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ALBANY, N.Y. , April 26, 2022 /PRNewswire/ -- The global automotive catalytic converter market was valued at US$ 12.34 Bn in 2020. The global market is predicted to rise at a CAGR of 7.36% during the forecast period, from 2021 to 2031. The global automotive catalytic converter market is anticipated to surpass the valuation of US$ 26.94 Bn by 2031. The global automotive catalytic converter market is being driven by rise in vehicle demand throughout the world. Carbon emissions are a concern for vehicle manufacturers globally. Consumers are becoming more interested in fuel-efficient automobiles. In an effort to make automobiles more fuel efficient, makers are utilizing high-quality and durable materials for automobile parts. This factor is expected to fuel the demand for automotive catalytic converters in the forthcoming years.
Furthermore, the growing popularity of electric cars is a key impediment to the development of the global automotive catalytic converter market. These electric vehicles do not come with a combustion chamber; rather than an internal combustion engine and power is generated by an electric motor. As a result, there is no need for a catalytic converter.
Due to rising sales of vehicles throughout the world, the global automotive catalytic converter market is expected to grow at a rapid pace. Demand for fuel-efficient vehicle parts is rising as people become more concerned about the negative effects of global warming, pollution, and climate change. This factor is likely to increase sales for automotive catalytic converters. Automobile manufacturers are employing new technologies to create vehicles that are more fuel efficient and emit less pollutants in the air.
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Global Automotive Catalytic Converter Market: Growth Drivers
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Global Automotive Catalytic Converter Market: Key Competitors
Global Automotive Catalytic Converter Market: Segmentation
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