Automotive Filters Industry Insights
The “Global Automotive Filters Market Analysis to Forecast Period” is a focused and in-depth study of the automotive and transportation industry with the global market trend analysis. Market Research Future’s report on the global Automotive Filters market 2022 puts light from an overview. It states that in the past years, the market has seen remarkable growth, but now it can anticipate witness more and more expansion with the CAGR of ~4.96% throughout the years from (forecast period).
Top Market Contenders
The top industry contenders operating in the global automotive filters market are adopting strategies such as acquisitions, mergers, collaborations, and launches to enhance their existing offerings and expansion of their portfolio. Those leading vital players are ALCO filters (Germany), Lydall Inc. (Japan), Robert Bosch GmbH (Germany), Mahle GmbH (Germany), Toyota Boshoku Corporation (Japan), Clarcor Inc. (Germany), Mann+Hummel, Cummins Inc. (U.S.), ACDelco Inc. (U.S.), Hollingsworth & Vose Co. Inc. (U.S.), Denso Corporation (Japan), Donaldson Company Inc (U.S.).
Top Impacting Factors
Fuel efficiencies and emissions of automobiles have remained a huge topic of concern for the automotive industry worldwide for decades, and therefore colossal emphasis has been laid in these areas. Similarly, automotive filters are the components that augment fuel consumptions and also aid in justifying the vehicular emissions from automobiles. The growing automotive production around the world is estimated to boost the automotive filters market rapidly for future timeframe.
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Besides, stringent emission norms laid by various automotive regulatory bodies across the world are also counted among the major factors driving the automotive filters market. As per Automotive Aftermarket Suppliers Association (AASA), as a result of service parts counterfeiters in the year 2015, the market incurred a loss of around USD 12 billion in every year and USD 3 billion of which is approximate to be for the U.S. market merely, MRFR founded in its recent study.
With this, a considerable shift in consumer preference towards diesel cars for fuel efficiency and necessity to reduce pollutant emission levels is yet another major factor shaping automotive filters market dynamics. To add-on more, the surged diesel passenger cars, and commercial vehicles usage across the globe may also lead to the high pollution level. Henceforth, automobile manufacturers are investing hugely in new product development to meet technical requirements of the upgraded emission norms, and thus resulting in initiating growth aspects in the global automotive filters market.
In spite of beneficiary factors, the growing popularity of electric vehicles in recent times is being taken as one of the foremost hindrances to the adoption of the automotive filters and expansion of its market. Other than this, counterfeiting of products is simultaneously becoming a significant challenge for manufacturers, along with unavailability of original products. All these factors have an immense chance to hamper the growth of the market throughout the forecast period.
Segmentation of Market: Automotive Filters
From the viewpoint of segmental analysis, the global automotive filters market is studied among the segments of sales channel, type, and application.
Among the type segment, the market is segregated into air filter, fuel filter, emission filter, and oil filter.
Among the sales channel segment, the market has included OES, OEM, aftermarket, and IAM.
Among the application segment, the market is segmented into light commercial vehicles, passenger vehicles, heavy commercial vehicle as well as a two-wheeler.
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From the geographical point of view, the global automotive filters market study has been conducted across the main regions of Europe, Asia Pacific, North America, and the Rest of the World.
The Asia Pacific automotive filters market will witness considerable growth at over 6.5% CAGR throughout the forecast period owing to the mounting disposable incomes, increase in passenger car sales, and rapid industrialization. The high automotive output from countries such as India and China will create improved replacement demand in the coming years. In fact, favorable FDI policies on aftermarket parts manufacturing and government regulations also focus on plummeting the carbon emissions will generate notable gains up to the year 2023.
To add with this, key manufacturers are also focusing on developing niche products and capacity expansions owing to strong demand for low-cost aftermarket products in the APAC region. In a case of point, back in December 2018, Donaldson Filtration Solution announced the expansion of its Wuxi manufacturing plant in China. In such a development, the company increased its air filter manufacturing capacity and setup of first Chinese based liquid filtration production capacity.
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