Catalytic Converter Market
The Catalytic Converter Market is estimated to grow at a robust CAGR over the forecast period (2020-2027).
The factors driving the growth of Catalytic Converter Market includes rise in the production of passenger vehicles around the world, strict regulations imposed by governing bodies on emissions and growing concerns related to global warming and climate change. As per the report published by Statista, the production of passenger vehicles in India has increased from 2.8 million units in 2020 to 3.6 million units in 2021, on-going demand for passenger vehicles is expected to accelerate the Catalytic Converter Market Size in India in the approaching years, Moreover, rise in the launch of innovative products, advancements in nanotechnology, increase in the number of road fatalities and growing dependence on fossil fuels, are some of the additional factors supplementing the market growth. In addition, the increasing investments by automobile manufacturers on research and development, rising disposable incomes, rapid urbanization, and growing population growth rates, are further contributing towards the market growth.
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However, the growth of Catalytic Converter Market is hindered attributed to growing popularity of electric vehicles.
The major players operating in the Catalytic Converter Market are Futaba, BSF, Continental, Eberspächer, Umicore, Benteler, Faurecia, Tenneco, Johnson Matthey and CDTI Materials, among others.
Based on Product, the Three Way Oxidation Catalytic Converter segment is predicted to expand at a significant CAGR during the forecast period
Strict regulations imposed by governing bodies to incorporate three-way oxidation catalytic converters in gasoline-fueled vehicles, is the major factor responsible for the segment’s growth.
Based on Vehicle Type, the Passenger Cars segment is projected to expand at a remarkable CAGR over the forecast period
Rise in the production of passenger cars worldwide and growing focus on reducing vehicular emissions, are propelling the segment’s growth.
Based on Region, the Asia-Pacific region is anticipated to capture a sizeable market share during the forecast period
Rise in the Foreign Direct Investments (FDI) inflows in the automobile industry, growing focus on reducing vehicular emissions, rapid urbanization, improvements in living standards, increasing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Development
- In 2019, Faurecia, introduced heated catalytic converter, with electric heating system which will expand the product portfolio of the company.
Market Segmentation
Segmentation by Product Type
- Two Way Oxidation Catalytic Converter
- Three Way Oxidation Catalytic Converter
- Diesel Oxidation Catalyst
Segmentation by Vehicle
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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