Pune, India -- (SBWIRE) -- 05/02/2019 -- Our latest research report entitled Automotive catalytic converter market (by converter type (two way catalytic converter, three-way catalytic converter, diesel oxidation catalyst and others), vehicle type (passenger cars and commercial vehicles)) provides complete and deep insights into the market dynamics and growth of automotive catalytic converter. Latest information on market risks, industry chain structure automotive catalytic converter cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential automotive catalytic converter growth factors. The automotive catalytic converter market was worth USD 111.08 Billion in 2017 and is projected to reach around USD 196.60 Billion by 2024. The automotive catalytic converter market is estimated to grow at a CAGR of 8.7% during the forecast period 2018-2024. The Asia-Pacific region accounted for the largest market share of approximate 61% in 2017 and is expected to remain dominant through the forecast period. The Asia-Pacific region is expected to grow at the highest CAGR of 10.4% during the forecast period.

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Automotive Catalytic Converter Market: Insights

The catalytic converters are accountable for the emission control by converting the toxic gas into non-toxic gases. Harmful carbon monoxide and hydrocarbons are converted to water vapor and carbon dioxide. The catalytic converters assembly consist of a substrate, mat, shell, and cones. The materials used for the catalyst converter should be able to provide good thermal properties, corrosion resistance, and strength. The catalyst converter is classified because of their mounting positions. The first one is the maneuverer welded on the manifold. The second one is a closed coupled converter that is placed at a distance between 350 and 650 mm from the engine head-face. The third one is the underbody converter placed after the flexible coupling or beyond 650 mm. The suitable converters are selected and positioned in the exhaust system to meet the required emission standards.

Automotive Catalytic Converter Market: Drivers and Restraints

Growing environmental concerns and strict exhaust emission laws are the major factors driving the automotive catalytic converter market. Additionally, growing automotive industry is further facilitating growth in the automotive catalytic converter market. There is a significant growth in the sales of passenger vehicles in the Asia Pacific and Latin America region. Besides this, increasing inclination and stringent government regulations towards the adoption of electric vehicles to further facilitate growth in this market. Moreover, rising disposable income in many developing nations to fuel growth in the automotive catalytic converter market.

In addition, introduction of electrical scooter and electric motorcycles are anticipated to boost the growth of the automotive catalytic converter market over the forecast period. On the other hand, increasing demand for fuel-efficient vehicles and increase in advancement in material technology are anticipated to provide several opportunities for the growth of the automotive exhaust systems in the upcoming years. On the other hand, the prominent players are anticipated to reduce the price tensions produced by regional players with the establishment of the strong footprint can led to increased profits. Moreover, with the adoption of new technologies the automotive catalytic converter market offers several benefits such as reduced carbon dioxide emissions and improved fuel consumption.

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Automotive Catalytic Converter Market: Regional Analysis

Asia Pacific region emerged as the largest region for the automotive catalytic converter followed by Europe. Asia Pacific region houses 60% of the global population. Countries such as China, India, and Japan have highest number of passenger car sales. In addition, the sales of the motorcycle are the highest in the countries like India, China, Vietnam, and Indonesia. These automotive catalytic converter systems are utilized in these two-wheelers and 4-wheelers that makes Asia Pacific market the leading region for the automotive catalytic converter market. Besides this, Asia Pacific region has high number of local manufacturer that manufactures automotive catalytic converter. With rising economy and high disposable income countries and increasing awareness about the noise pollution and fuel consumption, the Asia Pacific region to remain dominant in this market, throughout the forecast period. On the other hand, growing environmental concerns and stringent exhaust noise laws are anticipated to maintain the dominance in the North American and European markets in the upcoming years. Moreover, automotive sales in this region is expected to witness modest growth in the coming years.

Automotive Catalytic Converter Market: Segmentation

The report on global automotive catalytic converter market covers segments such as, converter type and vehicle type. On the basis of converter type the global automotive catalytic converter market is categorized into the two-way catalytic converter, three-way catalytic converter, diesel oxidation catalyst and others. On the basis of vehicle type the global automotive catalytic converter market is categorized into passenger cars and commercial vehicles.

Automotive Catalytic Converter Market: Competitive Landscape

The report provides profiles of the companies in the global automotive catalytic converter market such as, Faurecia, Tenneco, Benteler International AG, Magneti Marelli S.P.A, Eberspacher Group, Futaba Industrial Co. Ltd, Calsonic Kansei Corporation, Sango Co. Ltd., Yutaka Giken Co. Ltd., and BASF.

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Report Findings

1. Drivers

- Growing Environmental Concerns and Strict Exhaust Emission Laws.

- Expanding Automotive Industry.

- Increasing Inclination and Stringent Government Regulations towards the Adoption of Electric Vehicles.

2. Challenges

- Fluctuating Prices of Metals.

3. Opportunities

- Growing Environmental Concerns and Stringent Exhaust Noise Laws.

- Rising Economy and High Disposable Income.