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The commercial vehicle urea tank market share is expected to increase by 1.71 billion units from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 3.24%.
This commercial vehicle urea tank market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers commercial vehicle urea tank market segmentations by application (LCV urea tank and HCV urea tank) and geography (North America, Europe, APAC, South America, and MEA). The commercial vehicle urea tank market report also offers information on several market vendors, including ACGB France, Centro Inc., Cummins Inc., Dongguan Zhengyang Electronic Mechanical Ltd., Elkamet Kunststofftechnik GmbH, Gemini Group Inc., Hitachi Zosen Corp., Myers Industries Inc., Rochling SE and Co. KG, and Salzburger Aluminium AG among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increased penetration of scr in commercial vehicles is notably driving the commercial vehicle urea tank market growth, although factors such as increased prices of high-density polyethylene, resulting in increased production costs of urea tanks may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the commercial vehicle urea tank industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Commercial Vehicle Urea Tank Market Driver
Increased penetration of SCR in commercial vehicles is one of the key factors driving the growth of the global commercial vehicle urea tank market. The rising penetration of SCR systems in commercial vehicles is expected to drive the commercial vehicle urea tank market during the forecast period. Increasing air pollution is causing governing bodies to upgrade emission norms at intervals of less than a year. This has induced commercial vehicle manufacturers to equip their vehicles with the latest and most advanced emission control systems like SCR with urea tanks for ensuring continuity of business even after the upgraded emission norms are implemented. Apart from being compliant with emission norms, the SCR system also increases the fuel efficiency of the vehicles by up to 5%. SCR allows vehicle manufacturers to optimize combustion happening within the cylinder to increase engine output without increasing fuel consumption. This system produced higher levels of NOx, which were nullified by the urea catalyst of SCR, thereby resulting in increased engine output at reduced amounts of fuel. Buyers prefer SCR-equipped vehicles due to their inherent fuel economy benefits over vehicles equipped with advanced cooled-EGR systems.
Key Commercial Vehicle Urea Tank Market Trend
Vendors developing single module after-treatment systems including urea tanks for commercial vehicles will fuel the global commercial vehicle urea tank market growth. Emission norms regarding commercial vehicles require an array of emission control devices to be fitted to the vehicle. OEMs are developing combined systems for after-treatment, which will allow vehicle manufacturers to make a one-time purchase of an entire range of emission control devices instead of having to source different components from individual suppliers. Moreover, the effectiveness of the individual emission systems like the EGR, SCR, particulate filters, and urea tanks would be increased if they are manufactured by a single OEM. A single after-treatment module would also allow vehicle manufacturers to source the components at better prices. Moreover, the Cummins EcoFit single module is currently designed for midrange and heavy-duty commercial vehicle engines. The system is about 40% lighter and has approximately 20% lesser backpressure. The Cummins EcoFit is about 60% smaller than current systems having diesel particulate filter and SCR.
Key Commercial Vehicle Urea Tank Market Challenge
Increased prices of high-density polyethylene, resulting in increased production costs are a major challenge for the global commercial vehicle urea tank market growth. The majority of commercial vehicle urea tanks are made of high-density polyethylene to decrease the weight of the tank. Heavier materials like stainless steel have also been used for making commercial vehicle urea tanks. However, these materials increase the weight of the urea tank and reduce the actual load-carrying capacity of the vehicle while further decreasing fuel efficiency. The increase in the prices of high-density polyethylene used for making automotive components like commercial vehicle urea tanks would increase the cost of production of commercial vehicle urea tanks. The rising demand for high-density polyethylene, especially in APAC, has caused the prices of the material to increase by about $10/unit in 2016. The cost of a unit yarn of high-density polyethylene and injection molding prices of the material increased by about $10/unit in 2016. The prices are likely to decline due to declining rates of crude oil and lowering rates of naphtha by 2018.
This commercial vehicle urea tank market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global commercial vehicle urea tank market as a part of the global auto parts and equipment market within the global auto components market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the commercial vehicle urea tank market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the commercial vehicle urea tank market encompasses successful business strategies deployed by the key vendors. The commercial vehicle urea tank market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The commercial vehicle urea tank market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the commercial vehicle urea tank market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global auto components market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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61% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for commercial vehicle urea tank market in APAC. Market growth in this region will be slower than the growth of the market in regions.
Increased penetration of SCR in commercial vehicles will facilitate the commercial vehicle urea tank market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of the COVID-19 pandemic in 2020 has impacted the prominent manufacturers of LCVs and HCVs in the region adversely, which, in turn, directly impacted the market for commercial vehicle urea tanks in a similar manner. By the end of the first quarter of 2020 (January to March), emerging economies in APAC, such as India and Indonesia, started witnessing a steady increase in the number of COVID-19 cases. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Such factors are expected to drive the market during the forecast period.
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The commercial vehicle urea tank market share growth by the LCV segment will be significant during the forecast period. The penetration of the commercial vehicle urea tank market in LCVs mainly depends on diesel engine LCVs as regulations regarding NOx for gasoline LCVs do not require the addition of SCR for emission control. However, the increasing strictness has resulted in vehicle manufacturers installing SCR in gasoline LCVs.
This report provides an accurate prediction of the contribution of all the segments to the growth of the commercial vehicle urea tank market size and actionable market insights on post COVID-19 impact on each segment.
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Commercial Vehicle Urea Tank Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.24% |
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Market growth 2021-2025 |
1.71 bn units |
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Market structure |
Concentrated |
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YoY growth (%) |
2.80 |
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Regional analysis |
North America, Europe, APAC, South America, and MEA |
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Performing market contribution |
APAC at 61% |
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Key consumer countries |
China, US, Japan, Germany, and India |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
ACGB France, Centro Inc., Cummins Inc., Dongguan Zhengyang Electronic Mechanical Ltd., Elkamet Kunststofftechnik GmbH, Gemini Group Inc., Hitachi Zosen Corp., Myers Industries Inc., Rochling SE and Co. KG, and Salzburger Aluminium AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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