Automotive filters market will also attain noticeable surge, driven by the revenue generated from end-use segments such as aftermarket and OEMs. Aftermarket automotive filters industry was worth USD 3.71 billion in 2015 and is predicted to contribute towards 70% of the global share by 2023. Growing trend of replacing the outdated filters will support the industry growth over the coming years.
Two-wheeler applications are another lucrative sector influencing the global automotive filters industry share. Heavy demand for two-wheelers, particularly from emerging countries such as India, China, etc. along with aftermarket for these vehicles in BRICS nations will augment the automotive filters market demand in two-wheelers. Automotive filters application in two-wheelers is anticipated to register a CAGR of 8.5% over 2016-2023.
Automotive filters product mainly comprises air, fuel, and oil filters. Automotive air filters market dominated the automotive filters product landscape and is forecast to exhibit an annual growth rate of 7.8% over the coming six years. Fuel filters market will witness a CAGR of 10.5% over 2016 to 2023, driven by its rising demand across two-wheeler and passenger cars applications. Oil filters market are poised to witness significant growth trends over the coming years, owing to its heavy adoption to ensure prolonged vehicle life.
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.
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.
To access a sample copy or view the Automotive Filters Market report in detail along with the table of contents, please click the link below: https://www.gminsights.com/request-sample/detail/497
Rapid technological advancements along with supportive government regulations have significantly stimulated automotive filters market growth over the recent years. In addition to this, accumulation of dirt and debris in vehicles tend to consume more amount of fuel which will drive the necessity of filter installations, in turn favoring automotive filter industry trends.
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. Moreover, these filters prevent the vehicles from drivability issues by ensuring proper air flow to the engine, maintaining the air-fuel mixture, and facilitating the emission control systems. Huge adoption of the filters by the automobile manufacturers to ensure prolonged engine life of the vehicles will further enhance automotive filters industry growth over the coming years.
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.
Over the coming years, key growth strategies adopted by the market participants will revolve around mergers & acquisitions and strategic alliances to strengthen their position in the automotive filters industry. Key industry players include Cummins, Mann+Hummel, Mahle GmbH, Denso, Lydall, Inc., and Ahlstrom. Few other prominent industry players include Parker Hannifin Corporation, Toyota Boshoku Corporation, and K&N Engineering.