Automotive Filter Market to Reach $53.73 Bn, Globally, by 2024 at 3.9% CAGR - Allied Market Research
PORTLAND, Oregon, November 19, 2018 /PRNewswire/ --
Strict government regulations regarding environmental safety and increase in sale of automotive would boost the growth of the global automotive filter market
Allied Market Research published a report, titled, "Automotive Filter Market by Filter Type (Fuel Filter, Engine Oil Filter, Engine Air Filter, Cabin Air Filters, Steering Filter, and Coolant Filter), Application (Passenger Cars and Commercial Vehicle), and Distribution Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2018-2024". The report offers in-depth analyses of the top investment pockets, drivers & opportunities, competitive landscape, and key strategic moves by key players. According to the report, the global automotive filter market was pegged at $41.1 billion in 2017 and is expected to garner $53.73 billion by 2024, registering a CAGR of 3.9% during the forecast period from 2018 to 2024.
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Stringent government regulations for safety coupled with strict emission standards by regulatory bodies drive the growth of the global automotive filter market. However, growing adoption of electric vehicles hampers the market growth. On the contrary, surge in demand for vehicles in the emerging economies is expected to provide lucrative opportunities for the market in future.
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Engine oil filter segment to portray highest revenue, engine air filter segment to grow the fastest
The engine oil filter segment held the largest share in 2017, contributing more than one-fourth of the total market revenue, as engine oil filter prevents contaminants such as dust particles and other unwanted substances from mixing with the engine oil. However, the engine air filter segment is expected to register the fastest CAGR of 5.2%, during 2018-2024, as it captures sand and other debris and prevents them from entering in the vehicle's engine. The other segments analyzed in the report are fuel filter, cabin air filter, steering filter, and coolant filter.
Commercial vehicles segment to dominate the market through 2024
The commercial vehicles segment is estimated to grow at a CAGR of 5.8% from 2018 to 2024, owing to high rate of replacement caused due to intensive travel. However, the passenger cars segment held the largest share in 2017, contributing about two-thirds of the total market revenue, owing to increase in pollution on account of rapid urbanization across the globe.
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Major distribution channels in the industry
OEM and aftermarket are the two major distribution channels discussed in the report. In 2017, the aftermarket segment contributed the largest share, holding about 85% of the total revenue, owing to affordable price of aftermarket filters and strong functionality in vehicles. However, the OEM segment is expected to register the fastest CAGR of 9.7% during 2018-2024, owing to increase in disposable income and rise in working class population in emerging economies.
Asia-Pacific to retain its largest market share through 2024
Asia-pacific held the largest share in the global automotive filter market, contributing about 43% of the total revenue, owing to expansion of the automotive sector and industrialization in emerging economies such as China and India. However, Latin America, Middle East and Africa (LAMEA) is expected to witness the fastest CAGR of 5.0% during the forecast period, owing to surge in technological developments.
Torchbearers of the market
The global automotive filter market report includes an in-depth analysis of the leading companies in the industry such as MANN+HUMMEL, Robert Bosch GmbH, Denso Corporation, Sogefi S.p.A., ACDelco, Inc., Toyota Boshoku Corporation, MAHLE GmbH, K&N Engineering, Hengst SE, and Valeo S.A.
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