May 12, 2020 3:01 PM ET
iCrowd Newswire – May 12, 2020
The Global Automotive Selective Catalytic Reduction (SCR) Market is estimated to grow at a CAGR of 12% during the forecast period 2019-2026. As per the analysis, the global market was valued at $6.05 billion and is estimated to reach $15.05 billion by the end of the year 2026.
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Automotive SCR system is a type of emission control technology in advanced form which is used in diesel engines. This system focuses on to control nitrogen oxide (NOx) emission and helps to reduce diesel engine emissions owing to cost-efficient and fuel-efficient technological trait of the system. Furthermore, companies involved in manufacturing the advanced systems are focusing on after treatment technologies such as SCR, Diesel Particulate Filter (DPF) and Exhaust Gas Recirculation (EGR) to prevent the particulate and emission matter from diesel engines.
As per the market study, the Global Automotive Selective Catalytic Reduction (SCR) Market was driven by various growth factors growth in number of automobile production and implementation of regulations by government related to emission control. Whereas, high cost of catalysts and rising production of electric vehicles are some major hindering factors of the market growth.
Segmentation Overview of the Global Automotive Selective Catalytic Reduction (SCR) Market
The Global Automotive Selective Catalytic Reduction (SCR) Market is segmented into various groups that include Component, Vehicle Type and Fuel Type. These major market segments are further categorized into various sub-segments to study the market in detail.
The Component Segment of the Global Automotive Selective Catalytic Reduction (SCR) Market is Sub-Segmented into:
- Urea Tank
- Urea Pump
The Vehicle Type Segment of the Global Automotive Selective Catalytic Reduction (SCR) Market is Sub-Segmented into:
- Passenger Vehicle
- Commercial Vehicle
The Fuel Type Segment of the Global Automotive Selective Catalytic Reduction (SCR) Market is Sub-Segmented into:
Geographical Overview of the Global Automotive Selective Catalytic Reduction (SCR) Market
On the basis of geographical segmentation, the global automotive selective catalytic reduction (SCR) market was studied across North America (U.S., Canada and Mexico); Europe (Germany, UK, Russia, France and Rest of Europe); Asia Pacific (China, India, Japan, Korea and Rest of Asia Pacific); LAMEA (Brazil, Saudi Arabia and Rest of LAMEA). As per the analysis, the Asia Pacific accounted as the highest revenue contributor with a CAGR of 15.1% during the forecast period. The regional growth is attributed to strict government rules & regulations related to emission control, development of infrastructural segment in some regions that include India, China, Japan and others. Also, growth in demand of vehicles coupled with continuous technological advancements drive the growth of the regional market and in turn boost the demand of automotive selective catalytic reduction systems.
Key Players Insights
Tenneco Inc., Rochling Group, Robert Bosch GmbH, Plastic Omnium SA, Magneti Marelli SPA, Kautex Textron GmbH & Co., Johnson Matthey, Friedrich Boysen GmbH & Co., Faurecia and Bosal are some major players included in the research report of the global automotive selective catalytic reduction (SCR) market. Key companies related to emission reduction technology market are highly investing in development and advancement of catalyst.
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Keywords: Automotive Selective Catalytic Reduction (SCR) Market, Automotive Selective Catalytic Reduction Market