Global automotive catalytic converter market size is predicted to value more than USD 327.9 billion by 2026 , according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
According to the report, the surging demand and manufacturing of automobiles primarily drives the global automotive catalytic converter market share. The growing regulations pertaining to fuel efficiency and emission control are augmenting the deployment of automotive catalytic converter. The rising disposable income, changes in lifestyle, and burgeoning environmental concerns are increasing the need for efficient vehicles, thus adding impetus to the demand for automotive catalytic converters. Few other factors mentioned in the report that have been influencing market growth include upcoming emission regulations in Asia and technological enhancements. Evolving consumer demographics, emerging new markets, and considerable investment in R&D would introduce new growth avenues in the market during the estimation period.
Key findings of the report are:
- The three-way oxidation-reduction catalytic converter type is anticipated to dominate the industry during the projection period.
- In terms of regional penetration, North America held the biggest share of the global market in 2017.
Speaking of the regional hierarchy, North America is projected to lead the worldwide market during the prediction timeframe. This growth can be attributed to high disposable income and high standards of living. The report also cites that the presence of market leaders in these nations enhances market potential and augments the market growth. Rapid technological development and considerable investment in R&D boost industry growth.
Request sample copy of this Report@ https://www.marketstudyreport.com/request-a-sample/1695160/
A major factor influencing the North America automotive catalytic converter market is the presence stringent regulatory outlook pertaining to fuel efficiency and emissions. Reportedly, governments in the region have launched several regulations and laws to control vehicular emissions. In view of these regulations, automobile makers have amplified the adoption of advanced technologies to regulate vehicular emissions, thereby supporting industry growth, cites the report.
As per the report, the automotive catalytic converter types include diesel oxidation catalytic converter, three-way oxidation-reduction catalytic converter, and two-way oxidation catalytic converter. Based on the findings of the report, the 3-way oxidation-reduction catalytic converter market is expected to lead the global market in the year 2017 on account of substantial surge in the demand for gasoline vehicles. The strict emission laws mainly drive the growth of this business segment.
The key players profiled in the global market are Yutaka Giken Co. Ltd., Faurecia SA, Magneti Marelli S.P.A., Benteler International, BASF Catalysts LLC, Sango Co. Ltd., Futaba Industrial Co. Ltd., European Exhaust & Catalyst Ltd, Calsonic Kansei Corp., and Deccats. These key players are using market tactics such as new product launch, market collaborations, and geographical expansion to augment their foothold in the global market and amplify user base.
The report provides an in-depth analysis of the automotive catalytic converter market drivers, restraints, and opportunities over the forecast period. A rigorous analysis of the report in terms of type, catalyst, regional landscape, vehicle type, market dynamics, and competitive profiling has also been detailed in the report.