Global Automotive Exhaust System Market 2019-2023 | 4% CAGR Projection Through 2023 | Technavio
LONDON--(BUSINESS WIRE)--Dec 17, 2019--
The global automotive exhaust system market is expected to post a CAGR of almost 4% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive exhaust system market 2019-2023. (Graphic: Business Wire)
The growing stringency of regulations pertaining to fuel emissions and fuel efficiency are fueling the adoption of hybrid vehicles across the world. Hybrid vehicles are increasingly becoming popular with many automobile manufacturers launching new hybrid models with advanced technologies. Factors such as economic stability in the US, China, and Europe and the rising demand for alternative fuel vehicles in India, South Korea, and the Middle-East countries have further increased their adoption rates. By 2020, the need for hybrid vehicles is expected to cross over 10 million units. Hybrid vehicles are prominent adopters of advanced technologies such as exhaust gas recovery systems. Their growing demand is expected to drive the global automotive exhaust system market during the forecast period.
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As per Technavio, the adoption of an active exhaust system by automotive OEMs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Exhaust System Market: Adoption of Active Exhaust by Automotive OEMs
Automotive OEMs are focusing on the development of active exhaust system technology for high-performance vehicles to enhance exhaust sounds without compromising on regulatory standards. For instance, in 2018, Ford Motor Company introduced the active exhaust system in its model Ford Mustang, which allows the driver to adjust the volume of the exhaust system from mild to moderately loud. During the forecast period, automobile OEMs are expected to expand the availability of such exhaust systems for other models due to growing consumer demand for sophisticated exhaust systems. This trend is expected to boost the growth of the global automotive exhaust system market.
“Development in the field of the automotive catalytic converter and the adoption of advanced Euro standards in emerging economies will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Automotive Exhaust System Market: Segmentation Analysis
This market report segments the global automotive exhaust system market by application (passenger vehicles and commercial vehicles) and geography (Americas, APAC, and EMEA).
The APAC region led the market in 2018, followed by EMEA and the Americas respectively. During the forecast period, the APAC region ,” to maintain its dominance over the market. This is due to the growing demand for both passenger cars and heavy commercial vehicles in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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PUB: 12/17/2019 06:30 AM/DISC: 12/17/2019 06:30 AM