According to the report, the global automotive catalytic converter market is projected to surpass US$ 26.94 Bn by 2031, expanding at a CAGR of 7.36% during the forecast period. Rise in demand for vehicles across the globe is likely to increase the demand for automotive catalytic converters. Vehicle manufacturers are more concerned about carbon emission across the globe. On the other hand, manufacturers are using durable and high-quality material for automobile components in order to make vehicles more fuel-efficient. This is anticipated to boost the automotive catalytic converter market.
Moreover, growing consumer inclination toward low pollution generating vehicles with high performance and better fuel-efficiency is driving the automotive catalytic converters market across the globe. The catalytic converter plays a crucial role in any vehicle to reduce the amount of pollutants that are discharged into the environment. Governments of several countries have made it mandatory to use efficient catalytic converters in vehicles.
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Rise in Sales of Vehicles Driving Automotive Catalytic Converter Market
The global automotive catalytic converter market is anticipated to expand at a rapid pace due to increasing sales of vehicles across the globe. Increasing awareness about the harmful impacts of environmental pollution and global warming is driving the demand for fuel-efficient components for a vehicle. This is likely to boost the demand for automotive catalytic converters. Manufacturers in the automobile industry are using advanced technology to manufacture fuel-efficient vehicles that generate less pollution. Rising disposable income and buying power of consumers around the world are projected to drive the vehicle sales, resulting in significant expansion of the global automotive catalytic converter market. Some stringent government norms are applied by governments in various developing nations in order to control the rising air pollution are contributing to the market growth of the global automotive catalytic converter market. The growing carbon emission across the globe is another factor driving the global market for automotive catalytic converter.
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Market Segmentation
· The global automotive catalytic converter market has been segmented based on product type, material type, vehicle type, and region
· Based on product, the global automotive catalytic converter market has been divided into two-way oxidation catalytic converter, three-way oxidation reduction catalytic converter, and diesel oxidation catalytic converter. Three-way oxidation reduction catalytic converters are widely used in automobiles, while two-way oxidation catalytic converters are not so efficient, as they are unable to treat nitrogen oxide. The three-way oxidation reduction catalytic converter segment is anticipated to maintain its dominance during the forecast period due to higher number of IC engine vehicles on the road. Moreover, heavy duty commercial vehicles, such as tractors and trucks, are likely to take a comparatively longer time to be replaced by electric vehicles.
· Based on material, the automotive catalytic converter market has been segmented into platinum, palladium, and rhodium. The platinum segment held a major share of the global automotive catalytic converter market. Furthermore, adoption of combined metal catalyst is increasing at a rapid pace due to its high efficiency and performance capability.
· Based on vehicle type, the automotive catalytic converter market has been classified into two/three wheeler, passenger vehicles, light duty vehicle, medium & heavy duty trucks, bus and coaches
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Regional Analysis
In terms of region, the global automotive catalytic converter market has been split into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe dominates the global market for automobile catalytic converters. Stringent emission regulations, such as Euro V and Euro VI, is a key factor driving the market in the region. Furthermore, presence of prominent manufacturers in the region has driven the region to the forefront of the global automotive catalytic converters market. Furthermore, expansion of the automotive industry in regions, such as Asia Pacific, has propelled the demand for vehicle catalytic converters. Growing environmental concerns related to rising pollution, as well as increased demand for better and more environment-friendly vehicles, have further boosted the market.
Market Players
Prominent players operating in the global automotive catalytic converter market include Faurecia SA, Magneti Marelli S.P.A., Eberspaecher GmbH Holding & Co. KG, Tenneco Inc., Benteler International AG, BASF Catalysts LLC, Johnson Matthey Plc, Katcon Global, Klarius Products Ltd., Calsonic Kansei Corporation and Clean Diesel Technologies, Inc., and Standard Motor Products Europe Ltd.
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