Automotive Selective Catalytic Reduction Market revenue to reach USD 15 Billion by 2033, says Research Nester

Key automotive selective catalytic reduction (SCR) market players include Cummins Inc., Robert Bosch GmbH, Compagnie Plastic Omnium SE, Faurecia, Friedrich Boysen GmbH & Co. KG, Eberspächer Gruppe GmbH & Co. KG, Textron Inc., Röchling SE & Co. KG, Tenneco Inc., and Marelli Holdings Co., Ltd.


New York, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The global automotive selective catalytic reduction (SCR) market size is slated to expand at ~10% CAGR between 2023 and 2033. The market is poised to garner a revenue of USD 15 billion by the end of 2033, up from a revenue of ~USD 9 billion in the year 2022.backed by the increasing demand for diesel engines and the widespread use of these engines for commercial vehicles in developing countries. Diesel engines are more fuel efficient than gasoline engines, which is why they are becoming increasingly popular in both heavy-duty and light-duty vehicles. The use of selective catalytic reduction (SCR) in diesel engines helps to further reduce emissions and has been shown to increase fuel efficiency, which has further increased their popularity and is expected to continue driving demand for SCR. Moreover, with the rapid growth of the automotive industry and increasing vehicle production, SCR has become more popular, contributing to automotive selective catalytic reduction (SCR) market growth.

Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4654

According to projections, motor vehicle production in 2021 increased by 1.2% over 2020, to 78 million vehicles. Furthermore, according to SIAM, 22,933,230 automobiles were produced in FY 2021–22, including passenger cars, commercial vehicles, two-wheelers, and three-wheelers. SCR (selective catalytic reduction) is a proven technology that is used to reduce emissions of nitrogen oxide (NOx) from automobile exhaust. With the growing number of cars on the road, this technology has become a necessity to reduce the environmental impact of automobiles.


Automotive Selective Catalytic Reduction (SCR) Market: Key Takeaways

  • Market Asia Pacific to be the fastest-growing region
  • Copper Zeolite segment is expected to grow at the fastest pace
  • Market Europe is projected to be the most rapidly expanding region

Rising Emission Control Regulations Implemented by the Government to Boost Market Growth

The government has implemented strict regulations for pollutants emitted into the air, reducing air pollution's impact on the environment and human health. By having these regulations in place, governments are ensuring that emissions from vehicles are as low as possible, reducing the number of pollutants in the air. For instance, Euro 6 is the latest emission regulation set by the European Union Directive for reducing harmful gases such as nitrogen oxide (NOx), carbon monoxide (CO), and hydrocarbons from vehicle exhaust systems. Similarly, the SCR catalyst is also an emission control device specially designed for vehicles that can convert toxic and harmful gases from the engine into less toxic pollutants as a means of meeting the government’s emission standards. It works by oxidizing the carbon monoxide and hydrocarbons found in a vehicle’s exhaust gases and converting them into carbon dioxide and water vapor. This process helps reduce the amount of pollution released into the atmosphere. Therefore, stringent government regulations governing emission control encourage the development of automotive selective catalytic reduction technology, which is expected to fuel market growth over the forecast period.

Automotive Selective Catalytic Reduction (SCR) Market: Regional Overview

The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region. 

Existence of a Wide Automobile Network to Drive Growth in the Asia Pacific Region

The automotive selective catalytic reduction (SCR) market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033, backed by the presence of a strong vehicle network in the region, and the growing number of manufacturing units. It was observed that the Indian automobile industry contributed almost 6.3% to the GDP of the country and 36% to the manufacturing GDP in the financial year 2022 and produced around 19 million vehicles. Also, the number of automobiles owned by Chinese people has grown by over 20 million annually, reaching 315 million by the end of November 2022. Additionally, the rise in consumer demand for more efficient and eco-friendly vehicles is driving manufacturers to invest in SCR technology. The region's robust vehicle network and manufacturing capabilities provide a favorable environment for the growth of the SCR market. Furthermore, increased public awareness of vehicle emissions, along with rapid economic development in Asia, especially in India, China, and Vietnam, as well as stringent laws governing vehicular emissions, is projected to drive regional market growth over the forecast period. For instance, a new regulation called China 6 is being introduced as part of the government's effort to reduce emissions from new cars and, at the same time, improve the fuel efficiency of these vehicles.

