The automotive exhaust systems market is set to expand at over a 4% CAGR through 2031, driven by zero carbon emission initiatives and technological advancements.
ESOMAR certified consulting firm Future Market Insights’ recent report on the automotive exhaust systems market forecasts a relatively stable outlook for FY 2021-22, compared to the previous year, as the global automotive industry emerges from the recessionary impact of the coronavirus pandemic crisis. As production cycles resume, a gradual recovery is anticipated in the short-run, eventually translating into a stable outlook through 2031.
According to the report, growth prospects were weighed down significantly, attributed largely to a mature and stagnation in growth curves across the global automotive industry. Projections reflected a value of just under US$ 25 billion in 2017. In addition, automotive sales witnessed a marked decline of over 5%, down to nearly 92 million units by 2019.
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In spite of such downswings, growth has been sustained by increasing drives towards attaining zero carbon emission goals. Initiatives such as the UK government’s Road to Zero project have pledged to achieve at least a 70% sales figures with respect to low emission cars. Likewise, the US EPA’s Cleaner Trucks Initiative seeks to revise NOx emission levels, with strides already visible in the form of a 40% reduction in emission levels since 2001. The market is poised to expand at over a 4% CAGR through 2031.
Key Takeaways from FMI’s Automotive Exhaust Systems Market Study
“Key manufacturers of automotive exhaust systems are emphasizing on incorporating selective catalytic reduction (SCR) technology based emission curbing approaches, prompting numerous innovations and product launches, expected to widen revenue pools across the forecast period,” says an FMI analyst.
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Competitive Landscape
Prominent automotive exhaust systems manufacturers are leveraging the most contemporary developments prevailing across the global automotive industry, including the quest to achieve carbon neutrality, spurring various technological advancements in compliance with key regulatory provisions.
To achieve this goal, prominent automotive aftermarket player Bosal International N.V. announced the launch of a new manufacturing unit and R&D center in Shanghai, China, in February 2021. This venture will support a supply contract for its original equipment customer Geely, to develop an eco-friendly exhaust system for the Volvo XC40 passenger car.
Also, Faurecia S.A. announced in February 2021 that it has acquired a significant stake in CLD, one of China’s largest high-pressure tank manufacturers to develop homologated type III and IV hydrogen storage tanks for the Chinese automotive market. This development is significant as China is expected to represent at least one million fuel cell vehicles by 2030.
Key Segments Covered
By Product Type
By Vehicle Type
By Engine Type
By Sales Channel
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Report: https://www.futuremarketinsights.com/reports/Automotive-Exhaust-Systems-Market
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The main topic is the growth outlook of the automotive exhaust systems market, projected to expand at over a 4% CAGR through 2031.
Key growth drivers include zero carbon emission initiatives and technological advancements in exhaust systems.
Significant regions include Europe, particularly the UK, and the global market.
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