Engine and Exhaust System Market Size is Estimated to grow at a CAGR of 4.0% during the forecast period

 

The engine and exhaust system market was estimated to be worth USD 113.5 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 4.0% from 2024 to 2034, when it is expected to reach USD 158.9 billion. The vehicle's engine and exhaust system are its primary propelling components. Because of its alignment with the automobile sector, the market is both sustainable and expanding.

The engine, which converts gasoline into mechanical energy, is the central component of the car. An engine exhaust system is a sophisticated network of pipes and equipment that gathers engine exhaust fumes, filters out impurities, lowers noise levels, and releases the cleaned gases away from the occupants of the car. The vehicle's exhaust system gathers exhaust gases from the cylinders, filters out impurities, lowers noise levels, and releases the cleaned exhaust gases at a safe distance from the occupants of the car.

 

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GROWTH DRIVERS

Fuel efficiency and performance are improved by engine technological breakthroughs like as direct fuel injection, turbocharging, and variable valve timing. Businesses are making significant investments in these technologies, which raises market demand. For example, using gasoline auto-ignition, HCCI is the best way to reduce CO2 emissions while producing clean exhaust. Unlike diesel engines, which rely on spark plugs for ignition, HCCI combustion requires precise timing and duration of combustion.

New engine and exhaust system designs are required due to the growing popularity of hybrid automobiles. In order to properly regulate emissions, hybrid vehicles in particular need cutting-edge exhaust systems, which greatly propels the market's growth. The Bureau of Transportation Statistics reports that in 2013 hybrids accounted for 3.2% of the light vehicle market, and in 2021 they will account for 5.5%. 3.2% of light vehicles on the road in 2021 were electric cars. Increased car manufacturing in developing nations propels the market's demand in a major upward direction. Global auto production reached 85.4 million in 2022, up 5.7% from 2021, according to the European Automobile Manufacturers' Association.

When gas prices are high, there's also a greater demand for used cars that are fuel-efficient. Furthermore, the Congressional Budget Office reports that the automotive industry is moving toward fuel-efficient cars as a result of governmental pressures and consumer desire for more environmentally friendly transportation options.

MARKET SEGMENTATION:

·         By Component Type- Engine Components (Pistons, Camshafts, Valves, Crankshafts, Sensors, Others) and exhaust components (manifolds, catalytic converters, mufflers, tailpipes, sensors, downpipes, others)

·         By Vehicle Type- Passenger and Commercial Vehicles

·         By Sales Channel- OEM (original equipment manufacturer) and aftermarket

·         By Region- North America, Europe, Asia Pacific, Middle East and Africa, South America

Global Key Players:

·         Forvia

·         Tenneco Group

·         Continental AG

·         Eberspacher

·         Futaba Industrial

·         Sango

·         Friedrich Boysen GmbH & Co. KG

·         Yutaka Giken

·         Denso

·         Borgwarner

·         Other Players

 

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