are focusing on launching eco-friendly exhaust system, which will create lucrative growth opportunities over the forecast period.
Surging preference to incorporate exhaust gas recirculation and selective catalytic reduction- derived exhaust system technology among leading players is accelerating the sales.
"With governments around the world implementing stringent regulations to curb pollution, manufacturers are compelled to focus on the development of exhaust systems with eco-friendly technology. Their efforts also are aimed at achieving a competitive edge in the industry," remarks the FMI analyst.
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*Key Takeaways*
· Gasoline engine type segment to expand at mushrooming speed through 2031
· Aftermarket anticipated to be the primary sales channel for automotive exhaust systems
· China to witness maximum growth, owing to the favorable government policies in
· Environmental Protection Agency initiatives such as heavy-duty diesel advanced engine to propel the automotive exhaust sales in US
· UK to emerge as a potential market owing to the increased production of light commercial vehicle
· Germany to be the hotspot for automotive exhaust system manufacturers attributed to well-established automotive industry
· By product, mufflers to emerge as a lucrative segment through 2021
· Passenger vehicle automotive exhaust system to retain its dominance throughout the forecast period
*Prominent Drivers*
· Increasing collaborations between automakers and automotive exhaust system manufacturers to drive the demand
· Stringent vehicle emission regulations and fuel economy standards to boost automotive exhaust system growth
· Emergence of real drive emission test to create growth opportunities for the market
*Key Restraints*
· Increasing sales of electric battery vehicle is likely to create a challenge for automotive exhaust system
· High cost of light weight exhaust component is likely to hamper the market demand
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*Competitive Landscape*
Prominent players operating in the automotive exhaust system market profiled by FMI include Faurecia S.A., Tenneco Inc., Eberspacher Group, Friedrich Boysen GmbH & Co. KG, Benteler International AG, Futaba Industrial Co. Ltd., Yutaka Giken Co. Ltd., Bosal International N.V., and Sejong Industrial Co. Ltd. among others. According to FMI study, key players are relying on penetrating the regional markets by focusing on product renovation and acquisition of small players.
In January 2020, BENTELER announced collaboration with Sony at CES 2020 in Las Vegas. Also, around the same time of the year BENTELER announced the launch of its new production site in Germany for the company's Automotive Division to produce trays for German manufacturers.
On 25^th March 2021, Power Management Company Tenneco and Eaton announced a joint venture agreement between Eaton's Vehicle Group and Tenneco's Clean Air business group to generate an integrated exhaust thermal management system that will enable commercial fleet vehicles and light vehicle manufacturers to meet upcoming emissions regulations.
*More Insights on FMI's Automotive Exhaust Systems Market*
Future Market Insights presents an in-depth insight on global automotive exhaust systems market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and challenges, the market is segmented on the basis of product (exhaust manifold, muffler, catalytic converter, oxygen sensor, and exhaust pipes), vehicle (passenger car, light commercial vehicle and heavy commercial vehicle), engine type (gasoline and diesel), sales channel (OEMs and aftermarket) across seven major regions of the world (North America, Latin America, Western Europe, East Europe, APEJ, Japan, and MEA).
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*About Future Market Insights (FMI)*
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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*SOURCE: *Future Market Insights
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