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The AsiaPacific exhaust system market was valued at $10,284.1 million in 2014, and is expected to reach $16,616.8 million by 2019, at a CAGR of 10.1% from 2014 to 2019. The growth in this market is expected to be driven by factors, such as the increase in vehicle production and upcoming emission norms. China contributed a market share of 52.0% to the AsiaPacific exhaust system market in 2014.
The AsiaPacific exhaust system, by vehicle type, has been segmented into passenger car, light commercial vehicle, and heavy commercial vehicle. The passenger segment of the car exhaust system market in AsiaPacific is projected to grow at a CAGR of 11.0% from 2014 to 2019. The light commercial vehicle segment was valued at $1,445.8 million in 2014, and is expected to reach $2,186.9 million by 2019, at a CAGR of 8.6% from 2014 to 2019.
Some of the most powerful automotive giants across the globe have set up their manufacturing units in this region, due to availability of resources, such as cheap labor and land. For past couple of years, the AsiaPacific region has dominated the automobile manufacturing industry. Factors, such as the improving lifestyle and the consequent rise in disposable income and the different government initiatives in this sector are anticipated to boost the growth of the exhaust system in AsiaPacific. The China exhaust system market was valued at $23,265.2 million in 2014, and is expected to reach $35,254.1 million by 2019, at a CAGR of 8.7% from 2014 to 2019. The exhaust system market in India is expected to grow at CAGR of 8.8% during the forecast period.
The AsiaPacific exhaust system market is a competitive market, due to the presence of a large number of market players in this region. The major players operational in this market are Yutaka Corporation, Futaba, and Tenneco Inc. New product launches and expansions are the major strategies adopted by the companies operational in the AsiaPacific exhaust system market.