Leading players in the global automotive catalytic converter market are focused on developing newer technologies and more effective catalytic converters to enhance their business
The global automotive catalytic converters market is being driven by growing customer preference for low-pollution cars with high performance and fuel economy
ALBANY, N.Y., April 26, 2022 /PRNewswire/ — The global automotive catalytic converter market was valued at US$ 12.34 Bn in 2020. The global market is predicted to rise at a CAGR of 7.36% during the forecast period, from 2021 to 2031. The global automotive catalytic converter market is anticipated to surpass the valuation of US$ 26.94 Bn by 2031. The global automotive catalytic converter market is being driven by rise in vehicle demand throughout the world. Carbon emissions are a concern for vehicle manufacturers globally. Consumers are becoming more interested in fuel-efficient automobiles. In an effort to make automobiles more fuel efficient, makers are utilizing high-quality and durable materials for automobile parts. This factor is expected to fuel the demand for automotive catalytic converters in the forthcoming years.
Furthermore, the growing popularity of electric cars is a key impediment to the development of the global automotive catalytic converter market. These electric vehicles do not come with a combustion chamber; rather than an internal combustion engine and power is generated by an electric motor. As a result, there is no need for a catalytic converter.
Due to rising sales of vehicles throughout the world, the global automotive catalytic converter market is expected to grow at a rapid pace. Demand for fuel-efficient vehicle parts is rising as people become more concerned about the negative effects of global warming, pollution, and climate change. This factor is likely to increase sales for automotive catalytic converters. Automobile manufacturers are employing new technologies to create vehicles that are more fuel efficient and emit less pollutants in the air.
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Key Findings of Market Report
Increasing consumer disposable income as well as purchasing power is estimated to fuel car sales globally, leading to considerable expansion of the global automotive catalytic converter market
In terms of product, three-way oxidation reduction catalytic converters are extensively employed in vehicles. However, two-way oxidation catalytic converters are considered less efficient, since they cannot handle nitrogen oxide. Due to the increasing number of IC engine vehicles on streets, the global automotive catalytic converter market is expected to continue its lead during the forecast timeframe.
The platinum category dominated the global automotive catalytic converter market, in terms of material. Additionally, owing to its high performance and efficiency, the use of combined metal catalyst is rapidly rising.
The Europe automotive catalytic converter market is likely to hold a considerably large share of the market in the near future. Strict emission laws, including Euro V and Euro VI, as well as the growing presence of leading market players in the region, are responsible for the rapid rise of the market.
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Global Automotive Catalytic Converter Market: Growth Drivers
Governments in several developing countries are enforcing strict government regulations to combat increasing air pollution levels, which is likely to boost the global automotive catalytic converter market. Another factor likely to propel the global market is rising carbon emissions throughout the world.
Growth of the Asia Pacific automotive catalytic converter market is expected to be driven by increase in disposable income, rapid rise in sales of vehicles, growth in adoption of environment-friendly automobiles, and concerns for the environment. The automotive industry in the region is expected to grow, which is likely to drive the demand for vehicle catalytic converters.
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Global Automotive Catalytic Converter Market: Key Competitors
Clean Diesel Technologies, Inc.
Eberspaecher GmbH Holding & Co. KG
Standard Motor Products Europe Ltd
Magneti Marelli S.P.A.
Johnson Matthey Plc.
Calsonic Kansei Corporation
Global Automotive Catalytic Converter Market: Segmentation
Two-way Oxidation Catalytic Converter
Three-way Oxidation Reduction Catalytic Converter
Diesel Oxidation Catalytic Converter
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