According to a new market research report published by Credence Research “Automotive Filters Market (Filter Type – Air Filter, Oil Filter and Fuel Filter; Vehicle Class – Two wheelers, Passenger Cars and Commercial Vehicles (LCV, HCV & Offroad); Sales Channel – Original Equipment Manufacturers (OEMs) and Aftermarket Sales) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025”, the global automotive filters market is set to expand with a CAGR of 6.7% through the forecast period of 2017 to 2025.
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Market Insights
Automotive filters are responsible for efficient functioning of various automotive modules including engine, suspension, transmission, HVAC and several others. These are primarily used for filtering air (entering engine as well as vehicle cabin), engine oil and fuel. Due to growing need for more efficient and environment friendly vehicles, automotive filters have gained immense significance over the period of time. The overall automotive filters market is highly driven by the consistently rising automotive production across the world. Despite the automotive industry slowdown, the Asia Pacific region has managed to maintain its growth pace, in terms of automotive production and consumption. Subsequently, continued anticipated growth in the overall automotive sector is estimated to generate steady demand for automotive filters in the following years.
The complete report is available at http://www.credenceresearch.com/report/automotive-filters-market
Another major factor fueling the market growth is tightening environment regulations on vehicle emissions. Increasing concerns regarding air pollution would escalate the demand for more efficient automotive filters in the following years. However, one of the major concerns for the automotive filters industry is the steadily rising popularity of electric vehicles. Growing penetration of electric vehicle eliminates the need for automotive filters and hence poses significant threat. Nevertheless, the impact is projected to remain minimal due to relatively slow pace of electric vehicles adoption across different regions.
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The overall automotive filters market is segmented on the basis of filter type, vehicle class and end-user. Based on the filter types, the market is further classified into air filters, oil filters and fuel filters. The air filters segment is further categorized into engine air filter and cabin air filter. Currently, the market is dominated by the air filters segment. On the basis of vehicle class, the market is segmented into two wheelers, passenger cars and commercial vehicles. As of 2016, the market is led by the passenger cars segment, contributing to more than forty percent of the total market revenue. Further, the automotive filters market is categorized, on the basis of end-users, into OEMs and aftermarket sales.
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