Global Automotive
Filters Market: Snapshot
The rapid rise of
the global automotive filter market is largely attributable to the
soaring automotive industry, consistent expansion of vehicle fleet
size, growing number of two-wheeler users, and increasing passenger
car sales. The rise of purchasing power of consumers across the globe
with improving economies has also been regarded as an important
driver for the global market. According to the research report, the
global automotive filters market is estimated to be worth US$10.97 bn
by the end of 2025 from US$5.40 bn in 2016. The report estimates that
the market will register a steady CAGR of 12.4% between 2017 and
2025.
Browse The Report:
http://www.transparencymarketresearch.com/automotive-filters-market.html
The various types of
filter available in the global market are air filters, fuel filters,
hydraulic filters, oil filters, and others. In 2016, the air filters
segment held the highest share of the global market. An air filter
helps in cleaning the air that enters the engine for combustion.
Various materials are used in car air filters including foam, paper,
and cotton. The increase in pollution levels and requirement for high
efficiency cars are likely to boost the demand for these filters
during the forecast period.
Commercial
Vehicles to Remain Consistent Consumers of Automotive Filters in
Coming Years
These filters are
used in vehicles such as passenger vehicles, commercial vehicles, and
others. The commercial vehicles segment is likely to grow at a
significant pace during the forecast period. High replacement rate
due to the need for maintenance of commercial vehicles in workable
conditions is expected to be a major driving factor for this segment.
As failure can lead to huge losses, commercial vehicle owners take
extra care to ensure smooth running of these vehicles. This in turn
is likely to fuel the growth of the commercial vehicles segment.
Analysts predict that the commercial vehicles segment is likely to
surge at a CAGR of 9% over the forecast period.
The global
automotive filters market, by end-use industry has been classified
into OEMs and aftermarket. Aftermarket segment is expected to grow
at a steady rate during the forecast period 2017- 2025. High
replacement rate and low cost of aftermarket parts are some of the
reasons for the high growth of the segment. Some filters are
functionally stronger than OEM filters as well. These factors are
likely to boost the growth of aftermarket end-use segment.
Asia Pacific to
Show Persistent Dominance due to Increasing Manufacturing Activities
Geographically, Asia
Pacific held the largest share of the global automotive filters
market was in 2016. Europe followed Asia Pacific as the regions
boasted a collective share of about 70% of the market in terms of
revenue in 2016. The key factors that are driving the growth of the
market in these regions are an increasing need for efficiency and
productivity coupled with the impetus to increase manufacturing
activities. The emerging countries of Asia Pacific are expected to
record the highest growth rate during the forecast period. Increasing
production of passenger vehicles, owing to several factors such as
lower cost of production, increase in productivity and safety in
operation of vehicles are set to drive the market of automotive
filters in the this region from 2017–2025.
Some of the major
players in the automotive filters market are: Sogefi SpA, MANN+HUMMEL
GmbH, A.L. Filter, MAHLE GmbH, Robert Bosch GmbH, Donaldson Company,
Inc., North American Filter Corporation, K&N Engineering, Inc.,
Fildex Filters Canada Corporation, Filtrak BrandT GmbH, ALCO Filters
Ltd., Luman Automotive Systems Pvt. Ltd., and Siam Filter Products
Ltd.
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