Automotive Selective Catalytic Reduction (SCR) System Market to Reach US$ 4.7 Billion in 2023
The global automotive SCR system market is projected to grow at an impressive rate over the next five years to reach US$ 4.7 billion in 2023. Incessant increase in the penetration of SCR system in diesel vehicles owing to the stringent regulations regarding the carbon emission reductions and fuel efficiency enhancements is the prime growth driver of the market. Further, the growing penetration of diesel engines in commercial vehicles (LCV and M&HCV) coupled with an increased usage of SCR system to deliver a greater fuel efficiency is acting as a catalyst to the burgeoning demand for SCR system in the automotive industry.
The development of innovative SCR system is an indispensable focus area of the suppliers based on the requirements of auto OEMs. The market for SCR system is marked by major global automotive tier players including Faurecia, Plastic Omnium., and Tenneco Also, it is expected that the excellent growth of SCR system may entice other players to enter the market to tap the growth potential.