Global exhaust hanger market is estimated to witness a CAGR of 5.54% during the forecast period 2024–2031, rising from USD 40.2 billion in 2023 to USD 61.88 billion in 2031. Increasing awareness concerning vehicle safety, rise in demand for lightweight vehicles and electric vehicles, transformation in the manufacturing process, and growing safety regulations by the government are anticipated to drive the growth of the global exhaust hanger market across the globe in the forecast period. In addition, the constant evolution of automotive technology, and design positively propel the demand for exhaust hangers. An increase in the number of accidents, limited durability of exhaust hangers, and wear and tear in vehicles increase the need for exhaust hangers.
Consumers nowadays are looking to make different modifications and customizations to enhance the appearance and performance of their vehicles. This trend of customization and modifications fosters the demand for exhaust hangers that provide high performance and longevity. The increasing awareness of sustainability and increasing norms on zero-carbon emission standards across the globe propel the demand for effective exhaust systems. Companies in the market are actively investing in high-performance exhaust hangers to ensure stability and longevity. As automobiles are evolving rapidly, the demand for high-performance exhaust hangers is increasing more significantly. Manufacturers are introducing new manufacturing processes and collaborating with other market players to increase the production of vehicles and introduce new and innovative vehicles which further increases the demand for exhaust hanger market growth across the globe.
For instance, in March 2024, JSW MG Motor India announced a joint venture with SAIC Motors to bring innovative and futuristic technologies and aims to build a diverse portfolio to address the rising demand of consumers. This joint venture also plans to launch new cars, increasing the demand for exhaust hangers.
Advancement and Innovations in Vehicles
The automotive industry is witnessing different transformations and integration of big data, digital technology, and AI, making a passenger car safer, and user-friendly, thereby enhancing the usefulness for vehicle owners. This trend of transformation increases the production and sale of passenger and commercial vehicles which further fosters the demand for exhaust hangers across the globe more significantly. In addition, automakers are actively investing in introducing new vehicles to provide high-quality customer services and gain a competitive edge over other market players. Furthermore, by keeping consumer safety in mind, the automakers are integrating an electronic system that enables different sensors and increasing the demand for exhaust hangers to offer smoother rides. Automakers keep updating durable exhaust hangers to ensure the reliability and longevity of vehicles, thereby raising demand for commercial and passenger vehicles further boosting the requirement for exhaust hangers.
For instance, in October 2023, Hyundai Motor Company announced a joint venture with the Public Investment Fund (PIF) to set up a highly automated vehicle manufacturing plant across Saudi Arabia. This joint venture aims to manufacture nearly 50,000 vehicles annually.
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Collaborations and Joint Ventures Between Automakers Push the Exhaust Hanger Demand
The collaboration, acquisitions, and joint ventures between automakers result in the introduction and sales of vehicles, increasing the need for exhaust hangers. For instance, Zhongding Group has successfully made three acquisitions in different sectors including auto components, auto retail, and aftersales. Additionally, partnerships and agreements are highly advancing the landscape of the automotive industry. These strategic collaborations between the automakers support the advancement of new manufacturing facilities, by making use of each other’s expertise in manufacturing new and innovative vehicles. Hence, the demand for exhaust hangers increases significantly in the forecast period.
Moreover, the manufacturing facilities will introduce more jobs and enable knowledge transfer, increasing per capita income and economic development which further raise the demand for vehicles and exhaust hangers. The automakers in the industry are also making heavy investments in developing the functioning of automobiles and advancing the procedure of production the same. The advancement in automotive ensures consumer safety and provides a smooth ride, influencing the growth of the global exhaust hanger market across the globe.
For instance, in August 2023, Ford announced a joint venture with Changan Automobile to develop its footprint in China. The joint venture enables Ford to sell models and to supply new energy passenger vehicles.
Government Policies and Initiatives Drive the Demand for Exhaust Hangers
The government is releasing different environmental sustainability standards and zero-emission norms require the usage of high-performance exhaust hanger materials to enable the efficient functioning of exhaust systems. Strict emission standards globally increase demand for exhaust hangers that provide a smooth ride and ensure environmental sustainability. Companies are also compelled to fulfill these policies by integrating safety features that foster the demand for exhaust hangers because they reduce stress and limit movement, contributing to a smoother and quieter ride. Moreover, to ensure consumer safety governments are initiating different policies, and companies are compelled to make effective use of exhaust hangers.
For instance, in January 2024, the Canadian Motor Vehicle Safety Act was announced to define safety regulations concerning importing and manufacturing motor vehicles. The main objective of this law is to integrate basic safety features in imported and manufactured vehicles to decrease the accident rates in Canada.
Passenger Car Dominates the Exhaust Hanger Market
The segment of passenger cars registers global market growth due to an increase in disposable income, economic development in developing countries of the Asia-Pacific region, and rapid advancement in safety features of passenger cars. The customization of passenger car vehicles and modifications in aftermarket drive the exhaust hanger material demand that gives a noiseless ride, high performance, and longevity. The rising market for passenger vehicle personalization and advancement in safety features presents different market growth opportunities for exhaust hanger material market players to modify and advance the products organized for owner preferences. The increase in production for passenger cars influences the need for exhaust hangers to keep the exhaust pipe in place.
