Automotive Exhaust Components Aftermarket Market Overview
The Automotive exhaust system is developed to control noise pollution especially noise harshness. The parameter on which it depends is vehicle type, temperature, region and application. Sheet metals are generally used in this system as it is light weight, low cost, better it is becoming the manufacturer’s choice. Stainless steel is generally used in pipes, mufflers, resonator and bellows. In modern days, manufacturers are more inclined towards material which is light in weight and has more efficiency. Modern diesel system is more preferred as they reduce noise, increase power durability. According to a government regulation in Europe, the vehicle with horse power of 150 KW or more cannot have noise level of 80 dB(decibel) or more for vehicle at an average speed of 50 km/hr(31.07 mph).
Market Size and Forecast
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.
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:
Market Drivers and Challenges
The advancement in automotive exhaust component sector is growing at a faster rate. It is reducing noise pollution and increasing the efficiency of the vehicle. The other prominent reason includes government policies which are environment friendly. The government policy which is pertaining to fuel efficiency and emissions are expected to increase the demand of the automotive components in the market during the forecast period. The CAGR given in the report clearly depicts the increase in the sale of the component in near future.
Rising demand for electric vehicles is anticipated to hamper the growth of the market during the forecast period. Besides this, costly equipment’s used in exhaust components may restrict the growth of Automotive exhaust components aftermarket market.
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