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It is observed that the installation price of catalytic converter into automobiles is high. However, as per the Environmental Protection Agency, incorporation of catalytic converter in vehicles can curb health prices to a greater extent, which adds value to the product. As people are inclining towards a healthy lifestyle and are making smart approach towards the same, the sales number of catalytic converters is surging.
Regional Analysis
The Catalytic Converter Market Size is studied across Asia Pacific, Europe, North America, and the Rest of the World (RoW). Latin America and the Middle East Asia are regions that are included in the RoW study. Europe is expected to show remarkable growth across the forecast span. Extensive research for making developments in catalytic converters that are more effective is a factor that is expected to spur the regional market. Alongside, the introduction of strict emission norms, such as Euro-VI can also contribute to the expansion of the regional Catalytic Converter Market Size growth. The increase in the adoption of catalytic converter by automakers in the Asia Pacific region due to growing concern of people towards environmental safeguarding is expected to boost the expansion of the market in the region.
Segmental Study
The global market of catalytic converter is studied in segments, which are; product, material, and application. By product, the market is segmented into two-way catalytic converter, diesel oxidation catalyst, three-way catalytic converter, and others. The extensive use of diesel oxidation catalyst converters is escalating their sales number. This is expected to accelerate the growth of the market. By material, the market is platinum, rhodium, palladium, and others. The large-scale application of palladium is expected to gain high traction for the Catalytic Converter Market Size in the assessment period. By application, the market is segmented into entry-level segment, mid-size segment, and full-size segment. The increase in adoption of catalytic converter manufactures by automakers and the rise in inclination of people towards advanced vehicles are expected to fuel the growth of the market in the review period. COVID-19 Impact
Key Players
Sango Co., Ltd (Japan), Futaba Industrial Co., Ltd. (Japan), Bosal International N.V. (Belgium), Magneti Marelli S.p.A (Italy), and others. The intensifying competition among strong contenders of the market to retain their position is expected to benefit the market.
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