Enjoy complimentary customisation on priority with our Enterprise License!
The commercial vehicle urea tank market size is estimated to grow at a CAGR of 4.88% between 2023 and 2028. The market size is forecast to increase by USD 129.57 million. The growth of the market depends on several factors such as the increasing penetration of SCR in commercial vehicles, the raising penetration of diesel engines in commercial vehicles, and The rising adoption of stringent emission norms in emerging countries
This commercial vehicle urea tank market report extensively covers market segmentation by application (LCVand HCV), distribution channel (OEM and aftermarket), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.
To learn more about this report, View Report Sample
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Raising the penetration of diesel engines in commercial vehicles is the key factor driving the market growth. Commercial vehicle urea tanks are primarily used as part of the SCR system on diesel commercial vehicles. Diesel engines are capable of generating large amounts of low-end torque at low rotations per minute (RPMs). Rising fuel prices and increasing preference for fuel-efficient vehicles are driving the demand for diesel LCVs. Diesel engine LCVs are preferred in APAC and the European Union due to better load-carrying performance and fuel economy.
Moreover, the increasing preference for diesel engine-based commercial vehicles will positively increase the scope of the commercial vehicle urea tank market as the rising stringency of emission norms will induce the demand for SCR systems and associated urea tanks. Rising sales of diesel engine commercial vehicles are expected to drive the market in focus during the forecast period.
The usage of alternate techniques for treating vehicular emissions is a significant trend shaping market growth. Automobile manufacturers are conducting R&D to find methods to reduce or even eliminate the levels of harmful gases such as hydrocarbons and NOx after combustion in their vehicles. Techniques such as EGR and SCR to treat and minimize NOx and hydrocarbon formation in exhaust and particulate filters
Moreover, minimizing the outflow of particulate matter through the exhaust has been extensively used by vehicle manufacturers for meeting emission standards EGR and SCR techniques are used. EGR, SCR systems, and particulate filters are known to reduce the performance of vehicles by regulating the air-fuel mixture. Vehicle manufacturers are researching newer methods of controlling emissions apart from using conventional emission control technologies.
Reduced availability of low-sulfur fuel in emerging countries is a challenge that affects market growth.
Commercial vehicle urea tanks are a part of the SCR system used in commercial vehicles for limiting the formation of NOx. SCR systems are used in commercial vehicles to maintain compliance with emission norms pertaining to limiting NOx levels. However, SCR systems can only be effective in limiting the emission of NOx if the vehicle uses low-sulfur fuels.
Furthermore, Euro V and Euro VI emission norms specify that these norms can be followed only if the country uses low-sulfur fuels having sulfur of about 50ppm or below. This will require extensive changes in the oil refining industry of a particular country for refining the oil to reduce the content of sulfur. Thus, such factors may impede the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Commercial Vehicle Urea Tank Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The LCV segment is estimated to witness significant growth during the forecast period. Market penetration of commercial vehicle urea tanks in LCVs is largely dependent on diesel LCVs, as NOx regulations for gasoline LCVs do not require the addition of SCR to control emissions. However, increasing stringency has prompted automakers to install SCRs in gasoline-powered light commercial vehicles.
Get a glance at the market contribution of various segments View the PDF Sample
The LCV segment was the largest segment and was valued at USD 342.62 million in 2018. The majority of gasoline LCVs adopt an exhaust gas recirculation (EGR) method for controlling the formation of nitrogen oxide. Moreover, LCVs are used for intercity transport of goods and people, and the addition of a urea tank as a part of the SCR system would mean that a significant amount of cargo space would be required for accommodating the urea tank. Hence, such factors under the LCV urea tank will thereby expand the growth of the commercial vehicle urea tank market during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 60% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growing penetration of SCR systems in commercial vehicles is expected to drive the growth of the commercial vehicle urea tank market in the region. Rising levels of air pollution are pushing regulators to update emissions standards regularly over a period of less than a year.
Moreover, this has prompted commercial vehicle manufacturers to provide their vehicles with the most up-to-date and sophisticated emission control systems, including SCR with urea tanks, to guarantee the continuity of operations even after the updated emission standards are in place. In addition, the growth of the commercial vehicle urea tank market in APAC depends on the stringency of emission regulations followed by individual countries in the region. Hence, such factors are expected to drive market growth in this region during the forecast period.
The outbreak of COVID-19 in 2020 has negatively impacted the commercial vehicle urea tank market In the APAC region. 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. Furthermore, in order to meet the demand for logistics, transportation companies will buy more trucks. This will support the growth of the commercial vehicle urea tank market in the region. Overall, APAC will witness good growth in the regional market during the forecast period.
The commercial vehicle urea tank market report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2018 to 2028.
Commercial Vehicle Urea Tank Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.88% |
Market growth 2024-2028 |
USD 129.57 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.55 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 60% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ACGB France, Amphenol Corp., Centro Inc., Cummins Inc., Elkamet Kunststofftechnik GmbH, Gemini Group Inc., KaiLong, Kingspan Group Plc, KUS Technology Corp., Myers Industries Inc., Robert Bosch GmbH, Rochling SE and Co. KG, Salzburger Aluminium AG, Scania AB, Shaw Development LLC, The ITB Group Ltd., Yara International ASA, Zhejiang Fomay Industrial Machinery Co. Ltd., DGL Group LTD., and Solar Plastics LLC |
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 the forecast period. |
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 market research report to meet your requirements.
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.