In 2021, the automotive catalytic converter industry contributes $14,233.0 million revenue, and it is predicted to rise at a rate of 8.0%, to generate $28,342.9 million in 2030. It is ascribed to the rising sales of vehicles and stringent regulations to curb the emissions caused by automobiles.
Europe captures the largest share of the automotive catalytic converter industry, accounting for 33%, and it is projected to retain its position in the coming future. It is ascribed to the rising penetration of the automobile manufacturers, and increasing usage of catalytic converters.
Moreover, Germany contributes the significant revenue share to the European industry, and it is expected to retain its position in the near future. It is led by the high penetration of industry players, and technological advancements in the industry.
In addition, APAC is expected to experience the fastest growth in the coming future, due to rising traction of the passenger vehicles, led by large number of daily commuters, and extensive production capacity.
The three-way oxidation-reduction catalytic converter captures the largest share of the automotive catalytic converter industry, and it is expected to retain dominance in the coming years. It is ascribed to the converter usage in massive number of ICE vehicles.
Moreover, the increased effectiveness and reactive nature of the three-way oxidation-reduction catalytic converters toward hydrocarbon emissions, carbon monoxide, and nitrogen oxides leads to the industry growth.
Furthermore, diesel oxidation catalyst converters contribute highest sales revenue, and they are projected to experience the fastest growth in the coming future. It is ascribed to the growing usage of these converters in construction devices, and agricultural machinery. In addition, the importance of goods transportation is projected to boost the sales of the logistical vehicles, including diesel trucks.
Furthermore, the industry giants are increasingly spending on research and development of alternative metals for developing economic and better catalytic converters.
Therefore, the rising sales of the automotive catalytic converters is led by the worldwide stringent government regulations to reduce emissions caused by automobiles.
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