Automotive Catalyst Market – Global Industry Insights and Forecast till 2024
Posted by rohan on November 4th, 2019
Automotive Catalyst Market Recent Developments:
The automotive catalyst is mostly used in the light-duty vehicles and heavy-duty vehicles of which the lead is taken in by the light-duty vehicles.
The leading candidate of the global automobile catalyst market, Umicore had reportedly achieved its target for 2020 in 2018. An upward slope has been reported in the coming two years to advance in the leading global markets.
To know more click on the link below:
The revenue of Global Automotive Catalyst Market size was around USD 12.37 billion, at the end of 2018. By the end of 2023, it is anticipated to grow at a CAGR of 5.18% to reach close to USD 15.92 Billion.
Report segmented as:
Palladium segment is calculated to have the most significant percentage of the global automotive catalyst market among all the segments. Another reason for the growth of the palladium segments of the automotive catalyst in the global market is the increase in the automotive industry sales fueled by the regulations over the emissions from these vehicles.
By Vehicle Type:
The global automotive catalyst market is segmented into Light-duty vehicles and Heavy-Duty vehicles based on the type of vehicle. The fastest growth in the automotive catalyst market is going to be witnessed by the light-duty. The primary reason for the increase in the production of the light-duty vehicles over the heavy-duty vehicles is due to the considerable hike in the fuel economy standards. Another reason for the rise in the demand for light-duty vehicles in the emerging middle-class economy.
The largest market size is that of Asia Pacific in the global Automotive Catalyst in the year 2018 and is also anticipated to be the fast-growing region with the highest CAGR, over other areas. The second lead in the global market for Automotive Catalyst is Europe followed by North America in 2018 and is estimated to maintain the same place in the market growth by 2023.
Due to the dominance of Asia Pacific attributed to its cheap labor and resource availability, the CAGR in the regions, North America and Europe are low. The GDP of the Middle East & Africa and Latin America are low, and hence they have a fewer chance for industry growth.
Key Market Players:
The focus of these companies is to expand into new markets to increase their customer base and strengthen its market position.
View a sample and decide:
The Scope of the Report:
The insights for gaining market share are addressed by the key market challenges, drivers and restraints. To analyze the factors responsible for the shaping of the industry as it is as a result of the competitive environment Porter’s Five Forces are used. For better understanding, the dynamics of the market, more extensive segmentation is done at a minimal level by dividing the market to smaller segments.
Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.
For more information:
Sales Manager at Market Data Forecast
Like it? Share it!
About the Authorrohan
Joined: September 20th, 2017
Articles Posted: 1,346
More by this author