Pune, India -- (SBWIRE) -- 11/15/2018 -- The Automotive Catalytic Converter Market was worth USD 111.08 Billion in 2017 and is projected to reach around USD 196.60 Billion by 2024. The Automotive Catalytic Converter Market is estimated to grow at a CAGR of 8.7% during the forecast period 2018-2024. The Asia-Pacific region accounted for the largest market share of approximate 61% in 2017 and is expected to remain dominant through the forecast period. The Asia-Pacific region is expected to grow at the highest CAGR of 10.4% during the forecast period.

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Increasing Demand for Fuel-Efficient Vehicles to Promote Growth in the Automotive Catalytic Converter Market

Growing environmental concerns and strict exhaust emission laws are the major factors driving the automotive catalytic converter market. Additionally, growing automotive industry is further facilitating growth in the automotive catalytic converter market. There is a significant growth in the sales of passenger vehicles in the Asia Pacific and Latin America region. Besides this, increasing inclination and stringent government regulations towards the adoption of electric vehicles to further facilitate growth in this market. Moreover, rising disposable income in many developing nations to fuel growth in the automotive catalytic converter market.

In addition, the introduction of electrical scooter and electric motorcycles are anticipated to boost the growth of the automotive catalytic converter market over the forecast period. On the other hand, increasing demand for fuel-efficient vehicles and increase in advancement in material technology are anticipated to provide several opportunities for the growth of the automotive exhaust systems in the upcoming years. On the other hand, the prominent players are anticipated to reduce the price tensions produced by regional players with the establishment of the strong footprint can led to increased profits. Moreover, with the adoption of new technologies the automotive catalytic converter market offers several benefits such as reduced carbon dioxide emissions and improved fuel consumption.

Fastest Growing Region to Contribute To Growth in the Global Automotive Catalytic Converter Market

Asia Pacific region emerged as the largest region for the automotive catalytic converter followed by Europe. Asia Pacific region houses 60% of the global population. Countries such as China, India, and Japan have highest number of passenger car sales. In addition, the sales of the motorcycle is the highest in the countries like India, China, Vietnam, and Indonesia. These automotive catalytic converter systems are utilized in these two-wheelers and 4-wheelers that makes Asia Pacific market the leading region for the automotive catalytic converter market. Besides this, Asia Pacific region has high number of local manufacturer that manufactures automotive catalytic converter. With rising economy and high disposable income countries and increasing awareness about the noise pollution and fuel consumption, the Asia Pacific region to remain dominant in this market, throughout the forecast period. On the other hand, growing environmental concerns and stringent exhaust noise laws are anticipated to maintain the dominance in the North American and European markets in the upcoming years. Moreover, automotive sales in this region is expected to witness modest growth in the coming years.

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Tenneco to Create Two Independent, Public Companies with Acquisition of Federal-Mogul

In April 2018- Tenneco one of the world's leading designers, manufacturers and distributors of Ride Performance and Clean Air products and technology solutions for diversified markets, announced that it has signed a definitive agreement to acquire Federal-Mogul, a leading global supplier to original equipment manufacturers and the aftermarket. Federal-Mogul is being acquired from Icahn Enterprises L.P. for a total consideration of $5.4 billion to be funded through cash, Tenneco equity, and assumption of debt.

Tenneco also announced its intention to separate the combined businesses into two independent, publicly traded companies through a tax-free spin-off to shareholders that will establish an aftermarket & ride Performance Company and a powertrain technology company.

Tenneco with an acquisition transformed the company by creating two strong leading global companies, each in an excellent position to capture opportunities unique to their respective markets. Federal-Mogul brings strong brands, products, and capabilities that are complementary to Tenneco's portfolio and in line with our successful growth strategies. Unleashing two new product focused companies with even stronger portfolios will allow them to move faster in executing on their specific growth priorities.