Latest News- Automotive Exhaust System Market: Passenger vehicles is expected to lead the Application segment during 2024-2028

The Automotive Exhaust System Market is being driven by Increasing use of lightweight and advanced alloys

The Automotive Exhaust System Market is expected to grow at a CAGR of 7.04% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 23.5 billion. In the automotive industry, there is a growing focus on reducing vehicle emissions, leading to advancements in exhaust system technology. Modern exhaust systems have become more efficient, resulting in quieter vehicles that may not appeal to certain customer segments, particularly high-performance car owners. To address this, automotive OEMs have introduced active exhaust system technology for high-performance models, ensuring regulatory compliance while catering to customer preferences for engine sound. The demand for aftermarket high-performance exhaust systems and after-sales fitment has surged due to this dynamic. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Passenger vehicles
  • Commercial vehicles
• Fuel Type
  • Gasoline
  • Diesel
• Geography
  • APAC
    • China
    • Japan
    • South Korea
  • Europe
    • Germany
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing use of lightweight and advanced alloys
• Stringent regulations to control emissions
• Increasing demand for hybrid electric vehicles (HEVs)

However, the market also witnesses some limitations, which are as follows:

• High cost associated with exhaust system
• Growing popularity of all-electric vehicles
• Supply-demand imbalance due to uncertainties

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Market Scope in Automotive Exhaust System Market Research Report

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Research Analysis Overview

The Automotive Exhaust System Market encompasses a wide range of vehicles, including buses, trucks, luxury vehicles, SUVs, hatchbacks, sedans, motorcycles, and more. Key components of exhaust systems include tailpipes, resonators, catalytic converters, and mufflers. The market for these systems is significant in the commercial vehicle sector, particularly for utility trucks, cabs, metropolitan buses, and heavy commercial vehicles. Rapid urbanization and increasing traffic congestion have led to a growing focus on reducing toxic gases, such as nitrogen oxide, and carbon emissions from vehicles. As a result, there is a shift towards vehicle electrification, hybrid vehicles, and electric buses and coaches. Passenger cars, including hatchbacks and sedans, also contribute to the market. Diesel vehicles have been under scrutiny due to their high carbon emissions and toxic gases. However, advancements in exhaust technology, such as selective catalytic reduction systems, have helped mitigate these issues. The market for automotive exhaust systems is expected to grow significantly in the coming years, driven by increasing demand for reduced emissions and improved fuel efficiency. The use of advanced materials and technologies, such as lightweight catalytic converters and noise reduction systems, is also expected to drive growth.

Market Research Overview

According to Technavio, the global automotive exhaust system market is a significant segment within the broader automotive components and accessories market, which encompasses businesses producing parts and accessories for various automotive applications, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. The global automotive components and accessories market is projected to expand at a moderate growth rate. The market size is determined by aggregating the revenues of manufacturers specializing in automotive components and accessories.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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