iCrowd Newswire
13 Sep 2021, 20:21 GMT+10
Global sales of emission control systems are expected to increase 4.2% in 2021 at just over 5,000 thousand units.
Standards promulgated from EPA for regulating emissions produced from industries, as well as the Clean Air Act, have been instrumental in market development. A more critical factor driving the sales of emission control systems is the mandatory inclusion of these devices into systems, processes, and automobiles.
Other demand drivers include the upsurge in industrialization and rising concerns to mitigate hazards posed by emission on humans and the environment. While measures are laid to ensure personnel and environment safety, emission control systems are cited as viable candidates to potentially reduce urban pollution.
Partnerships, JVs, and product innovations are prominent in this marketplace:
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Persistence Market Research's analysis projects the global emission control systems to expand at an impressive CAGR of more than 5% over the forecast period of 2021-2031.
Key Takeaways from Market Study
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"Emission control systems will witness speculative growth in East Asia over the next few years. By 2031, the global market will double in size to reach US$ 40 Bn," says a Persistence Market Research analyst.
Automobile Sales to Favor Market Growth
Automobile sales have been expanding at a rapid pace in recent years. Despite economic instabilities induced by the coronavirus pandemic, over 95 million vehicles were produced in 2016 and around 78 million vehicles were sold in 2020.
Over the projection period, worldwide vehicle sales are expected to rise due to increasing population and rising disposable income. Automobile manufacturers are adopting various types of pollution control systems in order to limit vehicle emissions and cater to a consumer base that is progressively migrating toward eco-friendly products.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global emission control systems market, presenting estimation statistics for the period of 2021-2031. The study offers compelling insights on the market based on device type, installation, and end-use industry, across five major regions of the world.
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Tags: US Emission Control Systems Market, Emission Control Systems AfterMarket, Emission Control Systems Sales, Emission Control Systems Market Outlook
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