The Asia Pacific market with the biggest share of the market for catalytic converters worldwide is anticipated to maintain its leadership status over the forecast period.
The main causes of the high number of automobiles in this area are the high rates of urbanization, population growth, improvement in living conditions, growth of the industrial sector, and an increase in average household income. The demand for Automotive Catalytic Converter in countries like China, India, and Japan is driving the demand in the region. This is mainly owing to increasing awareness about the harmful impacts of environmental pollution and global warming.
Explore the Comprehensive Research Overview - https://univdatos.com/reports/automotive-catalytic-converter-market-2
Vehicle emissions have greatly increased along with rising vehicle manufacturing, which is contributing to a high level of air pollution and global warming. In light of this, the governments of a few developing and developed nations, like India, China, and Japan, have enacted strict car emission standards. Japan is also the market leader in this region for after-treatment devices. For instance, India and China are moving toward implementing the BS VI and China VI standards, respectively, by 2020, which are similar to the Euro VI emission standard in Europe. It is anticipated that such major shifts towards rigorous emission standards will result in a huge increase in demand for a number of after-treatment devices. Leading nations in this region for after-treatment devices include China and Japan.
Further, the Asia Pacific Automotive Catalytic Converter Market is expected to grow at a substantial CAGR during the forecast period (2023-2030). Asia Pacific is expected to grow with a considerable CAGR during the forecast period. This is mainly owing to the increasing demand for eco-friendly vehicles, the growing middle class in APAC countries, and the government's efforts to reduce air pollution. The demand for eco-friendly vehicles is increasing in APAC, as consumers become more aware of the impact of their vehicles on the environment. This has led to a rise in the production of hybrid and electric vehicles, which require automotive catalytic converter to reduce emissions.
For More Detailed Analysis in PDF Format, Visit- https://univdatos.com/reports/automotive-catalytic-converter-market-2?popup=report-enquiry
Related Reports:
Air Pollution Control Systems Market: Current Analysis and Forecast (2022-2028)
Graphene Oxide Market: Current Analysis and Forecast (2023-2030)
Catalysts Market: Current Analysis and Forecast (2021-2027)
Car Air Purifier Market: Current Analysis and Forecast (2022-2028)
UV Stabilizers Market: Current Analysis and Forecast (2022-2028)
· Based on type, the market is segmented into two-way catalytic, three-way catalytic, and others. The three-way catalytic is expected to have a significant share of the market over the forecasted period. The three-way catalytic is mainly used in vehicle emission control systems across the world. Automobiles frequently utilize three-way oxidation-reduction catalytic converters, whereas two-way oxidation catalytic converters are less effective since they cannot handle nitrogen oxide. Because there are more IC engine vehicles on the road, which is increasing the demand for three-way catalytic converters which in turn is increasing the market for automotive catalytic converter.
· Based on material, the market is segmented into platinum, palladium, and rhodium. Rhodium is expected to grow with a robust CAGR during the forecasted period. Rhodium is a popular material for recycling vehicle catalytic converters because it is more effective at removing dangerous exhaust emissions by breaking down nitrogen oxides in exhaust gases and releasing harmless oxygen and nitrogen gases. The majority of the demand for rhodium catalysts comes from the automobile industry which in turn is increasing the market around the world.
· Based on vehicle, the market is segmented into passenger cars and commercial. Passenger Cars are expected to hold a significant share during the forecasted period. Because of the higher number of sales and manufacturing of passenger automobiles around the world. The rapid growth in the number of passenger automobiles is due to increased urbanization, an improvement in the standard of living, the construction of road infrastructure, and an increase in disposable money, particularly in countries such as India, China, Japan, and portions of Europe.
Contact Us:
UnivDatos
Contact Number - +19787330253
Email - contact@univdatos.com
Website - www.univdatos.com
