Implementation of emission control regulations by several government bodies across the globe and increase in automobile production drive the growth of the global automotive selective catalytic reduction (SCR) market.
PORTLAND, Ore., June 10, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Selective Catalytic Reduction (SCR) Market by Component (Urea Tank, Urea Pump, Engine Control Unit (ECU), and Injector), Vehicle Type (Passenger Vehicle and Commercial Vehicle), and Fuel Type (Gasoline and Diesel): Global Opportunity Analysis and Industry Forecast, 2019–2026."According to the report, the global automotive selective catalytic reduction (SCR) industry was estimated at $6.05 billion in 2018, and is anticipated to hit $15.05 billion by 2026, registering a CAGR of 12.0% from 2019 to 2026.
Implementation of emission control regulations by government and rise in automobile production fuel the growth of the global automotive selective catalytic reduction (SCR) market. On the other hand, increase in production of electric vehicles and high cost of catalysts restrain the growth to some extent. However, innovations in emission control catalysts and several government initiatives for emission reduction in developing nations are expected to create lucrative opportunities in the industry.
COVID -19 scenario-
With disruption in Chinese parts exports, large scale manufacturing interruptions across Europe, and the closure of assembly plants in the United States, the global automotive SCR market is likely to experience a downfall during the period.
However, most companies have taken a comprehensive approach and developed a range of scenarios as well as strong contingency plans to navigate through this turbulent time.
Based on fuel type, the diesel segment accounted for 99% of the global automotive selective catalytic reduction (SCR) market share in 2018, and is expected to rule the roost by the end of 2026. This is due to the widespread usage of diesel as a fuel in commercial vehicles. The gasoline segment, on the other hand, would grow at the fastest CAGR of 28.3% throughout the forecast period.
The passenger cars segment to maintain the dominant share-
Based on vehicle type, the passenger cars segment contributed to more than two-thirds of the global automotive selective catalytic reduction (SCR) market revenue in 2018, and is anticipated to retain its top share till 2026, owing to availability of modern and advanced passenger cars in the developing economies. Simultaneously, the commercial vehicles segment would register the fastest CAGR of 12.7% from 2019 to 2026. This is attributed to rise in demand for better and efficient commercial vehicles across the globe.
Asia-Pacific to dominate the market, North America to grow significantly-
Based on geography, Asia-Pacific held the highest share in 2018, generating more than half of the global automotive selective catalytic reduction (SCR) market. The same region is also projected to portray the fastest CAGR of 15.1% by 2026. This is due to increased sale of passenger and commercial vehicles across the province. On the other hand, North America is anticipated to manifest the CAGR of 7.4% from 2019 to 2026.
Gasoline Direct Injection (GDI) System Market 2020-2030: The gasoline direct injection (GDI) system market is expected to witness high growth during the forecast period owing to advantages such as engine downsizing, improved engine performance & thermal efficiency, high fuel efficiency, turbocharging, and significant reduction in emission.
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