Automotive Catalytic Converter Market Size

Statistics for the 2023 & 2024 Automotive Catalytic Converter market size, created by Mordor Intelligence™ Industry Reports. Automotive Catalytic Converter size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Automotive Catalytic Converter Industry

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Automotive Catalytic Converter Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR > 7.00 %
Fastest Growing Market Asia Pacific
Largest Market Europe
Market Concentration High

Major Players

Automotive Catalytic Converter Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Catalytic Converters Market Analysis

The Automotive Catalytic Converter Market was valued at USD 13.24 billion in 2021 and is expected to reach USD 20.06 billion by 2027, registering a CAGR of above 7% during the forecast period (2022 - 2027).

The COVID-19 pandemic had a huge impact on the market, owing to the decrease in the number of new passenger and commercial vehicles sold across the world. With different restrictions implemented, even the aftermarket sales of the catalytic converter did not account for good business in 2020. However, with the projected increase in preference for individual mobility, the market expects to grow back to normal economic conditions post-pandemic.

Some of the major factors driving the growth of the market are the enactment of stringent emission norms and the growing automotive industry in Asia-Pacific, especially in countries, such as India, China, Thailand, and Japan. However, the growing penetration of electric vehicles is expected to hinder the growth of the market.

Europe is expected to account for a major share of the global automotive catalytic converter market, followed by Asia-Pacific. Factors responsible for the rapid market growth are stringent emission regulations, such as Euro V and Euro VI, the rising presence of key manufacturers in the region, etc. With the growing vehicle production, vehicle emissions have also increased significantly.

Considering this, few countries such as China, Japan, and India have implemented vehicle emission norms. For instance, China and India are currently running on China IV and BS IV. However, they are planning to implement China VI and BS VI by 2020, which is equivalent to Euro VI.

Catalytic Converter Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)