Press release
Automotive Filter Market to Reach $55 Billion, Globally, by 2024 at 4.1% CAGR
Market Overview
Growing number of vehicles on road and their mass production, push the government to impose stringent vehicle emission norms to reduce the carbon footprint in environment. In order to fulfill the new requirements automobile manufacturers are spending huge amounts on the advancement of automotive fuel filters to keep fuel emission low. Continuous advancement in automotive filters provides the automobile better operational age, performance and preventive maintenance. For instance, in US there is standardization of vehicle emission knows as phase 3A 2010-16 to increase the fuel efficiency up to 35 miles per gallon and SULEV-II which rates the fuel emission systems. Likewise, there is standardization in India known as BS-IV, BS-V and BS-VI.
The stringent regulations and norms from the different governments around the world significantly impact the sales of vehicles as well as filters used in the automobiles. Rising sales of commercial vehicles also significantly driven the growth of global Automotive Filters Market. Asia-pacific region witnessed registration of more than 7 million commercial vehicles in 2015, with China dominated the region with 3.5 million registered commercial vehicles. China is expected to register sales up to 30 million units annually by 2020. Rapidly growing automobile industry is creating huge growth opportunities for automotive filters manufacturers and suppliers.
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Market Segmentation
By Product Type
• Oil Filter
• Air Filter
• Fuel Filter
• Cabin Air Filter
• By Vehicle Type
• Commercial Vehicles
• Passenger Vehicles
• Two-wheelers
• By End Users
• OEMS s
• Aftermarket
By Geography
North America US, Canada {Market Share % , Market Size USD Million , Production Units }
• Europe UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe {Market Share % , Market Size USD Million , Production Units }
• Middle East and Africa GCC Countries, North Africa, South Africa and Rest of Middle East & Africa {Market Share % , Market Size USD Million , Production Units }
• Latin America Brazil, Mexico and Rest of Latin America {Market Share % , Market Size USD Million , Production Units }
• Asia Pacific China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific {Market Share % , Market Size USD Million , Production Units }
• Rest of the World {Market Share % , Market Size USD Million , Production Units }
Growth Drivers and Challenges
Growing number of new vehicles on road and rising aging automobile fleets around the world are the major factors driving the growth of automotive filters market. Growing demand for vehicles and existing automobile fleets raised the demand for automotive filters in both OEMs and aftermarkets. New innovations and technological developments of automotive filters are also providing growth opportunities for automotive filters market. For instance, multi-filtration system are introduced which can capture pollens, particulates and active charcoal.
These filters help in reducing the contaminant inside automobile cabin that adversely affect the health of passengers inside the vehicle. Major automotive OEMs such as Volvo, had equipped its cars with multi-filtration system that eliminates the hazardous fine dust from entering the car. Stringent government policies to reduce greenhouse gas mitigation in environment also propelling the growth of automotive fuel filters market. For instance, the Euro Emission Standards in Europe, Corporate Average Fuel Economy CAFE standards in United States are some of the stringent norms implemented in developed regions. However, swelling growth in electric power vehicles has impacted the sales of automotive filters adversely in recent years.
In 2016, increased sales of electric vehicles in countries such as Japan, Netherlands, Norway and China inversely impacted the sales of automotive filters in these countries. In 2016, China accounted for the largest market for electric vehicles with total sales of more than 650,000 units followed by the European region with total sales of 645,708 plug-in electric vehicles.
Market Size and Forecast
Global automotive filters market accounted for USD 5.9 billion in 2016 and the market is expected to reach USD 8.6 billion by the end of 2024. Further, the market is anticipated to expand at a compound annual growth rate of 4.8% over the forecast period i.e. 2016-2024.
Geographically, Asia Pacific accounted for the largest market share of global automotive filters market in 2016. Asia Pacific automotive filters market revenue accounted for more than 40% of total market and expected to grow at a CAGR of 9.0% from 2016 to 2024. APAC is anticipated to reach USD 3.75 billion by 2024 owing to the rapid growth in automotive sector in emerging countries such as India, China and Japan will significantly contribute automotive filters market growth in Asia Pacific.
Europe accounted for over 23% market share of overall automotive filters market. The market is expected to grow significantly over the forecast period owing to presence of large number of automobile manufacturers and components suppliers. North America being the mature market for automobiles is expected to drive the growth of automotive filters market at considerable rate. Canada, although being smaller market for passenger cars, showcase significant growth potential with 2 million vehicles sold in 2016.
Key Market Players
Robert Bosch GmbH
• Synopsis
• Business Strategy
• Product Portfolio
• SWOT Analysis
• Toyota Boshoku
• Cummins Inc.,
• Freudenberg & Co. KG
• Hengst SE & Co. KG
• Donaldson Dynamics
• Clarcor Inc
• ACDelco Inc.
• Mahle GmbH
• Mann+Hummel
• ALCO filters
• Denso Corporation
• Purofil Auto Pvt. Ltd
• Hollingsworth & Vose Co. Inc.
• Donaldson Company Inc
• Valeo
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Market Synopsis
Market Segmentation
Global automotive Filters market is segmented as follows:
By Product Type Market Size, Demand Analysis and Growth Analysis
• By Vehicle Type Market Size, Demand Analysis and Growth Analysis
• By End Users Type Market Size, Demand Analysis and Growth Analysis
Global Automotive Filters Market Report covered insights of below mentioned regions:
North America U.S., Canada {Market Size, Growth Analysis and Opportunity Analysis}
• Latin America Argentina, Mexico, Brazil and Rest of Latin America {Market Size, Growth Analysis and Opportunity Analysis}
• Europe Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe {Market Size, Growth Analysis and Opportunity Analysis}
• Asia-Pacific China, India, Singapore, Japan, Australia, New Zealand, South Korea and Rest of Asia Pacific {Market Size, Growth Analysis and Opportunity Analysis}
• Middle East and North Africa MENA {Market Size, Growth Analysis and Opportunity Analysis}
• Rest of World {Market Size, Growth Analysis and Opportunity Analysis}
Market Dynamics: Growth Drivers, Restraints and Opportunities
Risk Factors
• Regional Variations
• Recent Trends and Developments
Key Market Players
Synopsis
• Business Strategy
• Product Portfolio
• SWOT Analysis
Porter’s Five Force Model
Market Landscape: Competition and Beyond
Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem
Expert Analysis
Concluding Remarks
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