LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive catalytic converter market to post a CAGR of nearly 4% during the forecast period, according to their latest market research report. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
The emergence of advanced emission control solutions for aftermarket is one of the major trends being witnessed in the global automotive catalytic converter market 2018-2022. The increasing focus on environment pollution caused by automobiles drives developments in vehicle exhaust systems. Stringent emission standards have led to the development of advanced emission control systems and energy-efficient vehicles that causes less pollution.
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According to Technavio analysts, one of the key factors contributing to the growth of the global automotive catalytic converter market is the reduction in emissions by catalytic converters:
Global automotive catalytic converter market: Reduction in emissions by catalytic converters
Growth in the global automotive industry has led to the development of advanced automotive systems. The increasing focus on the environment and global warming increase the consumption of automotive catalytic converters as they significantly reduce vehicular emissions.
According to a senior analyst at Technavio for research on automotive components, “In addition to offering safety, comfort, and convenience, the use of advanced automotive technologies has led to the development of high-performance powertrain. Advanced technologies and systems are extensively used in automotive exhaust systems. In the global automotive industry, developments in exhaust systems include manifolds, catalytic converters, mufflers, pipes, and monolith designs. Such developments reduce harmful pollutants produced by the combustion process ICE-powered vehicles.”
Global automotive catalytic converter market: Segmentation analysis
The global automotive catalytic converter market research report provides market segmentation by application (passenger vehicle and commercial vehicle) and by region (the Americas, EMEA, and APAC). It also provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The passenger vehicle segment held the largest market share in 2017, accounting for over 87% of the market. This application segment is expected to dominate the global market throughout the forecast period.
In terms of geography, APAC led the market in 2017 with a share of nearly 54%. This region is expected to dominate the market through 2022, with nearly 2% increase in its market share.
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Market Landscape
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Market Sizing
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Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
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