For instance, in March 2023, Tata Motors announced an accomplishment of five million passenger cars production. The objective of Tata Motors is to enable engineering and tech-empowered automotive solutions offering the future of mobility.
Asia-Pacific Leads the Exhaust Hanger Market
The Asia-Pacific dominates the largest market revenue share in the exhaust hanger market. Economic development leads to the demand for vehicles which further drives the exhaust hanger market growth in the forecast period. The change in living standards of consumers and technological advancement in vehicles propels the need for exhaust hangers due to the rising trend of customization of vehicles. The exhaust hangers are essential for holding exhaust pipes and improving overall vehicle performance. It also prevents surplus vibration and decreases noise levels, raising the demand for exhaust hangers. The stringent emission standards, rising aim on sustainability, and heavy investments in advancing materials across developing countries of the region propel the growth of the Asia-Pacific exhaust hanger market growth. Companies in the Asia-Pacific are also increasing the production of vehicles to address the rising demand for vehicles which further boosts the demand for exhaust hangers in the forecast period.
For instance, in November 2023, Nexteer Automotive announced to capitalize on its footprint in Jiangsu, China by increasing manufacturing and testing capacity to address the rising demand from both domestic and global OEM customers across the Asia-Pacific.
Future Market Scenario (2024–2031F)
- Advanced safety features and an increase in demand for passenger vehicles push the need for exhaust hangers for a better driving experience.
- As environmental concerns push for more sustainable technological solutions, energy-efficient exhaust hangers will gain significance.
- Advancement in manufacturing procedures and rising concern about damage at high speed, increasing in demand for exhaust hangers.
- Exhaust hangers will adapt to different form factors to meet the needs of various customer segments.
- The automotive industry is undergoing a transformative phase, driven by technological advancements, stringent emission regulations, and shifting consumer preferences. Within this landscape, the global exhaust hanger market plays a crucial yet often overlooked role in ensuring vehicle performance, safety, and compliance. In this blog post, we delve into the dynamics of the exhaust hanger market, exploring emerging trends, challenges, and opportunities shaping its trajectory.
- Trends Driving Market Growth:
- Rising Demand for Lightweight Solutions: With a growing emphasis on fuel efficiency and reduced emissions, automotive manufacturers are increasingly adopting lightweight materials for exhaust system components. This trend has spurred the demand for innovative exhaust hanger solutions that offer high strength-to-weight ratios while ensuring durability and vibration damping.
- Shift Towards Electric Vehicles (EVs): The rise of electric vehicles presents both challenges and opportunities for the exhaust hanger market. While traditional internal combustion engine (ICE) vehicles require robust hangers to support heavy exhaust systems, EVs offer a cleaner and quieter alternative, potentially reducing the need for traditional exhaust hangers. However, the emergence of hybrid vehicles and the continued presence of ICE vehicles ensure a sustained demand for exhaust hanger solutions in the foreseeable future.
- Advancements in Material Science: Technological advancements in material science have enabled the development of advanced materials such as high-strength steel, aluminum alloys, and composite materials for exhaust hanger applications. These materials offer superior performance characteristics, including corrosion resistance, thermal stability, and enhanced fatigue life, thereby driving the adoption of next-generation exhaust hanger solutions.
Challenges Confronting the Market:
- Stringent Regulatory Requirements: Regulatory mandates aimed at reducing vehicle emissions and noise pollution impose stringent requirements on exhaust system components, including hangers. Compliance with these regulations necessitates continuous innovation and investment in research and development to develop exhaust hanger solutions that meet evolving standards while balancing performance, cost, and environmental considerations.
- Supply Chain Disruptions: The global supply chain disruptions caused by events such as the COVID-19 pandemic have underscored the vulnerabilities inherent in the automotive industry’s supply chain. Fluctuations in raw material prices, logistics challenges, and geopolitical uncertainties can significantly impact the availability and cost of exhaust hanger components, posing challenges for market players.
- Intensifying Competition: The global exhaust hanger market is characterized by intense competition, with numerous players vying for market share. Price competition, coupled with the need to differentiate products based on performance, quality, and innovation, poses challenges for both established incumbents and new entrants seeking to gain a foothold in the market.
Opportunities for Market Participants:
- Focus on Sustainability: The growing emphasis on sustainability and environmental stewardship presents opportunities for market participants to differentiate themselves by offering eco-friendly exhaust hanger solutions. This includes the use of recycled materials, energy-efficient manufacturing processes, and end-of-life recycling programs to minimize environmental impact throughout the product lifecycle.
- Strategic Partnerships and Collaborations: Collaboration across the automotive value chain, including OEMs, Tier 1 suppliers, and technology providers, can facilitate the development of integrated exhaust system solutions that optimize performance, efficiency, and compliance. Strategic partnerships can also enable market participants to leverage complementary expertise and resources to address evolving customer requirements effectively.
- Investment in R&D and Innovation: Continued investment in research and development is essential for driving innovation and staying ahead of market trends. By leveraging advancements in materials, manufacturing processes, and design methodologies, market participants can develop cutting-edge exhaust hanger solutions that offer superior performance, reliability, and value proposition to customers.
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