As governments around the world introduce stricter emissions standards, automakers are required to use more advanced Automotive Catalytic Converter in their vehicles to reduce emissions and improve fuel efficiency. This has led to the development of new technologies and innovations in the Automotive Catalytic Converter market, as manufacturers seek to meet these standards and reduce emissions.
According to the UnivDatos, the rising awareness of the environment will drive the global scenario of the automotive catalytic converter market and as per their “Automotive Catalytic Converter Market” report, the global market was valued at USD 59.40 million in 2022, growing at a CAGR of around 9% during the forecast period from 2023 - 2030 to reach USD billion by 2030.
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In addition to upgrading emission norms and standards, the increasing sales and manufacturing volumes of automotive vehicles are also contributing to the growth of the Automotive Catalytic Converter market. As more cars are produced and sold, the demand for Automotive Catalytic Converter increases, as they are a critical component of modern vehicles that help to reduce emissions and improve fuel efficiency.
The growing popularity of hybrid and electric vehicles is also driving the growth of the Automotive Catalytic Converter market. These vehicles require Automotive Catalytic Converter to reduce emissions and improve fuel efficiency, and as the demand for these types of vehicles continues to grow, so too will the demand for Automotive Catalytic Converter.
Overall, upgrading emission norms and standards coupled with increasing sales and manufacturing volumes of automotive vehicles is one of the key drivers of the growth of the Automotive Catalytic Converter market. As governments introduce stricter emissions standards and automakers seek to meet these standards and reduce emissions, the demand for Automotive Catalytic Converter is expected to continue to grow in the coming years.
Rising Innovations in Automotive Catalytic Converter Devices for Emissions Control Driving Market Growth
The catalytic converter is found to be the most effective at lowering CO, HC, NOx, and diesel particle emissions among all automotive exhaust emission technologies. To regulate emissions, the converter is installed in automotive exhaust systems.
Increased car subscriptions have been seen over the previous few decades as a result of better economic conditions and a growing middle class. Along with rising vehicle ownership, the emergence of the ride-sharing model by internet giants like Uber has aided the expansion of the automotive sector. The expansion of the vehicle fleet industry has also been considerably aided by international trade.
The demand for car catalytic converter devices is expected to stay consistent in the future because catalytic converters are an essential part of every automobile. A few of the key factors driving the growth of the global automotive catalytic converter devices market are the rapidly expanding vehicle sector, strict environmental laws, and shifting customer preferences. Numerous technological advancements have been included in the design of selective catalytic reduction (SCR) catalysts to produce effective emission control to lower emission levels.
Global Trends for the Automotive Industry
· Electric and hybrid vehicles: The demand for electric and hybrid vehicles is increasing, as consumers become more aware of the impact of their vehicles on the environment. This has led to the development of new technologies and innovations in the automotive industry, as manufacturers seek to meet the growing demand for eco-friendly vehicles.
· Autonomous vehicles: The development of autonomous vehicles is another key trend in the automotive industry. These vehicles are designed to be self-driving, and they have the potential to revolutionize the way we travel and commute.
· Connected cars: Connected cars are becoming increasingly popular, as they allow drivers to access a range of features and services through their smartphones and other devices. This includes everything from navigation and entertainment to safety and security features.
· Shared mobility: Shared mobility is another trend in the automotive industry, as more people are choosing to share rides and vehicles rather than owning their own cars. This has led to the development of new business models and services, such as car-sharing and ride-hailing.
· Digitalization: Digitalization is also a key trend in the automotive industry, as manufacturers and retailers seek to improve the customer experience and increase efficiency using digital technologies. This includes everything from online sales and service to predictive maintenance and data analytics.
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Conclusion
The automotive catalytic converter market is driven by investments made by major manufacturers and research and development, along with product innovation in the market. The significant impacting factors include an increase in global sales of automobiles. Stringent emission norms to control the increase in pollution fuels the market growth, creating new opportunities. The increase in popularity of electric & hybrid vehicles and high R&D cost hampers the market growth.
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