As per the study, automotive filters market size in passenger cars application is predicted to register a CAGR of 8.9% over the coming seven years.
— According to Global Market Insights, Inc., “Global automotive filters market share is expected to register a CAGR of 8.4% over the period of 2016-2023”. Rising concern over pollution control of vehicles will further drive the automotive filter market revenue over the coming timeframe.With the expansion of the automotive industry, there has been a rapid surge in the environmental pollution. Therefore, the government worldwide is actively encouraging the use of automotive filters to curb the environmental hazards from the vehicles.
Automotive filters are being adopted heavily across the various automobile segments such as passenger cars, two-wheelers, and light and heavy commercial vehicles. In 2015, passenger cars dominated the automotive filters application landscape by accounting for over 50% of the overall market share. As per the study, automotive filters market size in passenger cars application is predicted to register a CAGR of 8.9% over the coming seven years. Expanding passenger cars industry due to high disposable income of the consumers along with rising health concerns due to automotive fuel emissions will boost the automotive filters industry size across passenger cars.
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Automotive fuel filters Market is expected to grow by 10.5% CAGR in the forecast timeframe. Fuel powered vehicles face various challenges such as costly repairs, spark plug ignition problems, and proper engine functioning leading to rising demand for electric vehicles. Eco friendly vehicles pose a challenge to the global automotive filters market owing to benefits such as less maintenance and operational costs comparatively over the forecast timeline.
Rising concerns over climate change, environmental hazards and pollution owing to incomplete fuel combustion, release of harmful gases from vehicles has prompted the need to develop energy efficient, and environment friendly alternatives. Favorable initiatives from environmental regulatory bodies such as EPA and CCC may favorably impact the automotive filters market growth.
The automotive filters market can be segmented into light & heavy commercial vehicles, passenger cars, and two wheelers. Passenger cars held over 50% industry share of the overall revenue in 2015. Increasing demand for passenger vehicles due to rising disposable income and health concerns over in-vehicle atmosphere may positively stimulate the industry growth.
Considering the global trends, Asia Pacific automotive filter market is projected to record a CAGR of 9% over the period of 2016-2023, having had 45% share in 2015. The growth can be credited to the rapid expansion of the automotive industry, mainly across India, China, and Japan.
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Europe automotive filters industry share is predicted to surpass USD 2 billion by 2023, primarily driven by stringent government regulations and high demand for OEM products across the European region.
The companies involved in the automotive filters market include Lydall, Cummins, Denso, Mann+Hummel, Mahle, Ahlstrom, etc.
Glimpse of Table of Content (ToC)
Chapter 3 Automotive Filters Market Insights
3.1 Industry Segmentation
3.2 Industry Size and forecast, 2012 – 2023
3.3 Industry ecosystem analysis
3.3.1 Raw material trends
3.3.2 Vendor matrix
22.214.171.124 Fiber manufacturers
126.96.36.199 Wet-laid nonwovens
188.8.131.52 Filter media
184.108.40.206 Filtration system assembly
220.127.116.11 OEM/aftermarket filter systems
3.4 Regulatory landscape
3.5 Industry Impact forces
3.5.1 Growth drivers
18.104.22.168 Growth of automotive industry in BRIC nations
22.214.171.124 Enhanced engine life and fuel efficiency
3.5.2 Industry pitfalls and challenges
126.96.36.199 Growth in global electric vehicles industry
188.8.131.52 Volatile raw material prices
3.6 Growth potential analysis
3.7 Porter’s analysis
3.8 Company market share analysis, 2015
3.8.1 Strategic landscape
3.9 PESTEL analysis
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