Automotive Catalytic Converter Market - Growth, Trends, and Forecasts (2020 - 2025)
|出版商||Mordor Intelligence LLP||商品編碼||937986|
|出版日期||內容資訊||英文 90 Pages
|汽車用觸媒轉換器市場-成長，趨勢，預測(2020年∼2025年) Automotive Catalytic Converter Market - Growth, Trends, and Forecasts (2020 - 2025)|
|出版日期: 2020年05月01日||內容資訊: 英文 90 Pages||
Automotive Catalytic Converter Market is expected to register a CAGR of over 7%, during the forecast period.
Enactment of Stringent Commission Norms
The demand for and adoption of catalytic converters in the automotive industry has been consistently increasing with the growing automotive industry. With the growing environmental and health concerns and, the government across the world are enacting stringent emission norms to control and reduce carbon emission.
The US EPA and NHTSA are taking initiatives to support the production of environmental-friendly, (from passenger vehicles to commercial vehicles), to ensure improved fuel economy and reduced carbon emission. Through these initiatives, the government is planning to reduce about 3,100 million metric tons of CO2 emission and save about 6 billion barrels of oil by 2025.
Additionally, the EU has also set emission standards to regulate the CO2 emission levels of passenger cars and commercial vehicles. Transport emission has increased in recent years and now accounts for one-quarter of the EU's total GHG emission. The average carbon emission, based on laboratory tests, of a new car registered in the EU's in 2016 was 118.1 grams per kilometer (g/km), well below the 2015 target of 130g. As a result, the European Commission, European Parliament, and EU member states are preparing to extend the light-duty vehicles' CO2 regulation to 2025-2030. Consequently, to meet the aforementioned standards, the adoption of catalytic converters is increasing and is expected to witness the same trend during the forecast period.
Asia-Pacific and Europe to Dominate the Automotive Catalytic Converter Market
The modern car industry is governed by fuel economy and efficiency, which, in turn, is driven by European Union Legislation on the fuel economy and emission targets. The Kyoto Protocol required the world to pull its 1990-level emission back to 8%, by 2012, which led to the start of the Euro I vehicle emission standard of 1993. It covered mostly nitrous oxide and particulate emissions, which increased diesel-engine vehicle sales.
Later, the EU passed updated regulations, which hindered the market for naturally aspirated engines. The regulation demanded an average CO2 emission of 130 g/km for every car market for the 2012-2015 models. Presently, the EU is directing that CO2 emission, for each car company's fleet average, should be reduced to 95 g/km, by 2020. Individual countries, like the Netherlands, made more stringent emission standards, demanding 80g/km.
Asia-Pacific region is also expected to grow at a fast pace due to the sheer volume of cars being sold. China is expected to occupy a significantly high market share by the end of 2025 in the Asia-Pacific market. China is expected to overtake the United States as the world's largest market for passenger cars, creating a huge potential for the growth of the automotive catalytic converter market.
Improving economic conditions in the region, increasing disposable income and preference towards automatic transmission. Also, stringent emission norms and fuel-efficiency standards in the form of Bharat Stage VI will see lighter and more fuel-efficient vehicles to be developed, further driving the market.
The global Automotive Catalytic Converter Market is a consolidated market. Some of the major players dominating the market are Faurecia SA, Marelli S.P.A, Tenneco Inc, BASF, amongst others. The automotive catalytic converter market is driven by investments made by major manufacturers and research and development in the market.