Automotive Catalytic Converter Market worth USD 327.9 billion by 2026

Automotive Catalytic Converter Market Analysis Size, Growth rate and Overview:

Automotive Catalytic Converter Market was valued at USD xx billion in 2017 and is expected to reach almost USD 327.9 billion by the end of 2026, growing at a CAGR of around xx% over the predicted period.

A catalytic converter is a device, used in the vehicle exhaust system to eliminate all gases, including carbon monoxide, nitrous oxide and hydrocarbons, which are detrimental to the environment of the general exhaust system of vehicles. The catalytic converter reduces emissions in automobiles by eliminating toxic compounds such as carbon monoxide, nitrogen oxides and hydrocarbons present in the vehicle exhaust system.

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Automotive Catalytic Converter Market Key Drivers, Challenges, and Opportunities:

The automotive catalytic converter market is expected to grow remarkably in the near future due to its features such as improved energy efficiency, operational efficiency and safety measures. Technological advances and increased auto production in emerging economies are expected to drive growth in the sector over the forecast period. Stringent emissions regulations from governments and authorities around the world, as well as increased driver awareness, have had a positive impact on market growth. With an increasing number of vehicles on the road, reducing emissions is crucial for better air quality.

The growing demand for the catalytic converter stems from stringent emission standards imposed around the world to protect the environment and prevent the dangerous effects of global warming. In addition, the increase in the number of vehicles worldwide responds to market demand. Also, growth in worldwide vehicle production and sales and the increase in government's stringent emission standards are expected to complement growth in the global market in the near future. However, certain factors, such as the high cost of research and development and the increasing demand for hybrid and electric vehicles, limit the development of the market. Expectations of high R & D spending are expected to hinder market growth over the forecast period. It is expected that the development of electric and hybrid vehicles that produce minimal exhaust emissions and do not require the installation of such converters will be a challenge for the growth of the sector.

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Automotive Catalytic Converter Market – Regional Presence:

The presence of major car manufacturers has led the European Union to dominate the sector. The growing demand for high-end brands of European cars such as Volkswagen, BMW and Mercedes-Benz has led to the growth of automotive ancillary vehicles in the region. The European regional market has gained more than 30% share of the global industry and is expected to decline gradually over the next decade. The increasing penetration of vehicles resulting from the general improvement of lifestyle in developing Asia-Pacific countries, such as India, is expected to stimulate the growth of the industry in the region.

Some of the Key Players Profiled in this Automotive Catalytic Converter Market Report are:

BASF Catalysts LLC, Faurecia SA, Magneti Marelli S.P.A, Tenneco Inc., Eberspaecher GmbH Holding & Co, Calsonic Kansei Corporation, Benteler International AG and Standard Motor Products Europe Ltd.

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