Our in-depth analysis segmented the Automotive Exhaust Components Aftermarket Market in the following segments:
By Material Type:
By Vehicle Type:
By Fuel Type:
By Component Type:
By Sales Distribution Type:
Automotive Exhaust Components Aftermarket Market is further classified on the basis of region as follows:
The growth of market is expected to reach USD 500 billion in 2027 with a CAGR around 4.5% during the period 2018-2027. The advancement of technology and digitalization is expected to boost the market growth. The market is also facing tough competition from electric vehicles as it is expected that sale of electric vehicles is set to increase thereby increasing the CAGR of electric vehicles. Thus the market of automotive exhaust component will decline to some extent. The market size of automotive exhaust also depends on the market of electric vehicles.
By region, the market is segmented into North America, Europe, Latin America, Asia Pacific and Middle East. North America has higher adoption rate of Hybrid and Electric Automobiles. It led the market in terms of revenue.
Asia Pacific is also subjected to higher growth on the account of collision repair services. It is also subjected to fastest growing market in automobile production on the account of low cost and cheap labours. It is adding the advantage to market size in countries such as China and India.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Harshita Srivastava, Saima Khursheed