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Automotive Catalytic Converter Market Expected to Reach $181.79 billion by 2030: Players Tenneco Inc., Sango Co. Ltd
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Automotive Catalytic Converter Market Size by Vehicle Type (Light Commercial Vehicles and Passenger Cars), Material (Palladium, Platinum, and Rhodium), Type (Four-Way Catalytic Converter (FWCC), Three-Way Oxidation-Reduction Catalytic Converter, Two-Way Oxidation Catalytic Converter, and Diesel Oxidation Catalyst), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030
Leading companies include Tenneco Inc., Yutaka Giken Company Limited, Sango Co. Ltd, Sejong, Marelli, Hanwoo Industrial Co. Ltd, KATCON, Faurecia, Futaba Industrial Co. Ltd, Eberspacher, BOSAL, Benteler, and Boysen, among others, are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The vehicle type segment is divided into light commercial vehicles and passenger cars. The passenger cars segment led the market with a market share of 56.13% in 2021. This growth is attributed to the growing urban population and the increasing disposable income. The material segment is divided into palladium, platinum, and rhodium. The rhodium segment led the market with a market share of 36.23% in 2021. This growth is attributed to the high demand for rhodium from the automotive industry. The type segment is divided into a four-way catalytic converter (FWCC), three-way oxidation-reduction catalytic converter, two-way oxidation catalytic converter, and diesel oxidation catalyst. The three-way oxidation-reduction catalytic converter segment led the market with a market share of 30.14% in 2021. This growth is attributed to the increasing demand & production of vehicles.
The upgrading emission norms & standards and rising vehicle sales & manufacturing volumes propel the automotive catalytic converter market's growth. Further, the increasing demand & production of vehicles across the globe, high disposable income, and rising technological improvements are also boosting the growth of the automotive catalytic converter market. Also, lifestyle changes fuel the demand for efficient vehicles, helping drive market growth.
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