Global Automotive Muffler Market 2019-2023 | Increasing Adoption of Hybrid Vehicles to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Sep 10, 2019--
The global automotive muffler market size is poised to reach USD 2.91 billion by 2023, according to a new report by Technavio. However, the market is expected to decelerate at a CAGR of close to 4% during the forecast period.
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Technavio has published a new market research report on the global automotive muffler market 2019-2023. (Graphic: Business Wire)
“Manufacturers of automotive mufflers are focusing on improvements in design, technology, and materials used in mufflers. Hence, they are carefully selecting the raw material for the manufacture of automotive mufflers. Manufacturers are also emphasizing on developing lightweight mufflers for the elimination of noise pollution. Such improvements will drive market growth during the forecast period,” says a senior analyst at Technavio. Request Free Sample Pages
The market is driven by the increasing adoption of hybrid vehicles. In addition, stringent regulations governing vehicular noise emissions are anticipated to further boost the automotive muffler market during the forecast period.
The hybrid vehicle technology is gaining immense popularity in the global automotive market, driven by the demand for alternative fuel-driven vehicles from emerging countries such as China, India, and South Korea and the Middle East. Hybrid vehicles offer numerous benefits such as low emissions, improved fuel efficiency, and increased driving range. The incorporation of advanced exhaust systems in hybrid vehicles will drive the growth of the automotive muffler market.
The number of vehicles on the road is rapidly increasing, especially in urban areas. Thus, environmental pollution and vehicle noise emission have increased across regions. As vehicular noise adversely affects the health of the people, controlling these emissions has become crucial for government bodies. Governments of many countries are focusing on decreasing noise emission from vehicles by enforcing stringent regulations on newly manufactured vehicles. Thus, manufacturers of automotive mufflers are modifying the designs of mufflers to include technologies such as SCR and EGR to comply with noise emission standards. This will fuel the growth of the market during the forecast period.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
Market Segmentation by Application:
The Automotive Muffler Market can be broadly categorized into the following product segments:
Key Regions for the Automotive Muffler Market:
Featuring a breakdown of region-wise market shares until 2019.
Some of the key topics covered in the report include:
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.Request a free sample report
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SOURCE: Technavio Research
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PUB: 09/10/2019 10:59 AM/DISC: 09/10/2019 10:59 AM