Rising Vehicle Sales & Implementation of Strict Emission Standards Driving Market Expansion in North America & Europe
United States, Rockville MD, July 18, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, global demand for automotive catalytic converter devices is expected to rise at a high-value CAGR of 7.8% from 2022 to 2032.
Automotive catalytic converter market is expected to witness notable growth in the near future, owing to the characteristic features of the catalytic converter such as enhanced energy efficiency, operational efficiency, and safety measures.
Moreover, growth in vehicle production & sales worldwide and rise in stringent emission norms for vehicles by government are expected to supplement the global market growth in the near future. However, certain factors such as high R&D cost and increase in demand for electric & hybrid vehicles restrain the market development.
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Europe accounts for 29.4% share of the global automotive catalytic converter devices market, owing to the many renowned vehicle manufacturing companies.
Sales of automotive catalytic converter devices across the world are predicted to surge at a CAGR of 7.8% between 2022 and 2032.
North America accounts for 23.6% share of the global market. The market is driven by a sharp increase in vehicle sales, improved road infrastructure, strict fuel efficiency standards, and rising consumer knowledge of vehicle maintenance.
Exhaust gas from an internal combustion engine comprises toxic gas and pollutants; automotive catalytic converter devices are used in vehicles to convert these gases into less harmful emissions by catalyzing a redox reaction.
The large-scale production of automobiles in emerging economies is a key factor driving the consumption of automotive catalytic converter devices across these regions.
Rapid expansion of the automobile industry, stringent environmental regulations, and changing consumer preferences are a few of the prominent factors influencing the growth of the global automotive catalytic converter devices market.
New companies manufacturing automotive catalytic converter systems are implementing inventory tracking methods by forming partnerships through backward incorporation with raw material suppliers to address the volatile costs of raw materials.
Implementation of nanotechnology has significantly declined the use of large particles of cost-intensive noble metals. As such, many new market entrants have introduced modifications in nanoparticles to achieve reduced gas emissions.
Recently, DESY NanoLab revealed one of the study results regarding the use of nanoparticles with more edges and better emission control in catalytic converters. Through X-ray analysis, researchers at PETRA III DESY lab observed efficient real-time conversion of carbon monoxide to carbon dioxide on the surface of nanoparticles with more edges.
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Automotive Catalytic Converter Market Potential Benefits For Stakeholders:
The study provides an in-depth analysis of the automotive catalytic converter market trends, with current and future perspective, to elucidate the imminent investment pockets in the market
Current and future trends adopted by the key market players are highlighted to determine overall competitiveness of the market
Porter’s Five Forces analysis of the key market players are provided to illustrate the business strategies adopted by buyers and suppliers
The report provides information regarding key drivers, restraints, and opportunities with their impact analysis during the forecast period
Various operating segments of the market are carefully analyzed to measure the potential of the emerging market
The quantitative analysis of the market during 2014-2022 is provided to elaborate the market potential
The main growth tactics of automotive catalytic converter device manufacturers include product launches, alliances and cooperation, company growth, acquisitions, and R&D. One of the main techniques used by major industry players is product launch. It aids businesses in extending their market reach and continuously offering customers cutting-edge items.
Automotive catalytic converter device providers are using cutting-edge distribution techniques by providing online catalogues rather than delivering directly to automakers.
Global leader in vehicle catalytic converters - Tenneco, Inc. - made the strategic choice to relocate its Ontario and Georgia factories to Ohio. As part of an endeavor to restructure its worldwide production footprint towards increased operational performance and to address changing market dynamics and capacity requirements, Tenneco, Inc. has planned to close its OE (original equipment) ride control plants.
Key Segments Covered in Automotive Catalytic Converter Devices Industry Research
Automotive Catalytic Converter Devices Market by Material :
Automotive Catalytic Converter Devices Market by Product :
Three-way Oxidation Reduction Catalytic Converters
Automotive Catalytic Converter Devices Market by Sales Channel :
Automotive Catalytic Converter Devices Market by Region :
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About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automobile team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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