Global Automotive Exhaust System Market- Post Pandemic Recovery Strategies and Processes | Increasing Demand for HEVs to Boost Market Growth | Technavio
LONDON--(BUSINESS WIRE)--Oct 7, 2020--
The global automotive exhaust system market size is expected to grow by USD 5.89 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Automotive Exhaust System Market 2020-2024 (Graphic: Business Wire)
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The adoption of hybrid vehicles is increasing significantly across the world owing to growing stringency of regulations pertaining to fuel emissions and fuel efficiency. 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. 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 growth during the forecast period.
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As per Technavio, the increasing adoption of active exhaust 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 influence market growth over 2020-2024.
Automotive Exhaust System Market: Increasing 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.
“Other factors such as the growing adoption of advanced Euro standards in emerging economies, and the developments in the field of the automotive catalytic converter will have a significant impact on the growth of the automotive exhaust system market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Exhaust System Market: Segmentation Analysis
This market research report segments the automotive exhaust system market by application (passenger cars and commercial vehicles) and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the automotive exhaust system market share in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the growing penetration of automobiles in countries such as China, Japan, South Korea, ASEAN, and India and revision of emission standards.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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PUB: 10/07/2020 11:00 AM/DISC: 10/07/2020 11:01 AM