Center Inlet Automotive Exhaust Mufflers to Hold 23% of the Automotive Exhaust Muffler MarketThe automotive exhaust muffler market study by Fact.MR offers compelling insights into key growth drivers and restraints impacting growth through 2032. The study offers automotive actuators demand outlook and studies opportunities existing in key segments, including product type, vehicle, sales channel, size type, vehicle type and region. It also highlights key strategies adopted by market players to increase automotive exhaust muffler sales.
NEW YORK, Feb. 3, 2022 /PRNewswire/ — In 2022, the global automobile exhaust muffler market is predicted to reach US$ 10,166.2 million, rising to US$ 18,552.29 million by 2032. During the forecast period of 2022-2032, the automobile exhaust muffler market is estimated to grow at a CAGR of 6.2%.
The global vehicle exhaust systems market has shrunk in recent years, owing to recessionary tendencies in the automotive industry and a further COVID-19 pandemic-induced shutdown in 2019. In two key markets, China and the United States, there were huge gaps in the demand-supply relationship for vehicle output.
Despite long-term lockdowns and social distance restrictions slowing growth, the business has remained relatively stable, thanks to continued R&D expenditures aimed at growing EV production. Major automakers are increasing EV research, potentially opening up new revenue streams for vehicle exhaust system manufacturers, taking advantage of government concerns about pollution reduction goals.
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As customers’ and manufacturers’ views toward sustainability have altered, the need for efficient and high-performance automobiles has grown. The environment is rapidly degrading as a result of the enormous amount of emissions produced by automobiles. Manufacturers have responded to customer concerns by developing systems that reduce emissions and purify the gases produced by fuel combustion.