Global Automotive Catalytic Converter Market - Drivers and Forecasts by Technavio
LONDON—Technavio analysts forecast the global automotive catalytic converter market to grow at a CAGR of more than 4% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global automotive catalytic converter market for 2017-2021. The market is segmented based on application (passenger cars, LCVs, and MHCVs) and geography (APAC, the Americas, and EMEA).
The market growth will mainly depend on the sales of passenger and commercial vehicles (including LCVs and MHCVs). All internal combustion vehicles must have a catalytic converter for treating harmful gases that are a result of combustion. The global automotive catalytic converter market is a derived market as the growth or decline of the market depends on the number of passengers and commercial vehicles sold. The market is challenged by the increasing ownership of electric vehicles.
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Technavio automotive research analysts highlight the following three factors that are contributing to the growth of the global automotive catalytic converter market:
- Rising penetration of downsized commercial vehicle engines
- Increasing motorization in emerging countries
- Preference for roadways for freight transportation
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Rising penetration of downsized commercial vehicle engines
The imposition of stringent emissions regulations and increasing demand for fuel-efficient vehicles are driving commercial vehicle manufacturers to downsize heavy engines of commercial vehicles with advanced turbochargers to increase engine output considerably. OEMs are making engines that partly deactivate the cylinders to reduce fuel consumption during operations. These factors will lead to the development of better and more advanced catalytic converters capable of regulating the vehicle's emission levels.
Praveen Kumar, a lead automotive components research analyst at Technavio, says, “Downsized engines generate a large amount of heat during operation as their reduced overall size makes it difficult to dissipate the heat generated during normal operation. Commercial vehicles with downsized engines are equipped with advanced after-treatment systems that include better and more expensive catalytic converters, systems that increase the rates of exhaust gas recirculation, and denser particulate filters.”
Increasing motorization in emerging countries
Passenger cars account for a larger share of the automotive catalytic converter market. An increase in the sales of passenger cars would lead to an increased demand for automotive catalytic converter units. Emerging countries, namely China and India, have a lesser penetration of automotive as compared with the developed economies of the US and Europe. Therefore, car OEMs are concentrating on effectively penetrating the passenger car markets in emerging countries.
“The growth of the passenger car market of China and India is driving the market for automotive catalytic converter in these countries. Suppliers of the automotive catalytic converter are focusing their production on meeting the rising requirement of automotive catalytic converter mainly for Chinese and Indian automotive markets,” adds Praveen.
Preference for roadways for freight transportation
Increased global urbanization rates lead to a trend of increased consumption in an economy. About 55% of the global population resided in urban and semi-urban areas in 2016. Most of the growth of global urbanization occurs in developing countries, namely India, China, and Brazil. Adequate transportation services are required to meet the rising demands of the population in these areas.
The increased demand for transporting freight through roads are leading freight operators to increase their fleet of commercial vehicles. The suppliers of the automotive catalytic converter will be focusing on meeting the rising demand for catalytic converter units for commercial vehicles by 2021.
Top vendors:
- Continental Emitec
- Faurecia
- Magneti Marelli
- Tenneco
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