The growing adoption of automotive catalytic converters is driven by rising environmental and health concerns, as these converters reduce and control gas emission levels such as CO, CO2, unburned hydrocarbons, and NOx.
“The US Environmental Protection Agency and National Highway Traffic Safety Administration are taking initiatives to support the production of eco-friendly vehicles, as to ensure improved fuel efficiency and reduced carbon emission levels,” says Faisal Ghaus, Vice President of Technavio.
The new report also draws attention to the advanced four-way catalytic converter. With the growing adoption of stringent emission and fuel efficiency standards, automotive catalytic converter manufacturers are designing and developing improved, innovative converters.
“The industry is shifting its focus toward four-way catalytic converters to reduce CO2 emissions. Consequently, with advances in engine technology and emission standards, demand for three-way catalysts (TWC) will decrease while demand for new four-way catalytic converters will rise, thereby boosting market growth,” says Ghaus.
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Founded in 2003, Technavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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