Catalytic Converter Market Regional Analysis:
Asia Pacific region is anticipated to hold over 51% market share by 2035, due to the presence of a strong mobility network and growing vehicle production. Asia Pacific is known to dominate the global automotive industry with China accounting for approximately 30% of global vehicle production. According to the International Trade Administration, it is projected that China will produce around 32 million vehicles by 2025 while in 2020 around 20 million passenger vehicles were sold out in China. The production of vehicles in China and India also increased since the tariff barriers on vehicles, imported from the USA were very high. Furthermore, rising awareness amongst the populace and governments for increasing air pollution incidences and costs to gross domestic product (GDP) is expected to boost market’s growth in the region. For instance, according to the ‘Health and Economic Impact of Air Pollution in India’, around 18% of all deaths in 2020 could be attributed to air pollution, resulting in a loss of over 1% of gross domestic product (GDP).
