July 18, 2022 12:30 ET | Source: FACT.MR FACT.MR
United States, Rockville MD, July 18, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, global demand for automotive catalytic converter devices is expected to rise at a high-value CAGR of 7.8% from 2022 to 2032.
Automotive catalytic converter market is expected to witness notable growth in the near future, owing to the characteristic features of the catalytic converter such as enhanced energy efficiency, operational efficiency, and safety measures.
Moreover, growth in vehicle production & sales worldwide and rise in stringent emission norms for vehicles by government are expected to supplement the global market growth in the near future. However, certain factors such as high R&D cost and increase in demand for electric & hybrid vehicles restrain the market development.
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New companies manufacturing automotive catalytic converter systems are implementing inventory tracking methods by forming partnerships through backward incorporation with raw material suppliers to address the volatile costs of raw materials.
Implementation of nanotechnology has significantly declined the use of large particles of cost-intensive noble metals. As such, many new market entrants have introduced modifications in nanoparticles to achieve reduced gas emissions.
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Automotive Catalytic Converter Market Potential Benefits For Stakeholders:
The main growth tactics of automotive catalytic converter device manufacturers include product launches, alliances and cooperation, company growth, acquisitions, and R&D. One of the main techniques used by major industry players is product launch. It aids businesses in extending their market reach and continuously offering customers cutting-edge items.
Automotive catalytic converter device providers are using cutting-edge distribution techniques by providing online catalogues rather than delivering directly to automakers.
Key Segments Covered in Automotive Catalytic Converter Devices Industry Research
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