According to a new market research report published by Credence Research “Automotive Exhaust Systems Market (Component Type –Exhaust Manifold, Muffler, Catalytic Converter, Resonators and Exhaust Pipes; Sales Channel – Original Equipment Manufacturers (OEMs) and Aftermarket; Vehicle Type – Two Wheelers, Cars, Heavy Vehicles, Buses & trucks and Others) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global automotive exhaust systems market was valued at US$ 26.97 Bn in 2017 and expected to witness promising CAGR across the forecast period from 2018 to 2026.
Automotive exhaust system is an integral part of overall chain of functions in an automotive system. The significance of exhaust systems has evolved to cover various functional processes in an automobile. Automotive exhaust systems initially designed for silencing the noise caused by high pressure exhaust of gases. Pertaining to alarming environmental pollution rate these exhaust systems have now become an inevitable part of ignition and emission control. Furthermore, with impacts of CO2 emission on the environment, Green House Gas (GHG) emission taxes incurred by automobile manufacturers. Numerous automobile manufacturers have directed research on conceivable methods for controlling the outflow of toxic gases in air and the evolution of exhaust system is one of the outcomes from it. With rapidly growing global automotive production demand for exhaust systems is set to witness promising surge in coming years.
Automotive exhaust systems market segmented based on component type, sales channel and vehicle type. By component type, overall market was led by muffler segment in 2017, principally due to its chief application of reducing amount of noise emitted by the exhaust of gasses. Asia Pacific was the largest market for automotive exhaust systems in 2017. Region represented over half of the overall market value generated around the world. Further, Asia Pacific also set to exhibit comparatively higher growth throughout the forecast period, chiefly due to developing automotive industry across the region. The region referred as home of the largest light vehicle producers in the world with China, Japan, and Korea comprising just over 37 Mn units of production or 42% of the global production market. Growing automotive production rate, vibrant economy and stringent government mandates are the key drivers for automotive exhaust systems in Asia Pacific.
Browse the full report at https://www.credenceresearch.com/report/automotive-exhaust-systems-market
Owing to their increasing numbers, gasoline and diesel engine vehicles are marked as the largest source of urban air pollution in the developing world. Stringent government regulations aiming environment protection have set the emission standard for vehicles. Environmental Protection Agency (EPA) and National Highway Traffic Safety Administration (NHTSA) intend to amend the worldwide greenhouse gas emissions standards for light trucks as well as for passenger vehicles and establish new standards globally, covering model years from 2021 through 2026. These stringent regulations are augmenting the research & development activities of Original Equipment Manufacturers (OEMs). These activities will enhance the effectiveness of exhaust systems, which in turn will drive the demand for automotive exhaust systems. With surging automotive production, growing emission control regulations and rising affordability, automotive exhaust systems expected to witness rapid growth throughout the forecast period.