In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSCummins Inc. - signed an agreement with IndianOil for bulk dispensing of IndianOil's Diesel Exhaust Fluid (DEF), branded as IOC ClearBlue, in their advanced engines with SCR (Selective Catalytic Reduction) systems.
Robert Bosch GmbH’s - sensor range is complemented with exhaust-gas temperature sensors and nitrogen-oxide sensors. These sensors measure the amount of nitrogen oxide (NOx) downstream of the SCR catalytic converter.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~10% |
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Base Year Market Size (2022) |
~ USD 9 Billion |
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Forecast Year Market Size (2033) |
~ USD 15 Billion |
The global automotive SCR market is estimated to garner a revenue of ~USD 15 billion by the end of 2033 by growing at a CAGR of ~10% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 9 billion in the year 2022. The growth of the market can primarily be attributed to the increasing number of vehicles as well as the growing emission of nitrogen oxide (NOx) worldwide. For instance, the emission of nitrogen oxide (NOx) in the United States was found to be about 7.5 million tons in 2021.
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The automotive SCR system involves several components packaged together with other parts of the emissions control system. It is an advanced active emissions control technology system that reduces tailpipe emissions of nitrogen oxides (NOx) down to near-zero levels in newer-generation diesel-powered vehicles and equipment. With the increasing demand for vehicles as well as diesel cars, the demand for SCR is on the rise amongst car manufacturers, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global automotive SCR market during the forecast period. For instance, it was found that in 2020, around 30% of newly registered passenger cars in European Union were diesel-powered.
Growing Cost of Congestion – the design of SCR technology is such that it allows NOx reduction reactions to take place in an oxidizing atmosphere. As it reduces the levels of NOx using ammonia as a reductant within a catalyst system, it is called selective. It is expected that to reduce the cost of congestion, the demand for automotive SCR will boost in the forecasted period. It was found that road traffic congestion costs over 1.1 % of the European Union’s GDP.
Rising Penetration of Heavy-Duty Vehicles – it was found that heavy-duty vehicles that run on diesel are responsible for more than 25% of global warming emissions.
Growing Concern About Air Pollution – for instance, it was found that global life expectancy is reduced by an average of ~1.8 years per person owing to fossil fuel-induced air pollution.
Increasing Carbon Dioxide (CO2) Emission from Passenger Vehicle – as it was found that, an average passenger vehicle emits ~400 grams of Carbon Dioxide (CO2) per mile.
Increasing Urban Traffic – which was responsible for about 25% of urban ambient air pollution from fine particulate matter (PM2.5) in 2019.
The global automotive SCR market is segmented and analyzed for demand and supply by application into passenger cars, and commercial vehicles. Amongst these segments, the commercial vehicles segment is anticipated to garner the largest revenue by the end of 2033, backed by the growing number of vehicles along with the surge in the production of vehicles worldwide. For instance, commercial vehicle production worldwide grew to nearly 23 million units in 2021.
Regionally, the global automotive SCR market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, backed by the presence of a strong vehicle network in the region, a growing number of manufacturing units, as well as the rising penetration of vehicles along with a surge in the awareness of vehicle emission amongst the populace. For instance, China is known to have the largest fleet of motor vehicles in the world as of 2022, with 305 million motor vehicles, exclusive of two-wheelers.
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The global automotive SCR market is further classified on the basis of region as follows:
Our in-depth analysis of the global automotive SCR market includes the following segments:
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By Type |
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By Application |
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FREQUENTLY ASKED QUESTIONS
Rising emissions of NOx, CO2, PM2.5, as well as rising concern about air pollution along with high cost of congestion are some of the major factors anticipated to drive the growth of the market.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2023 – 2033
Stringent product performance norms as well as strict government emission & exhaust system policies are some of the factors estimated to hamper the market growth.
The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
The major players in the market are Cummins Inc., Compagnie Plastic Omnium SE, Group Forvia, Friedrich Boysen GmbH & Co., KG, Eberspächer Gruppe GmbH & Co. KG, and others
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The commercial vehicles segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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