The Automotive Exhaust Systems Market size is projected to cross US$ 112.6 Billion in 2023 and is estimated to attain a valuation of US$ 203.6 Billion by 2033. The automotive exhaust systems market share is expected to thrive at a CAGR of 6.1% from 2023 to 2033.
The demand for fuel-efficient cars is rising due to rising fuel costs and rising consumer ecological concerns. Automotive exhaust systems are made to improve exhaust flow and lower back pressure to enhance engine performance and reduce emissions. Manufacturers invest in cutting-edge exhaust technology to accommodate this demand, including turbochargers, catalysts, and diesel particle filters. These investments are expected to bolster market growth in the coming years.
The materials and designs of exhaust systems are undergoing significant technical improvement in the vehicle sector. The weight of the exhaust system is reduced using lightweight materials, including stainless steel, aluminum, and composites, which improves fuel economy and vehicle performance. Fabricating intricate and customized exhaust system components is made possible by modern manufacturing techniques like laser welding and 3D printing. The advancements in these technologies present several growth opportunities for the market.
Exhaust system aftermarket sales are rising as well. To boost performance, improve sound, or attain a certain aesthetic, vehicle owners are changing the factory exhaust systems on their vehicles with aftermarket alternatives. Due to this tendency, the industry is growing as a whole, and aftermarket exhaust system sales are increasing.
The rising use of electric and hybrid automobiles are driving the demand for automotive exhaust systems. In contrast to electric vehicles (EVs), hybrid cars still use internal combustion engines, which require robust exhaust systems. Exhaust system demand is expected to rise as the market for electric and hybrid vehicles expands. Additionally, engine power, throttle responsiveness, and exhaust tone may all be improved with upgraded exhaust systems. This desire for performance improvements is aiding the market’s growth.
- In 2018, the global market size stood at US$ 87.0 billion.
- The market expanded at a CAGR of 5.3% from 2018 to 2022.
- In 2022, the global market size stood at US$ 106.9 billion.
- The United States captured 17.8% of global market shares in 2022.
- India captured 6.0% of global market shares in 2022.
- China captured 6.3% of global market shares in 2022.
- The United Kingdom captured 5.8% of global market shares in 2022.
- The gasoline segment under engine type captured 78.3% of global market shares in 2022.
- The passenger cars segment acquired 72.7% of global market shares in 2022.
According to research on the automotive exhaust systems industry’s competitive landscape, a few large, established businesses account for most market revenue.
These companies have risen to the top of their field thanks in large part to the introduction of novel devices and the development of a diverse range of products for use with exhaust systems. During the forecast period, these businesses are predicted to increase their market share, which is expected to positively affect the global automotive exhaust systems market.
Recent Developments Observed by FMI:
- Akrapovi introduced its new Slip-On Line (Titanium) exhaust in March 2023, featuring a dramatic design that was expressly made for Suzuki’s newest adventure bike, the Suzuki V-Strom 800DE.
- Akrapovi extended their ever-expanding collection of Yamaha motorcycle accessories by releasing the Racing collection (Titanium) for the 2022 Yamaha TMAX and the Slip-On Line (Titanium) for the 2022 Yamaha MT-10.
These insights are based on a report on the Automotive Exhaust Systems Market by Future Market Insights