NEW YORK, May 24, 2021 /PRNewswire/ —
The automotive exhaust system market is projected to grow by USD 23.52 billion, registering a CAGR of over 7% during 2021-2025. Technavio’s report on the automotive exhaust system market covers the market outlook and growth prospects during the forecast period.
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Technavio’s research study provides comprehensive information on the factors affecting the growth of the automotive exhaust system market across the following regions.
- North America
- South America
Automotive Exhaust System Market in APAC:
«APAC occupied about 61% of the market share in 2020 and the region is offering significant growth opportunities for market vendors. Factors such as rising manufacturing activities, increase in logistics operations, and high spending on infrastructure development will be crucial in the growth of the market in the region,» says a senior analyst at Technavio.
The growth in the sales of automobiles in countries such as China, Japan, South Korea, ASEAN, and India will emerge as one of the factors driving the growth of the market in APAC. The revenue contribution to the market in APAC will be maximum from countries such as China and Japan.
Automotive Exhaust System Market in Europe:
«Europe is the second largest for automotive exhaust systems. The presence of stringent safety norms and voluntary adoption of emission-reducing technologies in the vehicular exhaust system will provide several opportunities for market vendors during the forecast period,» says a senior analyst at Technavio.
The market is expected to register a 6.31% CAGR in Europe during 2021-2025. Factors such as improved socioeconomic conditions and the rising demand for luxury and performance vehicles in the region will be crucial in driving the automotive exhaust system market growth in Europe. The revenue contribution to the market in Europe will be maximum from Germany.
Automotive Exhaust System Market in North America:
«Automakers operating in North America are increasing the fitment of advanced catalytic converters that have a four-way catalytic reduction system. In addition, several automobile manufacturers are adopting various strategies to increase sales through virtual selling channels. These will have a positive impact on the growth of the market,» says a senior analyst at Technavio.
The market is expected to register a 6.60% CAGR in North America during the forecast period. The high adoption of hybrid vehicles and the increasing stringency of regulations regarding vehicular pollution are fostering the growth of the automotive exhaust system market in North America. The US is the major market for automotive exhaust systems in the region.
Know about the major factors impacting the growth of the market across other regions by downloading our free sample report:
The global automotive exhaust system market is driven by the following factors:
- Increasing use of lightweight and advanced alloys
- Stringent regulations to control emissions
- Increasing demand for HEVs
Based on the application, the report segments the automotive exhaust system market by passenger cars and commercial vehicles.
The passenger cars segment registered maximum growth in the market in 2020. The high adoption of passenger cars in emerging economies such as China, India, and ASEAN countries is one of the major factors responsible for the growth of the passenger cars segment. Also, the increasing adoption of fuel-efficient exhaust systems led by stringent vehicle norms is contributing to the growth of the passenger cars segment.
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Top vendors highlighted in the Automotive Exhaust System Market Report:
The report offers insights on key products offered and business strategies adopted by major vendors including,
- Benteler International AG
- Bosal Nederland BV
- Eberspacher Group
- Faurecia SA
- Friedrich Boysen GmbH & Co. KG
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