Major automotive companies of the world are now expanding quickly in the regions such as Asia Pacific (especially China, Japan, Thailand, India, and Malaysia), and Latin America (Brazil). These giant companies perceive a huge potential in automotive Selective Catalytic Reduction and other automotive components in these countries and are investing into earning the benefits, until the market matures. Also, new entrants in emerging economies are investing in infrastructure development, large scale, and long term projects with the major automotive companies. The emerging economies such as China, Brazil, India, and Japan are boosting the SCR and other components market. The growth of the countries, eventually helps increase the purchasing power of the customers, which in turn boosting the growth of the industries.
High cost associated with the selective catalytic reduction, is expected to act as a major restraint for the market.
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The global selective catalytic reduction market has been segmented on the basis of application, as diesel powered vehicles and gasoline powered vehicles. On the basis of vehicle type, the market has been segmented as passenger vehicle, and commercial vehicle. On the basis of region the market has been segmented as North America, Europe, Asia Pacific, Middle East & Africa and South America.
Taste the market data and market information presented through more than 40 market data tables and figures spread over 80 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Global Selective Catalytic Reduction Market Research Report - Forecast to 2023”.
Global Selective Catalytic Reduction Market:
In automotive market, consumer preferences, are continuously changing. Across the world, the demand for high performance, high efficiency, increased safety, and security, are improving different automotive applications. At the same time, when it comes to the actual purchase of a vehicle, consumers prefer a model having all of the above mentioned parameters, but preferably at a lower cost (price). Due to changing consumer needs across global markets, rapid technological advancements are taking place in automotive Selective Catalytic Reduction industry to introduce differentiate products. While considering the above improvements, product pricing (low cost) is given a prominent weightage, during initial development phase. This is a big challenge for the manufacturers as a lot of research and development (R&D) activities go into the new product development phase, which requires huge investments.
The key players of global Selective Catalytic Reduction market are Harman International Industries, Inc., Faurecia SA (France), Tenneco, Inc. (U.S.), Eberspacher Group (Germany), Benteler International AG (Germany), Magneti Marelli S.p.A. (Italy), Amminex Emissions Technology (Denmark), Toyota Motor Corporation (Japan), and SDC Materials (U.S.).
Market Research Analysis:
A major restraint for the automotive Selective Catalytic Reduction, is the government regulations over its certification. The automotive selective catalytic reduction needs to clear all the certification processes led by the government and the transportation department. However, several manufacturers face various difficulties in getting NOCs from these departments. Moreover, the manufacturers need to obtain these certificates to sell or export their products to other places such as US’s DOT, China’s CCC, Brazil’s INMETRO, Japan’s JAS, India’s RTO. Therefore, owing to these factors, the market has faced various challenges that could obstruct the market growth.
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