1. Business

Exhaust System Market

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The global exhaust system market was valued at around USD 79,041.7 Million in 2019 and is projected to reach USD 93,815.5 Million by 2027, expanding at a CAGR of 4.2% during the forecast period. An exhaust system is considered as one of the integral components of an automobile. This system consists of extensive piping, which is directly employed in the interior of the engine to control the combustion of a vehicle. Each pipe of the exhaust system is responsible for moving the exhaust gas toward the back of the vehicle. The main function of the exhaust system is to collect the exhaust gases from the cylinder, reduce the noise, eliminate harmful substances, and purify gases from the exhaust.

Market Dynamics

The exhaust system market is driven by factors such as increase in the demand for safety comfort, and ride quality. The growth of the market is attributed to the strict regulations imposed by governments on automakers and ventilation system manufactures. Conversely, rising demand of battery electric vehicles and high cost of lightweight exhaust systems are expected to restrain the market. Increase in R&D activities by the OEMs to provide superior exhaust systems are boost the market.

Segmental Outlook

By Vehicle Types

Passenger Car

Passenger cars are motor vehicles that have four wheels and comprise not more than eight seats, in addition of the driver’s seats. A passenger car is one of the most common vehicles for personal transport conveyance in developed countries, while their number is increasing in developing economies due to the rise in capita income. The demand for passenger cars is growing in various countries due to the emergence of vehicle financing. Moreover, people are buying passenger cars, as it is a sign of social status in most developing countries.

Light Commercial Vehicle

Light commercial vehicles have at least four-wheel and are used for the transportation of goods and/or passengers. According to the Organization of the Motor Vehicle Manufacturer (OICA), light commercial vehicles are also known as special vehicles. A light commercial vehicle can carry a mass between 3.5 and 7 tons. North America produces maximum number of light commercial vehicles. Light commercial vehicles have many small systems such as chassis systems, steering systems, exhaust systems, and interior & exterior systems.

By Sales Channels

Original Equipment Manufacturers (OEMs)

An original equipment manufacturer (OEM) manufactures and sells goods or components to consumers or other companies. An OEM could make a complete device or just a certain component, which can be configured by the reseller. Most of the OEMs work closely with the sellers to provide the exact type of finished products, which are needed by the buyers.

Regional Outlook

 In terms of regions, the exhaust system market is classified as North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Asia Pacific accounts for a significant share of the market, followed by Europe. The market in Asia Pacific is projected to expand at a significant CAGR during the forecast period. The growth of the market in Asia Pacific is attributed to the substantial rise in the use of automobiles. Moreover, technical advancement in exhaust systems and high automobile production are expected to boost the demand for exhaust systems. The growth of exhaust system market in Europe is attributed to the presence of established players in the region that are engaged in the development and introduction of novel products.

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