London, 22 June 2015 – Due to stringent emission standards, the global automotive catalytic converter market is expected to grow at a CAGR of nearly 7% from 2015-2019, says research firm Technavio.
The growing adoption of automotive catalytic converters is driven by rising environmental and health concerns, as these converters reduce and control gas emission levels such as CO, CO2, unburned hydrocarbons, and NOx.
“The US Environmental Protection Agency and National Highway Traffic Safety Administration are taking initiatives to support the production of eco-friendly vehicles, as to ensure improved fuel efficiency and reduced carbon emission levels,” says Faisal Ghaus, Vice President of Technavio.
The new report also draws attention to the advanced four-way catalytic converter. With the growing adoption of stringent emission and fuel efficiency standards, automotive catalytic converter manufacturers are designing and developing improved, innovative converters.
“The industry is shifting its focus toward four-way catalytic converters to reduce CO2 emissions. Consequently, with advances in engine technology and emission standards, demand for three-way catalysts (TWC) will decrease while demand for new four-way catalytic converters will rise, thereby boosting market growth,” says Ghaus.
https://www.technavio.com/%3Cp%3E%3Ca%20href%3D%22http%3A//www.technavio….
