Press release
Automotive Catalytic Converter Market is projected to reach $255.27 billion by 2033, registering a CAGR of 9.3%
Automotive Catalytic Converter
The Business Research Company presents an extensive market research report on the Automotive Catalytic Converter Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The automotive catalytic converter market size has grown strongly in recent years. It will grow from $164.33 billion in 2023 to $178.93 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to environmental concerns, automotive industry growth, emission standards evolution, rise in vehicle ownership, development of cleaner fuels..
The automotive catalytic converter market size is expected to see strong growth in the next few years. It will grow to $255.27 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to market penetration in new vehicle types, integration of ai and iot, rising awareness of air quality, shift to euro 7 standards, innovation in materials and manufacturing.. Major trends in the forecast period include transition to green vehicles, lightweight materials and design, adoption of next-gen catalysts, integrated emission control solutions, focus on durability and longevity..
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Key Market Players:
Major companies operating in the automotive catalytic converter market report are Tenneco Inc., Yutaka Giken Company Limited, Sango Co. Ltd., Faurecia SE, BASF SE, Johnson Matthey Group, Eberspächer Group, Bosal International, BENTELER International AG, Friedrich Boysen GmbH & Co. KG, Wuxi Weifu Lida Catalytic Converter Co. Ltd., Eberspaecher GmbH Holding & Co. KG, Continental AG, European Exhaust and Catalyst Ltd., Deccats, Magneti Marelli S.p.A., Calsonic Kansei Corporation, Katcon S.A. de C.V., Futaba Industrial Co. Ltd, Boysen Ltd., Sejong Industrial Co.Ltd., Hanwoo Industrial Co. Ltd, Umicore NV, Corning Incorporated, Clean Diesel Technologies Inc., DCL International Inc., Dinex A/S, HJS Emission Technology GmbH & Co. KG, Klarius Products Ltd., MagnaFlow, MANN+HUMMEL, NGK Insulators Ltd., Sogefi SpA
Market Drivers:
The demand for zero-emission vehicles is driving the automotive catalytic converter market. The zero-emission vehicles refer to the modes of transportation that, in which vehicles operate, produce no hazardous emissions that hurt the environment or human health. The increase in global warming due to harmful gases emitted by vehicles has increased the demand for zero-emission vehicles. To reduce hazardous emissions, catalytic converters use reduction and oxidation (redox) reactions, using a reduction catalyst made of platinum and rhodium, which removes nitrogen atoms from nitrogen oxide molecules (NO and NO2). For instance, in June 2022, according to the new ZEV sales data in California, published by California Energy Commission, a US-based energy policy and planning agency,2,50,279 light duty zero emission vehicles were sold in 2021. Therefore, the demand for zero-emission vehicles will drive the growth of the automotive catalytic converter market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/automotive-catalytic-converter-global-market-report
The automotive catalytic converter market covered in this report is segmented -
1) By Type: Two-Way Catalytic Converter, Three-Way Catalytic Converter, Other Types
2) By Material Type: Platinum, Palladium, Rhodium
3) By Vehicle Type: Two/Three Wheeler, Passenger Vehicle, Light Duty Vehicle, Medium And Heavy Duty Trucks, Bus And Coaches
4) By Sales Channel: Aftermarket, Original Equipment Manufacturer (OEM)
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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