The global automotive exhaust system market size is projected to reach USD 11.75 billion by 2026, exhibiting a CAGR of 0.3% during the forecast period. Escalating pollution levels worldwide is a critical factor driving the growth of this market, finds Fortune Business Insights™ in its new report, titled “Automotive Exhaust System Market Size, Share & Industry Analysis, By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), By Fuel Type (Gasoline, Diesel, Alternative Fuels (LPG, CNG, Others)), By Component Type (Manifold, Connector, Exhaust Pipe, Muffler), and Regional Forecasts, 2019-2026”. Vehicular emissions are one of the leading causes of air pollution around the world, making motor vehicles one of the largest contributors of carbon dioxide (CO2).
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List of Companies Covered in the Report:
BENTELER International
Yutaka Giken Company Limited
Sejong Industrial Co., Ltd.
Faurecia
Eberspacher
BOSAL
Tenneco Inc.
Continental AG
Expanding Urban Areas to Bolster Vehicle Sales
The world economy is undergoing rapid transformation and an important indicator of this is the heightened pace at which urban agglomerations are expanding across the globe. For example, the UN’s Department of Economic and Social Affairs (DESA) estimates that by 2050, around 68% of the global population will be living in urban areas, with Asia and Africa contributing to 90% of this growth. Urban spaces are large swathes of land spread out in all directions, necessitating the use of vehicles to commute between places, particularly in the case of massive countries such as India, China, and Nigeria. As a result, the demand for all types of vehicles is meteorically rising in these countries, which is emerging as a major growth driver for this market.
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Rapid Urbanization to Boost the Market in Asia-Pacific
Among regions, Asia-Pacific is envisioned to dictate the automotive exhaust system market share during the forecast period mainly because of speedy urbanization in India and China. In addition to this, the region is experiencing robust economic growth and development, leading to rising disposable income and spiking the demand for automobiles. Furthermore, many global players are setting up manufacturing plants in South and Southeast Asian countries owing to the availability of cheap labor, which is one of the leading automotive exhaust system market trends in the region. Hardening government regulations regarding emissions is expected to fuel the market in Europe, while in North America, rising adoption of advanced exhaust systems in vehicles to curb pollution will be the main growth propeller.
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