New York, NY 17 July 2020: The worldwide Automotive Catalytic Converter Market is anticipated to reach over USD 327.9 billion by 2026 according to a new research published by Polaris Market Research. In 2017, North America accounted for the majority share in the global Automotive Catalytic Converter market. The three-way oxidation-reduction catalytic converter is expected to lead the global market during the forecast period.
The increasing demand and production of vehicles majorly drives the Automotive Catalytic Converter Market growth. The increasing regulations regarding emissions and fuel efficiency boosts the adoption of automotive catalytic converter. The increasing disposable income, increasing environmental concerns, and lifestyle changes increase the demand for efficient vehicles, thereby supporting the automotive catalytic converter market. Other factors driving market growth include technological advancement, and upcoming emission regulations in Asia. New emerging markets, emerging consumer demographics, and significant investments in research and development would provide numerous growth opportunities in the market during the forecast period.
The North America Automotive Catalytic Converter Market is expected to dominate the global market during the forecast period. This is due to high living standards and high disposable income supporting the growth of the automotive industry. Presence of global players in these countries taps market potential and boosts the market growth. Increasing technological advancements and significant investments in research and development in automotive catalytic converters in vehicles boosts the market growth. The stringent government regulations regarding emissions and fuel efficiency further support the automotive catalytic converter market growth in this region. Governments in the region have introduced several laws and regulations to monitor vehicular emission. These regulations have mandated automobile manufacturers to use advanced technologies to combat high emission levels in vehicles
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The different types of automotive catalytic converters include two-way oxidation catalytic converter, three-way oxidation-reduction catalytic converter, and diesel oxidation catalytic converter. The three-way oxidation-reduction catalytic converter is expected to dominate the global automotive catalytic converter market in 2017 owing to significant increase in the demand for gasoline vehicles. The stringent emission regulations primarily drive the growth of this segment.
The leading companies profiled in the Automotive Catalytic Converter Market include Magneti Marelli S.P.A., Faurecia SA, Sango Co.Ltd., Benteler International AG, Futaba Industrial Co. Ltd. , BASF Catalysts LLC, European Exhaust and Catalyst Ltd, Deccats, Yutaka Giken Co. Ltd., and Calsonic Kansei Corporation among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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