Global Automotive Filter Market is expected to reach USD 10.1 Billion by 2024 from USD 5.6 Billion in 2016 – Research Nester

Automotive filter remove the solid matters such as dust, mould and pollen from the fuel and gas. Automotive filters help the engine to run smoothly and ensure that there is adequate air flow to the engine which further lessens the fuel consumption and carbon emission.

New York, United States - September 14, 2018 /MarketersMedia/ —

“Automotive Filter Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation”

The global automotive filter market is segmented into type such as air filter, fuel filter and oil filter. Among these segments, air filter segment dominated the overall automotive filter market in 2016 and is likely to continue its dominance during the forecast period. Increasing concerns regarding air pollution and need to prevent the dirt and contaminants from entering in the vehicle’s engine are increasing the sales of automotive filters globally. Air filter is a very essential component in air conditioner installed vehicles. Moreover, the demand for automotive radiators is envisioned to rise during the forecast period due to increasing installation of air conditioner in old vehicles.      

Global automotive filter market is expected to expand at 8.8% CAGR during the forecast period. Moreover, the global automotive filter market was valued at USD 5.6 Billion in 2016 and is expected to reach at revenue around USD 10.1 Billion by the end of 2024. The automotive filter market is poised to display substantial growth during the forecast period due to advantages of automotive filter in vehicles such as improved engine performance and increased vehicle’s fuel efficiency.

On the basis of regional platform, Asia Pacific automotive filter market is envisioned to expand at a CAGR of 9.1% by the end of 2024. Moreover, Asia Pacific accounted for more than 43% share of overall automotive filter market in 2016. Further, increasing production of vehicles in Asian countries such as India and China is expected to fuel the demand for automotive filters in this region.

Increasing Sales of Passenger Cars

Demand for automotive filters is mainly fuelled by increasing number of vehicles across the globe. Further, rising concerns amongst the consumers regarding preventive maintenance is escalating the replacement rate of automotive filters.

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Strict Government Regulations

Governments of developed countries have implemented strict laws to curb the pollution caused by vehicles. For instance, in U.S., the environment protection agency has implemented the mandatory average fuel economy of 42mpg for cars and 26mpg for trucks. Further, government initiatives and regulation regarding fuel consumption and pollution caused by vehicles are likely to foster the growth of market in future. The most common replacement interval for filter is about every 30,000 miles. However, long replacement cycle of automotive filters and increasing sales of electric vehicles are some of the major obstructions in the growth of automotive filter market.

The report titled “Automotive Filter Market : Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis  & Opportunity Evaluation” delivers detailed overview of the global automotive filter market in terms of market segmentation by type, by end-use, by vehicle type and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

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This report also provides the existing competitive scenario of some of the key players of the global automotive filter market which includes company profiling of Mahle GmbH, Sogefi SpA, MANN+HUMMEL GmbH, A.L. Filter, Donaldson Company, Inc., K&N Engineering, Inc., Fildex Filters Canada Corporation, Filtrak BrandT GmbH, Luman Automotive Systems Pvt. Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive filter market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision so as to avoid future uncertainties.

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Source URL: https://marketersmedia.com/global-automotive-filter-market-is-expected-to-reach-usd-10-1-billion-by-2024-from-usd-5-6-billion-in-2016-research-nester/407900

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Source: MarketersMedia

Release ID: 407900

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