Market Size of Automotive Exhaust Analyzer Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.77 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Exhaust Analyzer Market Analysis
The automotive exhaust analyzer market was valued at USD 795.50 million in the current year and is projected to grow to USD 1.12 billion in the next five years, registering a CAGR of 6.77% in terms of revenue during the forecasted period.
- The COVID-19 pandemic had an unprecedented and staggering impact on the market, as these products experienced lower-than-anticipated demand across these regions during the year 2020 owing to the shutdown of manufacturing facilities and supply chain disruptions, further aggravated by the fluctuating raw material prices. However, by the first half of 2021, with gradual improvement in the production of vehicles, the market started regaining its momentum.
- Over the medium term, the rising number of initiatives taken by government bodies across the globe to focus on energy and environment conservation policies is expected to boost the automotive exhaust analyzer market growth during the forecasted period. Regulatory bodies around the world are at the forefront of developing clean automotive technology and designing programs to reduce and prevent air pollution.
- Vehicle engine and fuel testing is a meaningful way to verify emission standards are met and ensure the benefits from regulations become a reality. Exhaust analyzer has been providing a wide array of analytical testing and helping these regulatory bodies to keep a check on automobile emissions.
- Volkswagen's rigging of emission tests for 11 million cars was a shock to the automotive industry. The potential scale of the scandal raised alarms across the environmental protection agencies, putting the current exhaust analysis techniques under stringent scrutiny and bringing the automotive exhaust analysis systems sector into the spotlight.
- Analyzer manufacturers have taken this scandal as a significant market opportunity and are trying to come up with compliant products, and manufacturers are trying to capitalize on the demand by introducing new products and expanding their production capabilities.