Make an Inquiry Before Buying this Report @ https://www.researchnester.com/inquiries-before-buying-4654

SCR System Technological Advancement to Drive Growth in Europe

The automotive selective catalytic reduction (SCR) market in Europe is estimated to garner the highest CAGR by the end of 2033, owing to the increasing strictness and improved regulations governing emissions, as well as recent advancements in SCR technology. The latest advancements in SCR technology include the use of advanced sensors and control systems to reduce emissions more efficiently and effectively. These systems use algorithms to monitor the exhaust gases and adjust the amount of SCR catalyst used to ensure that the emission levels remain within the legal limits. Furthermore, the growing utilization of light commercial vehicles in the region owing to the increasing demand for last-mile delivery services has created a need for efficient transportation solutions in the region. This has been further accelerated by the growth of e-commerce, which has increased the demand for fast and efficient delivery services. For instance, a total of 1,880,500 commercial vehicles have been registered in the European Union so far in 2021, representing an increase of 10% from the previous year.

Automotive Selective Catalytic Reduction (SCR), Segmentation by Type

  • Copper Zeolite
  • Iron Zeolite
  • Others

The copper zeolite segment in automotive selective catalytic reduction (SCR) market is anticipated to hold the largest revenue by the end of 2033, backed by its exceptional ability to perform at extremely high temperatures. It has been found that copper zeolites have high thermal stability and are capable of operating at extreme temperatures ranging from 180 degrees to nearly 600 degrees Celsius. Copper-zeolite SCR technology is used to reduce the emission of nitrogen oxides from automobiles. The technology works by using a copper zeolite catalyst to convert the nitrogen oxides in the exhaust gases into harmless nitrogen and water vapor. Additionally, copper zeolite is also corrosion resistant, which makes it ideal for use in the automotive sector as it is exposed to harsh temperatures and environments. This makes copper zeolite a more reliable and cost-effective option compared to other materials, which is expected to augment segment growth over the forecast period.
Request for Customization of this Report @ https://www.researchnester.com/customized-reports-4654

Automotive Selective Catalytic Reduction (SCR), Segmentation by Vehicle Type

  • Light Commercial Vehicle
  • Heavy Commercial Vehicle
  • Passenger Car

The passenger car segment in automotive selective catalytic reduction (SCR) market is anticipated to hold the largest share of revenue by the end of 2033. There has been a significant increase in the number of passenger cars in the world, coupled with an expansion in their production throughout the world. It was observed that, from a production base of almost 56 million passenger cars in 2020 to more than 58 million in 2021, world passenger car production has increased significantly. Also, nearly 236,000 passenger cars were sold in India in December 2022, an increase of 7% over the same period in the previous year. SCR is a type of emission control system that uses a urea-based solution to reduce emissions of nitrogen oxides from the exhaust of diesel engines. It is used in passenger cars to reduce air pollution and meet emissions standards. Moreover, with the rise of disposable income in the population, people are more likely to choose passenger cars over other forms of transportation, as they offer more comfort and convenience. Additionally, with more people moving to urban areas, there is a greater demand for vehicles that can get around urban areas more quickly and efficiently.

Automotive Selective Catalytic Reduction (SCR), Segmentation by Component

  • Urea Pump
  • Urea Tank
  • Engine Control Unit
  • Injector

Few of the well-known industry leaders in the automotive selective catalytic reduction (SCR) market that are profiled by Research Nester are Cummins Inc., Robert Bosch GmbH, Compagnie Plastic Omnium SE, Faurecia, Friedrich Boysen GmbH & Co. KG, Eberspächer Gruppe GmbH & Co. KG, Textron Inc., Röchling SE & Co. KG, Tenneco Inc., Marelli Holdings Co., Ltd., and other key market players.

Recent Development in the Automotive Selective Catalytic Reduction (SCR) Market

  • The Cummins Inc. signed a contract with IndianOil to bulk dispense its Diesel Exhaust Fluid (DEF), branded as IOC ClearBlue, into their advanced engines equipped with SCR (Selective Catalytic Reduction) systems. This contract is part of Cummins Inc.'s strategy to provide customers with a reliable source of DEF, which is a key component of their SCR systems.
  • Robert Bosch GmbH has announced the introduction of a wide range of sensors, which includes exhaust-gas temperature sensors as well as nitrogen-oxide sensors. It is highly efficient for measuring nitrogen oxides downstream of SCR catalytic converters with these sensors.

About Research Nester

Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.

 

Coordonnées